Applications for Gen.4 are NOW OPEN
As you may have heard, we launched our fourth open call yesterday. This process is directed to innovative projects with a global vision that have a functional prototype and are in the expansion phase of their sales or operations. When the call closes we’ll select up to 40 startups that will receive a $40,000 grant, mentoring, accompaniment, and work space for five months. In addition to making available to the entrepreneurs an extensive network of corporate contacts, mentors and investors.
Companies interested have to apply online on or before Monday, May 8th at midnight.
“A year ago we received our first generation of startups with an idea of what the P18 value proposition represents in the global entrepreneurial ecosystem. The experience of almost one hundred companies in our sample showed that the elements that stand out are the access to mentors and quality resources, and the location of Puerto Rico with respect to the markets of the United States and Latin America. The level of satisfaction of the entrepreneurs who have completed the program makes them recommended it to their peers, helping to raise the profile of Puerto Rico as a center of innovation,” said Sebastián Vidal, Executive Director of P18.
We look for innovative high-impact ventures that see Puerto Rico as a platform to expand their business to new markets, particularly the United States and Latin America. Since its launch in December 2015, 98 startups from over 15 countries have participated in our program. In its past three calls we received 1,415 applications from more than 45 countries.
“P18 played a crucial role in the expansion of Abartys Health. Because of the advice of its internal work team and external mentors, they have been a fundamental part of our growth stage. Having been part of P18 allowed us to see a lot beyond the goals we had when we started the first day, which let us create new standards, which surpass the objectives with which we came in. In P18 you have a ‘reality check’ of what you are able to do and what you are able to reach with the product, the business model and the right equipment,” Dolmarie Méndez, Chief Executive of the Puerto Rican company Abartys Health, and Gen.2 alumnae.
The company, dedicated to technology in the field of health, had a team of only 3 people when it was admitted to the accelerator last August. Today it has 13 employees, the majority in the area of programming.
As an additional incentive, the initials remaining in Puerto Rico, after completing their participation in P18, are eligible for a tracking fund of up to $ 75,000 as a matching to the investment they manage to raise from private sources. In the first generation, the companies benefited were Burea, Pair and Cinemad, while the second round is in the process of evaluation.
P18 selects up to 40 companies twice a year in a competitive process, in which they are evaluated by about 100 international judges. To be eligible, startups must be innovative; have three years or less of establishment, have passed the concept stage, and have sales or a validated product; in addition to being scalable globally.