Friday, June 29, 2018

Parallel18 announces companies that will join the its fifth international cohort

The international startup accelerator parallel18 (P18), based in San Juan, Puerto Rico, selected 32 startups for its fifth international cohort that starts on August 1st. The companies present innovative solutions in the industries such as Education, Transportation, Construction, Agriculture, Health, Tourism, Energy, E-commerce, Entertainment, Media and Advertising, Sports and Fitness, Retail, and IT and SaaS.

The selected companies represent 8 countries, Puerto Rico leads the group with 17 startups, followed by the United States (5), Colombia (4), Argentina (2), y Mexico, the U.K., Canada and Ecuador with one each. (See complete list of companies at the end). At least 1 founder of each company will participate in person during the 20-weeks business acceleration curriculum, that is offered at the offices of P18 in San Juan, Puerto Rico.

P18 is one of the key programs of the Puerto Rico Science, Technology and Research Trust, created in alliance with the Department of Economic Development and Commerce (DDEC) and the Puerto Rico Industrial Development Company. (Pridco).

"The call for applications of this fifth generation broke records with 562 applications from 67 countries. For me and my team at parallel18, beyond a celebration, this is a confirmation of the value that our program and Puerto Rico offer to the global startup community. It also represents the support from our alumni and collaborators that help amplify the message around the world of parallel18 and the island as an innovation hub,” said Sebastián Vidal, P18's executive director.

Since its inauguration on April 2016, 120 companies have participated in the 20-week long program, delivered from the P18 offices in San Juan by local and international mentors, among those successful entrepreneurs, investors and experts in diverse business topics.

A team of international judges evaluated the 562 applications sent through the YouNoodle platform, in search of the most innovative companies to be part of the program.

P18 is an international accelerator for innovative entrepreneurs that can leverage Puerto Rico as part of their scaling strategy. It offers a $40,000 grant, training with high caliber mentors and office space in San Juan, Puerto Rico for 5 months as well as access to a valuable network to achieve internationalization goals. The companies that stay in Puerto Rico once the program is over, are eligible for the follow-up funding of Parallel18 Ventures, that matches up to $75,000 in raised private capital P18 selects up to 40 companies twice a year. The basic criteria for selection is: innovation; under three years of establishment; traction; and scalability.

The results of P18's first year of operations are compiled on an impact report available on its website and by the end of 2018's Summer will have the data of their second year. This will include the results of pre18, a special pre-acceleration program launched as a direct response to the impact of hurricane Maria in Puerto Rico. Pre18 offered financial support and training to 40 innovative Puerto Rican businesses and recently concluded with a Demo Event at the Puerto Rico Convention Center with over 550 attendees.


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