" />
Business

Parallel18 accelerator graduates generate $14M in sales, $8M in Puerto Rico alone

Parallel18 accelerator graduates generate $14M in sales, $8M in Puerto Rico alone

Since 2006, Puerto Rico has been suffering from a crippling recession. The government has repeatedly dug deeper into borrowing in order to cover operating expenses, and in 2016, the island essentially ran out of money and was no longer able to repay its overwhelming debt of $123 billion.

When you think of Puerto Rico, it is fair to assume the words “Financial Success” probably don’t spring to mind. However, one accelerator is working to change that, with promising results.

The global business accelerator Parallel18 (P18), which is based in the island’s capital, San Juan, has recently announced their first two graduating classes (April 2016-2017) have generated almost $14 million in sales, of which more than half was produced in Puerto Rico.

Read More: Puerto Rico’s Parallel18 accelerator offering $40K grants to 40 startups for 4th gen.

The results were announced after the company released its first economic impact report focusing on the first two graduating classes.  

parallel 18

A total of 60 participating companies from the graduating classes were surveyed, of which 40% of non-Puerto Rican based companies now have operations within the island, which have generated a total of 168 new employment opportunities for locals.

parallel 18

Sebastian Vidal, Executive Director at Parallel 18

“We are committed to the growth of Puerto Rico and will continue to work to attract U.S. talent to the island, retain local talent, and re-engage with the diaspora,” said Sebastian Vidal, Executive Director of Parallel18.

One of the Puerto Rican based companies from their 2nd Generation class is Powersiesta. This startup is the brains behind an eco-friendly, lightweight, and easy to use product that will allow individuals to rest while travelling on planes, trains and buses. The startup has already received $78,545 worth of funds raised via indiegogo.

Stageboom is another Puerto Rican based startup which took part in their most recent class this year. The company provide a digital platform with the aim of revolutionizing the way musicians in Puerto Rico and the world are found, booked and paid.

The Parallel 18 accelerator also has a strong focus on US based companies. re:3D was a participant of this year’s class. The company is breaking through the current limitations of 3D printing, changing the worldwide landscape within this industry. Their product Gigabot enables industrial strength, large format printing at an affordable price. The company has received support from around the world and has successfully raised hundreds of thousand’s of dollars across multiple Kickstart campaigns along with many awards.

The programme has helped many new business since it began in 2015. The accelerator was first produced as part of the Puerto Rico Science, Technology and Research Trust, in collaboration with PRIDCO (Puerto Rico Industrial Development Company) and the DDECC (Department of Economic Development and Commerce of Puerto Rico). The programme was initially created to attract outside business to the island while producing growth and jobs within Puerto Rico. Looking at the results from the first two classes of graduates it would appear the programme has taken off with a very successful start.

As Puerto Rico battles to overcome it’s sizeable debt, the country will require the support of accelerators such as Parallel18 to provide the economic growth it very much needs. The country may have some tough years ahead, but there is clearly hope for the island. As a result it may prove to be a shining example for other Latin American countries such as Venezuela, demonstrating how to turn around a disastrous situation into a positive.

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Sam is an energetic and passionate writer/blogger, always looking for the next adventure. In August 2016 he donated all of his possessions to charity, quit his job, and left the UK. Since then he has been on the road travelling through North, Central and South America searching for new adventures and amazing stories.

More in Business

accelerator latin america

Rockstart accelerator launches its 1st program in Latin America

Jess RappOctober 16, 2017
mental health

Organisations tackling male mental health issues

Ben AllenOctober 16, 2017
startup ecosystem hungary

Startup ecosystem spotlight on Hungary from past, present, and future

Craig CorbettOctober 13, 2017
high turnover call center

Tackling high turnover in call centers with Tenacity

Nicolas WaddellOctober 12, 2017

New blockchain-SAP marketplace ushers in ‘second generation of the internet’

Nicolas WaddellOctober 6, 2017
advertising tech

Advertising in a tech-driven world

Boris DzhingarovOctober 6, 2017
technology fights ticket touts

Technology’s solutions to ticket touts

Nicolas WaddellOctober 3, 2017
pickit office app

Pickit beats out Salesforce, DocuSign in Office Award’s best Overall App Category

Tim HinchliffeOctober 2, 2017
college education

Higher-education degree no longer a must for high-paid jobs

Omar ElorfalySeptember 30, 2017