Puerto Rico has been hitting the headlines this week for the wrong reasons as it’s been dragged into politics ahead of the the US presidential election. However, there’s no better way to disprove such disparaging remarks than by showcasing the very best that the island has to offer.
One of these is the island’s thriving international business community, along with its burgeoning tech sector and deep talent pools. In fact, the last decade has seen both large and small tech businesses flourish.
The island is also a hub for biomedical innovation with four accredited medical schools, while also having the largest pharmaceutical manufacturing output in the United States.
Yet arguably one of the most important dynamics at play is the raw talent emerging from the island that represents a powerful, bilingual American workforce. In fact, sixty percent of graduates of the 80+ accredited universities and colleges on the island hold a STEM degree — outpacing the STEM graduation rate of the next U.S. state by 600%.
For those who decide to launch their own startup, Parallel18 (P18) is a business support initiative with a social mission: to offer entrepreneurs around the world access to high-quality business education, financing and networking to help them expand globally while positioning Puerto Rico as a strategic center for business technology-based innovators.
P18 is a business support program under the Puerto Rico Science, Technology, and Research Trust (PRSTRT). The trust is a private, non-profit organization, created in 2004 to promote the Island’s participation and job creation in the global knowledge economy and its also played a major role in helping the biomedical industry achieve its current level of maturity. It was designated to lead the PRBio Tech Hub, with a multi-sector consortium on the Island by President Biden’s administration in 2023.
Now, these two initiatives are preparing to host the 18th Dimension Fest will be held at Vivo Beach Club, Carolina this November 19th which will showcase the impressive work coming out of Puerto Rico’s innovation economy in 2024 and set the stage for next year.
Let’s take a closer look at what’s on the agenda at this year’s Dimension Fest.
A cohort of talent
The 18th edition of Dimension Fest represents a major milestone for the research trust. Lucy Crespo, CEO of PRSTRT, explained that the event “will attract entrepreneurs and investors from around the world. It is a great opportunity to showcase the innovation driving our economy and local development.”
To illustrate, a highlight on the agenda will shine the spotlight on 23 recent graduates from the 20-week P18 accelerator program. The latest cohort represents an extremely diverse set of founders that spans everything from fintech and e-commerce to IT and healthcare.
“Parallel18 is one of the key programs within our entrepreneurship pillar, with extraordinary results. All of this aligns with the Trust’s mission to invest, facilitate, and develop the necessary capabilities to continuously advance Puerto Rico’s economy and the well-being of its citizens through research-based companies, development, technology, public health, and innovation,” Crespo continued.
A chance to secure funding
Another highlight on the agenda has to be the Alumni Ventures Summit sponsored by Hispanics in Philanthropy’s Inicio Ventures who have joined forces with P18 to give alumni companies the chance to secure an injection of capital.
The competition will see 20 founders pitch their innovative ideas and business plans to an audience of international investors and the local business community.
Each selected startup will receive $250 for their pitch, and prizes will be awarded to the top 3 presenters: third place will receive $5,000, second place $10,000, and first place $15,000.
“Joining forces with Parallel18 isn’t just an opportunity—it’s a commitment to center the often underrepresented potential of Puerto Rico’s brilliant founder community. At Inicio, we don’t just manage investments; we champion Latinx/e talent and celebrate thriving startup ecosystems,” said Jorge Calderon, Managing Director at Inicio.
Support for the founder community
The 18th edition of Dimension Festival is one of the most ambitious to date. In addition to the live pitching event, the agenda is packed with a program of world-class speakers who will share their knowledge on key themes such as “Trends in Venture Capital,” the panel “How to Approach Investors,” and “How to Identify a Good Investment Opportunity.”
The 18th Dimension Fest offers an exclusive program featuring world-class speakers. The event will have two simultaneous conference rooms: one focused on startup-related topics and the other on investor-related topics. Notable conferences include: “Trends in Venture Capital,” the panel “How to Approach Investors,” and “How to Identify a Good Investment Opportunity,” among others.
The investor-focused session will kick off with the panel “Puerto Rico as an Innovation Hub,” featuring Lucy Crespo, CEO of PRSTRT, and Ella Woger, CEO of Invest Puerto Rico. This panel will be moderated by Dr. Héctor Jirau, Parallel18’s Executive Director.
Additionally, entrepreneurs will hear first-hand how to craft an effective pitch and work on their company’s storytelling.
Attendees will also have the opportunity to participate in an interactive workshop led by Deborah Collazo, a renowned industrial and organizational psychologist.
“We are thrilled that our program, Parallel18, has managed to organize an event of this magnitude in Puerto Rico for the first time. We are bringing speakers that we know will be great resources for both entrepreneurs and investors. Not only will they take away relevant content, but we also provide them with the space to connect with the island’s business ecosystem,” explained Dr. Héctor Jirau, Executive Director of parallel18.
For ticket information for the 18th Dimension Fest, visit here.
Disclosure: This article includes a client of an Espacio portfolio company.
