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Frequently Asked Questions
What is parallel18?
Parallel18 is a global startup accelerator and investment platform that offers startup founders from all over the world access to high-quality business training, mentorship, connections and investment resources to help them scale globally.
The program is part of the Puerto Rico Science, Technology, and Research Trust, a private non-profit organization created with the goal of maximizing Puerto Rico’s participation and creation of jobs in the global knowledge economy by promoting investment and financing of science and technology research development.
Our mission is to invest and accelerate startups while positioning Puerto Rico as a unique hub for innovation and technology-driven solutions.
At parallel18, we have three main programs, P18 an accelerator for international startups, BioLeap an incubator for Life Sciences startups, and Xpand a growth-stage community of startups.
Why Puerto Rico?
Startups struggle to find a bridge between Latin America and the U.S., and Puerto Rico is in the middle of the action. The island has a multicultural society: we share cultural aspects with the Latin American society; the influence and infrastructure of the United States, and also have a connected diaspora throughout the world. Our geographic location is very convenient, and Puerto Rico has a lower cost of living when compared to other innovation and tech hubs in the U.S. We have competitive taxation and business incentives under US laws that help you direct your money towards growth.
Where exactly is Puerto Rico located?
Puerto Rico is located in the parallel of latitude 18, hence the name of the program, since it highlights focusing on our strategic location between the Caribbean Sea and Atlantic Ocean. Midway between North and South America, it is the perfect bridge to both continents and the world’s fastest-growing economies. Puerto Rico is serviced by many major airlines from gateway cities in the US. It is only a two-and-a-half-hour, non-stop flight from Miami and a four-hour flight from New York. You can also get direct international flight services to Bogota, Madrid, Frankfurt, London, and Panama City (this might change by season).
What is the relationship between Puerto Rico and the United States?
Puerto Rico is a Commonwealth of the United States. As a U.S. territory, it is subject to both federal and local laws and we share a common currency. This unique relationship guarantees economic, legal, and regulatory stability for investors and businesses. A couple of benefits include:
- Puerto Rico is part of the U.S. free trade zones and customs system
- A regulated banking system that is also insured by the Federal Deposit Insurance Company (FDIC)
- Puerto Rico is under the protection of the Homeland Security Act
- Intellectual property protection under the U.S. legal framework
- Access to federal programs and funds for infrastructure, social projects, education, and research programs, among others
Who can apply to parallel18’s programs?
Anyone who’s over 18 years of age and has a startup ready to scale. These companies have to have some traction (sales or users), be in operations for three years or less, and a C-level founder must be willing to come to Puerto Rico for the duration of the program. The founder who comes in as the team leader must have equity in the company and must dedicate full-time to the startup. The companies must be incorporated in Puerto Rico or the United States (authorized to make business in Puerto Rico.) If your startup is not incorporated in any of these places, the program will provide you with the contacts of service providers who can help you in this process.
Who is going to review my application to parallel18?
Parallel18 has a multi-step judging process. After applications are closed, the parallel18 team does an internal screening to understand which companies comply with the program’s basic requirements. Those who advance to judging will be evaluated by a network of international evaluators recruited by the parallel18 team, using criteria provided by the program. Each startup is reviewed by at least three judges. Finally, a Selection Board, composed of players of the Puerto Rico entrepreneurial ecosystem, selects the startups that participate in each cohort. *Selection process may vary by generation.
Who is going to have access to my application?
The parallel18 team, the international judges, and the Selection Board will have access to your application. All documents are kept completely confidential and are not shared with external sources.
Do I need to be fluent in Spanish?
No, we speak Spanglish! All of parallel18’s communications will be in English and, being a bilingual country, lots of people speak or understand English. This might vary depending on the circumstances.
We are still a Spanish-speaking country though, so learning the basics is always recommended. If your first language is Spanish, we highly recommend that you learn English given that all activities will be in this language.
Will the program provide me with housing?
Parallel18 will provide local housing providers in the neighborhood. You can choose whether to use your grant money to cover your living expenses or cover the rent at your own expense and use the parallel18 funds fully for your company.
Will parallel18 provide me with health insurance?
No. Parallel18 will provide contacts with local health insurance providers. You must have evidence of valid health insurance if you want this expense to be approved as part of your budget. You must submit proof of your health insurance, which must cover you for the duration of the program, and show evidence before signing your grant contract.
Do I have to be incorporated in Puerto Rico?
The entity is the legal company duly specified in the application form behind the startup applying to the program. The entity needs to be incorporated or authorized to do business in Puerto Rico in the United States or Puerto Rico as a Corp. or LLC company. In the case that the company does not have a legal firm, the program will provide you with the contacts of service providers who can help you in this process. If you’re planning to apply for any of the tax incentives available for startups, you need to be incorporated into the Island.
I am a foreign entrepreneur, which Visa do I need to participate in the program?
We always encourage you to consult with your country’s U.S. embassy.
Which tax incentives apply to startups?
Startups can apply for several tax incentives according to their needs and the operations. If you want more information about tax incentives and startups visit Invest Puerto Rico.
Can non-profits apply?
No, parallel18 only accepts for-profit companies.
Questions?
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