The Puerto Rico Advantage
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Parallel18 in the news lately.
“Startups” boricuas entran al radar de Silicon Valley
04.26.2026
Con el impulso de Popular, Xpand acelera el crecimiento de empresas en Puerto Rico
11.20.2025
BioLeap launches Gen. 3 cohort, awards $340K to startups
02.20.2026
Parallel18 identifica cinco herramientas “fintech” clave para las cooperativas
04.07.2026
Ejercicio de “matemáticas en servilleta”: el mito del gran mercado local
12.21.2025
Ciencia y tecnología: Una apuesta de Puerto Rico para impulsar proyectos biotecnológicos innovadores en la isla
04.18.2025
Press release
Parallel18 Releases Year 9 Impact Report: 600+ Startups Supported
San Juan, Puerto Rico – May XX, 2026 – Parallel18, Puerto Rico’s global startup accelerator and investment platform under the Puerto Rico Science, Technology, and Research Trust (PRSTRT), today released its Year 9 Impact Report — marking a decade of building one of the most active startup ecosystems in the region. Since its founding, parallel18 has supported over 600 startups and attracted more than 10,000 applications.
“At the Trust, we are proud to share the results of parallel18’s impact. With more than 600 startups supported, each company is a testament to how we can boost the startup ecosystem and make Puerto Rico an innovation hub. Parallel18 continues to lead the way in positioning Puerto Rico as a dynamic, global hub for innovation,” said Eng. Lucy Crespo, CEO of the PRSTRT.
Coinciding with the report, parallel18 launched a newly redesigned website; a digital platform built to showcase its alumni, programs, and decade of impact. The site features a comprehensive startup directory, dedicated program landing pages, and sizzle reels for each initiative, placing the platform’s founders at the center of the experience.
Puerto Rico’s Startup Ecosystem Reaches New Heights
Puerto Rico’s entrepreneurial landscape is undergoing a significant transformation. With over 500 startups operating across the Island and median startup revenue surging from $75,001 to $500,001 between 2022 and 2024, the Island has evolved from a promising market into a dynamic destination for global entrepreneurship. Parallel18 has played a central role in that growth, and Year 9 reflects that momentum.
“For a decade, we have been dedicated to supporting international startups, and it is truly fitting to introduce a refreshed image that reflects our years of connecting entrepreneurs with the unique opportunities found on the island. This evolution is our way of remaining as impactful and present as ever within the global startup ecosystem,” said Dr. Héctor Jirau, Executive Director of parallel18.
Year 9 by the Numbers
Parallel18’s initiatives — P18, BioLeap, pre18 and Xpand — collectively graduated more than 600 companies with a survival rate of nearly 79.8%. Key Year 9 highlights include:
P18, the international acceleration program, distributed $720,000 in grant funding in Generation 13, with startups reporting a cohort portfolio valuation of $88.5 million and $1.95 million in revenue generated during the cohort. Cumulatively, P18 has received 9,026 applications, graduated 320 companies (41.3% Puerto Rican), and distributed $13.3 million in grant funding.
BioLeap, the Life Sciences startup incubator, graduated 13 companies in Gen. 2, facilitated 208 pitches to allocators, created 26 jobs, and helped participants raise over $5.3 million in capital. Standout participant Cultimar Technologies, an aquaculture startup expanding deep water fish farming across the Caribbean, raised $5.3 million from local and international investors after completing the program.
Xpand, developed by parallel18 and subsidized by Banco Popular, has 68 growth stage companies active with a cumulative $60 million in revenue. 2025 participant Murmuratto secured $20,000 in seed capital from Popular and successfully launched its AI-driven product in the U.S. market.
Parallel18 Ventures, through its Matching Fund, maintains an 84.6% survival rate across 78 companies, with 79 portfolio companies active and over $133 million raised collectively.
Parallel18’s corporate innovation program generated 22 closed deals between startups and corporate partners, while founders contributed nearly 162 hours of community giveback, impacting over 1,600 people across Puerto Rico.
Since 2017, pre18 has supported local early-stage founders — receiving 1,744 applications, graduating 213 companies, distributing $4.5 million in grant funding, and maintaining a 78.6% survival rate. Cumulative revenue from its companies totals $7.4 million, with 56 alumni advancing to P18.
After eight years of impact, parallel18 is sunsetting pre18 as it transitions from a grant-based model to a structured, performance-based investment platform; providing stronger resources, strategic funding, and more personalized support at every stage of the entrepreneurial journey.
Looking ahead, BioLeap is expanding its reach through the Confluence Center: a first-of-its-kind collaboration between BioLeap and the PRSTRT Research Institute. The center will provide bioscience entrepreneurs with access to laboratory facilities, specialized instrumentation, and technical assistance to advance the commercialization of life sciences projects, facilitating research and market-ready innovation.
Read the complete parallel18 2025 Impact Report here.
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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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