In need of a new place to keep building your business? Come to Puerto Rico

Your business is going well, the money is coming in, growth is measurable and consistent. But something is missing. Progress could be moving faster, processes could be made shorter, and, as a founder, you should be connecting more. Why is that not happening?

It is possible that you might need to get outside your box, and an accelerator could be the perfect opportunity to improve what’s already good. While many startups decide to apply for much-needed funding, an accelerator is much more than just money. A coworking space, a solid network, and a packed curriculum can take your business to the next level and prepare you for future projects.

So, how an accelerator can help you move forward and even get successful exits? Here’s how:

Mentorship is everything

An expert is one of those things that money can’t buy. Mentorship is key to a successful business venture. In case you missed our blog post, we looked into how crucial mentorship is for startups. As it turns out, a study by Endeavor found that it is the common denominator among successful startups.

Having a mentor that can guide you as a founder and your business is priceless. Asking a question to an expert can help save money, time and headaches. Just look at Rahul Varshneya, founder of Appreneurship Academy, whose first two companies failed within their first year because he lacked mentorship.

Another great perk of mentorship is time. He or she will best understand what is like to not have much time to make a decision. They won’t have it either. So your questions will be answered without much verbiage and in a timely matter. These mentors also come packed with connections, business opportunities, and even money to invest. Amazing, right?

Never stop learning

By default, entrepreneurship should include an open mind. An open mind needs to be feed knowledge. An accelerator provides constant education with a packed curriculum that broaden your horizons. Parallel18, for example, provides numerous events to its cohorts — and sometimes even the public- regarding new technology, best business practices, partnerships and much more, all set in place to improve your venture. Just check out their Facebook video feed. Their curriculum is not limited to what is already planned. Events around the island, particularly at the universities, meetups and training offered by other agencies and business ventures are also accessible to their cohorts.

Accelerators also promote collaboration. Some programs host over 40 companies from diverse countries per cohort. This promotes an exchange of knowledge and experiences that would not have happened any other way. Learning first-hand about how your peers have succeeded or failed can help you make wiser business decisions.

Change of scenery

Moving your business to a new location can help your business and yourself. In Puerto Rico, the accessibility to relaxation can help keep your mind sane. When the beach is just 10 minutes from the office, it is easy to relax and take a quick break mid-week to recharge batteries. And on the business side, your company benefits from interacting with different ventures.

If you’ve created a product, your business could connect with a service application and learn from their customer service. The accessibility to a well-trained bilingual professionals will help in improving the quality of your venture.

Location

Maybe you lived in a developed startup ecosystem and these benefits are not that alluring. However, you are in desperate need of new markets to expand. This is when Puerto Rico comes in.

“This small market has connections with the biggest market,” Mariano LoCane

Puerto Rico serves as a bridge between the United States and Latin America. If you’re an American entrepreneur, the Island can help you reach Latin markets in and outside the U.S. Puerto Ricans and U.S. Latinos have many similarities and the strategies you use in the Island can be replicated for that larger market.

On the other hand, Puerto Rico helps LATAM entrepreneurs by helping them jump to the golden market “Puerto Rico has a very unique combination. It can be the head of this small market, because there is a 3 million people here in Puerto Rico, but the most special thing about this is that this mouse is on the shoulder of the biggest lion of all, the US. So, at the same time you can be the head of a small market but this small market has connections with the biggest market,” said Mariano LoCane, CEO Cinemad.tv and a Gen.1 alumnus.

It’s time to realize that an accelerator is more than money to advance your businesses. It treats you and your enterprise as a whole entity to best prepare you for the future.