TERMS & CONDITIONS

BioLeap Program

Generation 2

1. Antecedent

BioLeap is the first incubator program focused on the Life Sciences and the STEM field in Puerto Rico. Additionally, we are an extension of the global accelerator Parallel18, a program of the  Puerto Rico Science, Technology and Research Trust (the “TRUST“). Our primary objective includes facilitating economic growth by advancing local scientific research towards commercialization.

The BioLeap program is an initiative of the TRUST, a private non-profit organization established to advance the economy of Puerto Rico and the well-being of its citizens,  through innovation and engagement in the global knowledge economy. The TRUST  aims to stimulate investment and financing for R&D in science and technology,  fostering job creation. Managing a diverse portfolio, the organization oversees numerous initiatives, providing grants, technical support, meetups, and educational resources for various stakeholders, including researchers, entrepreneurs,  farmers, investors, and various other groups.

BioLeap is able to operate given a funding opportunity from the U.S. Department of  Commerce, Economic Development Administration (EDA), Build 2 Scale Venture Challenge, and as such, all associated entities are required to adhere to applicable federal laws,  including but not limited to the Non-discrimination Laws (42 U.S.C. §§ 2000d, 20 U.S.C.  §§ 1681, 42 U.S.C. §§ 12101, 42 U.S.C. §§ 6101), Code of Conduct outlined in 2 C.F.R. Part  200 and Intellectual Property Rights (2 C.F.R. § 200.315).

 

2. Main Goal

BioLeap welcomes researchers and early-stage founders in Puerto Rico, offering them a centralized hub for education, technical support, and access to capital to initiate and grow their ventures into viable businesses. Our diverse initiatives aim to facilitate top-notch research collaborations, forge essential business networks, and generate investment prospects for all our startup endeavors.

2.1 Specifics Goals

• Perpetuate the first Life Science incubator in Puerto Rico and the Caribbean.
• Enhance research & development (R&D) engagement within underrepresented communities.
• Foster a dynamic and inventive community atmosphere, strengthening various Life Sciences sub-sectors such as Biotech, Medtech, Healthtech, Medical  Devices, Diagnostics, Big Data, AI, and related STEM fields.
• Extend the impact of our program over a prolonged duration by carving out a niche for Life Sciences and R&D startups.
• Promote buy-in from both the private sector and all facets of the government by demonstrating success and advancing economic development.
• Promote participation from local and international angel investors, venture capital firms, private equity funds, and other capital providers to invest in the most promising startups emerging from Puerto Rico.
• Promote corporate partners to participate in business development with startups, exploring fresh opportunities for corporate innovation.
• Place Puerto Rico prominently on the global startup ecosystem map, establishing it as a globally recognized hub for innovation.

 

3. Expected Results

• The program aims to offer Life Sciences and STEM entrepreneurs the chance to enhance their capabilities through educational sessions and workshops. These sessions feature speakers from Puerto Rico and the Mainland U.S. who possess technical
• Cohort participants are anticipated to generate economic development by creating new job opportunities spanning various roles, including administrative and industry-specific.
• Cohort participants are expected to leverage access to capital and network opportunities over the program’s duration.
• Cohort participants will be able to engage in networking and meeting events with prospective corporate partners and investors.

 

4. General Eligibility Requirements

To be selected as a Participant, individuals must comply with the following:

• The project must have a novel and functional prototype, proof of concept (experimental), or platform technology in the Life Sciences and STEM field.
• Be either a U.S. citizen or a permanent resident and anticipate sustaining ongoing research & development efforts in Puerto Rico.
• Individuals with demonstrated experience and capacity in order to successfully develop the prototype, proof of concept, or platform technology towards advanced phases.
• Ability to comply as a Participant in accordance with the next section.

 

 

5. Participant

An eligible individual in accordance with the section above has been selected to participate in BioLeap, possessing a for-profit-driven entity or the ability to legally organize (formalize) one, in the appropriate Puerto Rico or U.S. state governmental department of the Participant’s choosing, during the program. If organized in a state outside of Puerto Rico the existing or prospective entity must have approval to conduct business in Puerto Rico by the local Department of State. The majority ownership of the company must reside with individuals presently living in the U.S. and whose business management is allocated in Puerto Rico. The company’s endeavors should demonstrate innovation, featuring a business model capable of expanding and scaling its operations beyond Puerto Rico. Additionally, the Participant must designate at least one point of contact solely dedicated to its operations.  Operations must be focused on the Life Sciences sector.

Applicants must be over twenty-one (21) years of age to become a Participant. BioLeap reserves the right to use its discretionary faculty to accept Participants below the age of twenty-one (21) as extraordinary situations may arise.

Participants must comply with these Terms and Conditions, abide by applicable laws, and BioLeap rules of conduct, and remain in good standing with the requirements of the  Program to retain their status as a Participant.

>Important: Individuals who have not yet registered a for-profit entity but possess a functional prototype, proof of concept (experiment), or technology may be admitted to BioLeap, provided that the legal formation of their entity takes place within the program’s duration.

 

6. Program Activities

BioLeap will consist of various activities and events available to Participants in English and in a hybrid format (In-person and virtual). Activities and events shall be identified as mandatory or optional within this array.

6.1 Mandatory Activities

The BioLeap curriculum has a duration of twelve (12) weeks. The cohort period commences on the date set for Kick-off Day. Throughout this curriculum, Participants  must be ready to engage in the specified mandatory  activities:

On-going [mandatory]:

• Seminar series: Participants will attend virtual sessions twice a week, featuring invited speakers or mentors as part of the curriculum.
• Catch-up meetings: Participants will attend biweekly virtual catch-up meetings with BioLeap staff to monitor their progress.

Monthly [mandatory]:

• Meet the Founder: In-person fireside chats with accomplished founders from Puerto Rico and the Mainland U.S. who have attained sustainable growth and scalability.
• Connect18 / Parallel ventures events: In-person networking events designed to connect participants with stakeholders, corporate partners, and investors.

Midpoint Evaluation [mandatory]:

• The cohort will convene with BioLeap designated evaluators, providing a brief progress update using a designated form. BioLeap will utilize the collected information to assess the Participants’ advancements during the initial six weeks of the program.

End of the Program [mandatory]:

• Participants in the cohort will receive invitations to a concluding curriculum term event where they can showcase their accomplishments, highlight milestones attained, and outline their next steps to their peers.
• BioLeap participants will be provided with a survey to gather data on their progress. This information will be utilized for our internal assessment, enabling us to enhance BioLeap’s offerings and better tailor the experience for the subsequent cohort.

6.2 Optional Activities

At their discretion, the Participant may engage in or execute the activities listed below  unless these have been explicitly designated as mandatory in the preceding  subsection:

• Office hours with mentors of choice or with any of our resources brought as part of their tailored experience. Any TRUST member can be considered a mentor.
• Presentations, office hours, workshops, classes, or other events organized by other program Participants.

 

>Important: Should the Participant fail to engage in the specified actions or events outlined herein without prior authorized exemption, BioLeap reserves the right to assess the possibility of an Early End of Participation, contingent on the reasons provided.

The schedule for seminars, meetings, and events will be communicated ahead of time, and any modifications will be notified in advance.

 

7. BioLeap Project Application Content

7.1 Applicants must provide information by completing the application form,  which will be available through our website (www.parallel.com/bioleap/), and the expected information should be:

• Official documentation for the individual, including their nationality, educational background, technical expertise, and professional work history.
• If selected, applicants who are already incorporated must submit the documentation related to their company.
• A photocopy of the ID indicating the name, identification number, issued, and expiration dates. Documents must be valid.
• Information on the prototype, proof of concept (experimental), or platform technology intended for commercialization.
• Description of the competition and the project’s differentiation.
• Stage in which the project is at the moment of application.
• Explain the project goals and why you think BioLeap would help accomplish the milestones that you are aiming to achieve.
• BioLeap may require additional information as needed to verify any of the above items.

 

Optional information- Though not required for eligibility, BioLeap may consider the following information if provided:

• Scalability strategy, Entry, and exit barriers.
• Progress to date and plan during the program.
• Target, Size, and Market Position.

>Important: Incomplete application forms will be deemed not submitted.

 

8. Time commitment

BioLeap includes a capacity-building phase lasting twelve (12) weeks, featuring a curriculum with at least 30 hours of engagement. The second phase, focused on technical assistance, extends an additional fourteen (14) weeks, requiring a further commitment of at least 30 hours. The schedule will be provided following the selection of participants.

 

 

 

9. Application Process

9.1 Application and Evaluation

The program will be accessible to interested individuals through a designated community platform. Announcements regarding the application form will be accessible via BioLeap’s website (https://parallel18.com/bioleap/) and BioLeap’s social media platforms. Applications will be accepted from October 21 to December 13, 2024.

Evaluation of applications will take place between December 20 to January 30, 2025, with notification of results scheduled around February 4, 2025.

9.2 Means of Application 

Entry into the community management platform is for applicants and their required documentation. The system accepts supporting documents in compatible formats,  including text documents, spreadsheets, and other file types like doc, xls, jpg, or pdf.

9.3 Limit of Applications

A single applicant can submit only one application with one prototype, proof of concept (experimental), or platform technology project during each application period.

 

10. Evaluation

There will be three phases of the evaluation process: Screening Round, Judging  Round, and Selection committee.

10.1 Phase 1- Screening Round

BioLeap staff will assess all application forms to ensure they are complete. Those who successfully pass the internal screening round will progress to the external committee evaluation. The Bioleap staff will scrutinize the alignment of the project’s objectives with the Program’s guidelines, considering factors such as market competition, funding readiness, team qualifications, and project viability.

>Important: Accepted projects will receive an email outlining the next steps, while those not accepted will be provided information on other relevant opportunities.

10.2 Phase 2- Judging Round

BioLeap will organize an External Committee equipped with the necessary information to assess applications. The committee will consist of seasoned entrepreneurs and researchers, both local and international, who have no affiliation with the program. The applications will be scored on a scale of 1 to 5, where 1 represents the minimum score, and 5 signifies the maximum score. The evaluation will be based on the  following criteria:

• Research, Product or Service (30%)
• Market and Competitive Positioning (25%)
• Team Qualifications & Experience (15%)
• Funding Readiness (15%)
• Commercialization Strategy (15%)

10.3 Phase 3- Selection Committee

After evaluations conducted by the external committee, the BioLeap Selection  Committee will select Participants to comprise the cohort that will participate in this generation of BioLeap.

10.4 Interviews (If necessary)

Throughout the selection phase, evaluators may request an interview via video conference or in person, when possible, to address any queries and provide further clarification. This phase is optional and discretional to the BioLeap team.

 

11. Notice of Selection

Upon completion of the evaluation, the program will notify the applicants of the final decision and extend an offer to join within three business days. Following the invitation, the Participant will receive an onboarding package.

 

12. Right to Invest

By agreeing to participate in the Program, the participating company provides the  TRUST, in its discretion, the right to invest in the company in any future fundraising initiative that the Participant engages in.

 

13. Early End of Participation

Without prejudice to other provisions for early termination provided herein, BioLeap shall in its discretion notify to the Participant of a determination of end of participation of the project in accordance with this provision in the following instances and impose the specified sanctions. Notices under this section shall be provided in writing to the email of the Participant as provided. Participation shall be considered to end at least 15 calendar days from the date of receiving the notice.

 

13.1 Non-fault early end of participation.

BioLeap reserves the right to initiate through notice in writing to the Participant or  respond to a Participant’s request for early termination of participation in the following  scenarios:

• Failure to achieve critical results or continuity milestones established in the first week of the program by the participant.
• It has become convinced that the project will not achieve the expected results and that it cannot be executed within reasonable parameters for reasons not attributable to the lack of diligence of the project duly qualified by BioLeap.
• Other causes are not attributable to the Participant’s lack of diligence in carrying out the activities related to the project and participation in the Program, duly qualified by BioLeap.

If requested by the project and accepted by BioLeap, it shall be understood that the project has been finished early from the date of the request.

>Important: The TRUST reserves the right to conclude program activities or terminate the engagement of any Participant before the Program’s scheduled conclusion whenever it deems such action to be in its best interest. Any termination will be communicated through a written notice, and the effective date of termination will be at least fifteen (15) calendar days from the date of receiving the notice.

13.2 Early end of participation due to non-compliance of the Participant.

BioLeap reserves the right to terminate participation prematurely if the project fails to adhere to its obligations due to negligence or a lack of due diligence. Instances such  as these, among others, may be considered breaches of the contract:

• Denial or hindrance of project monitoring.
• Negligence in performing key financial and technical activities.
• Non-compliance with federal regulations and guidelines pertaining to intellectual property, plagiarism, or unethical research conduct.
• A serious discrepancy between the declared technical, legal and factual information.
• Making substantial alterations to the project or business model as outlined in the application that fundamentally impacts the capacity for success and no longer aligns with the goals of the Program.

Other reasons are attributable to the Participant’s lack of diligence in carrying out their activities related to the project and/or their participation in the Program, as duly qualified by BioLeap.

 

14. Warranties

The Participants warrant and represent BioLeap/parallel18 as follows. Noncompliance with any part of this section shall constitute cause for immediate termination of participation in BioLeap.

• The Participants shall not violate any intellectual property rights, confidentiality, right of privacy, or other right of any person or entity whomsoever.
• The Participant represents and warrants that they have the knowledge, experience, skills, resources, as well as the necessary licenses and certifications, as applicable, for all activities relevant to the development of the project under BioLeap and shall take all the reasonable measures to ensure that such activities shall abide by all applicable rules of ethics and shall be responsible for their actions and of those individuals collaborating with the Participant under the project.

 

• The Participant, at all times, shall observe and comply with the provisions of all United States and Puerto Rico laws, regulations, and local ordinances applicable to the prosecution of all activities in relation to BioLeap and the development of the Participant’s project.

 

• The Participants represent that the information they provided to BioLeap/parallel18 during the application and contracting phases is accurate and complete. Each Participant understands that in the event they have failed to disclose any relevant information that may have impacted parallel18’s decision to select and award the grant Contract to their project or has provided false data, parallel18 will be entitled to rescind the contract with immediate effect, in addition to any other remedies which the TRUST may have by contract or by law.

 

15. Independent Entities

Participants shall remain independent of the TRUST. Nothing in or relating to these  Terms and Conditions shall be construed as establishing or creating an employer/employee relationship or any partnership, joint venture, or agency relationship with the TRUST or its parallel18 programs.

The TRUST shall not be responsible for any loss, accident, damage, or injury suffered by the Participants arising during or as a result of their participation in the Program.  Those mentioned above are not responsible for all out-of-pocket expenses incurred in and for the involvement of the BioLeap program, whether they may be incurred.

 

16. Hold Harmless

The Participants hereby indemnify and hold the TRUST harmless from and against the total amount of all claims and liabilities, including legal fees and costs for any injury or damage to any person, employee and/or property to the extent such injury or damage was sustained through negligence or misconduct of the Participant which are or may be made, filed, or assessed against the TRUST at any time and based on,  or arising out of, breach by the Participants of any of its representations or warranties under these terms and conditions, subsequent and relating contracts, or any activity carried out by the Participant in connection with BioLeap, or violation of any federal,  state or Puerto Rico law, rule, regulation, ordinance and/or any governmental requirement that may be related to the protection of the public, the health or safety of its employees and the environment. Notwithstanding the above, the CONTRACTOR shall not be liable for consequential, incidental, indirect, punitive, or special damages regardless of whether such representations and warranties are explicitly incorporated herein or are referred to in any attached Appendices.

 

17. Intellectual Property

BioLeap acknowledges and agrees that any and all intellectual property rights (“IPR”)  in any inventions, innovations, processes, developments, designs, know-how, ideas,  reports, data, databases, software, code, algorithms, documents, diagrams, models,  tools, applications, or any other outcomes, tangible or intangible, that are conceived,  made, discovered, written, produced, developed, assembled, or generated by the  Participant, whether solely or jointly with others, during the course of the Participant’s project under the Program (“Project Outcomes”), shall belong solely and exclusively  to the Participant.

BioLeap further acknowledges and agrees that it shall not, either during the term of this Agreement or at any time thereafter, infringe upon, contest, or challenge, directly or indirectly, the Participant’s IPR in the Project Outcomes, or assist or encourage others to do so.

 

18. Confidentiality

BioLeap acknowledges the proprietary, privileged, and confidential nature of all internal, non-public, financial, and business information relating to the Participant’s business. BioLeap acknowledges that during the course of its program, it may have access, either involuntarily or by provision of the Participant, to trade secrets,  inventions, innovations, processes, information, records and specifications owned or licensed by the Participant and/or used by the Participant in connection with the operation of their scientific research and development including, without limitation,

the Participant’s business and product processes, methods, customer lists, accounts and procedures. BioLeap agrees that it will not disclose any of the aforesaid, directly, or indirectly, or use any of them in any manner, either during the term of the BioLeap program or at any time thereafter, except as required in the course of this engagement with the Participant. Files, records, documents, blueprints,  specifications, information, letters, notes, media lists, original artwork/creative,  notebooks, and similar items relating to the business of the Participant, whether prepared by BioLeap or otherwise coming into its possession, shall remain the exclusive property of the Participant where reasonably intended or as identified when possible. The Program shall not retain any copies of the foregoing without the  Participant’s prior written permission. Upon the expiration or earlier termination of this  Agreement, or whenever requested by the Participant, the Program shall immediately deliver to the Participant all such files, records, documents, specifications,  information, and other items in its possession or under its control and are not of the property of BioLeap and the TRUST.

 

19. Assignment

The Participants shall not assign, transfer, pledge or make any other disposition of these Terms and Conditions or any part thereof, or any of their rights, claims, or obligations under these Terms and Conditions except with the prior written consent of parallel18.

 

20. Consult

Questions may be addressed to the following e-mail address: [email protected].