Wanna Be A #Boss By The Beach? This Puerto Rican Accelerator Wants To Make You A Millionaire
Dreaming of being a #boss working from the beach? The start up accelerator, Parallel18 may just be your answer!
Founded in 2015 in Puerto Rico, the driving force behind the creation of Parallel18 was the desire to provide guidance and various forms of of support to talented startup companies and innovators looking for an alternative to the traditional, expensive market. Alana Matos, co-founder of personal career concierge, Caila and Gen2 alumna (second generation of Parallel18) says, “When you really analyze the ecosystem in Puerto Rico, the market is so small and dense that you end up moving things faster than in the United States.”
Confident in their abilities as an accelerator program, Parallel18 says, “We build initiatives within the program that lead to growth and help foster and promote entrepreneurship in Puerto Rico. Startups from more than 48 countries have applied to Parallel18. And those who have gone through our acceleration program have seen results beyond their expectations.” And they aren’t kidding: the company has the numbers to back those claims up. Between the period of April 2016 and April 2017, Parallel18 generated nearly $14 million dollars in revenue, with a little over half originating from Puerto Rico, and has created many job opportunities.
These results are proof that Puerto Rico is on the rise to potentially becoming a financial powerhouse, with Parallel18 at the forefront. Although the island has been battling years of economic plateau, Parallel18’s executive director Sebastian Vidal is confident that “Puerto Rico can become a hub for innovation and entrepreneurship, a platform for global startups to reach markets in the U.S. and Latin America." Parallel18’s multicultural society and convenient geographic location are a few of the many reasons why hundreds of companies from across the globe are attracted to the business. Furthermore, tax rates for corporations in Puerto Rico can be found at rates as low as 4 percent. Not convinced? Francisco Montalvo, a business and economic professor at the Inter American University in Puerto Rico says, “If we don’t invest in companies that have that entrepreneurial spirit in Puerto Rico, we’re never going to get out of the economic crisis."