Parallel18 selects 21 startups for 11th Gen acceleration program
Summary
The first part will be a $40,000 equity-free grant and the second part will be a $20,000 investment through a simple agreement for future equity (SAFE).The selected companies offer innovative solutions in industries such as education, fintech, health and medical devices, e-commerce, real estate and construction, insurtech, consumer goods, energy and cleantech, productivity software, and enterprise SaaS (software as a service).The program will kick off on June 26 and will be held in-person. They are very mature companies with an aggressive mentality to expand into other markets, including Puerto Rico as a center of innovation and starting point to monopolize these new markets.Jirau further added that for the second time, the Science Trust will be investing in all the companies participating in the cohort, which will increase our investment portfolio to 63 companies.This is a great achievement at the industry level and cements our commitment to leveraging the innovative capacity of our population and conveying the message that the island entrepreneurial ecosystem has nothing to envy to other ecosystems such as Silicon Valley, Jirau added.The selected companies will join the 256 startups that have completed the program since 2016. They will also have access to a network of investors, business partners and contacts who work closely with entrepreneurs and address all key aspects of their needs. This subprogram focuses on helping startups create a solid investment strategy while connecting them with a curated network of investors. The Science Trust is the main investor of this fund.Another benefit for P18 participants is Parallel18 Connect, a corporate innovation program that promotes and links startups with large, well-known and high-profile corporations to foster business relationships and collaboration.Since its inception in December 2015, the acceleration program has received more than 8,700 applications from more than 60 countries, and 258 companies have completed the program.As originally reported by: News is My Business