Parallel18 Garners 400 Applications From 30+ Countries In Its First Global Call For Startups

Feb. 3, 2016 - PRLog -- The startup accelerator Parallel18 (P18) ended its first global call Friday, January 29th, with more than 400 applications from over 30 countries. Of these, 40 companies will be selected to become the first generation of the program focused on innovative projects with global potential.

"We had a successful call based on the local and international interest, both in the program and in Puerto Rico as a base to scale startups," said Sebastian Vidal, Executive Director of P18.

A total of 802 companies registered to participate in the call on the YouNoodle P18 platform. Of these, 415 applications were generated, of which 26% are Puerto Rican enterprises. The same amount was received from startups around the United States.

There are 30 countries represented among all companies competing for one of the 40 spaces available for the first generation of P18. The countries with the most applicants were: Chile, Argentina, Brazil, Colombia, Dominican Republic, Peru and Spain.

While the accelerator was focused on attracting startups from Puerto Rico, the United States, Europe and Latin America, interest in the program transcended these markets.

"We were excited to see projects from Africa, India, Asia, and northern and eastern Europe as we had limited outreach in those locations. Of course, in the world of entrepreneurship, the information spreads easily through social networks and from person to person, we are very encouraged by the worldwide interest,” Vidal pointed out.

Most of the startups are in the areas of software, e-commerce, and health and biotechnology. The latter, is related to the pharmaceutical industry already having a strong presence in Puerto Rico.

P18 is an international accelerator for high impact innovative enterprises that want to scale their businesses from Puerto Rico. It offers $ 40,000 in seed funding, mentoring, support and training, and workspace for five months; as well as access to valuable networks to help them scale into international markets. Those who decide to stay in Puerto Rico, once the program ends, may be eligible for a follow-on fund of up to $75,000 to match investment raised from private sources.

The program selects 40 companies twice a year. They must meet these basic criteria: be innovative; have three years or less of established business practice; be past the concept stage and have validated sales or product; in addition to being scalable globally.

The call for the first generation of P18 began December 9th, 2015 and closed on January 29th, 2016. The application process is conducted through theparallel18.com site, and managed by the startup competition platform YouNoodle. Now, a group of 100 international judges will evaluate the proposals and submit recommendations to the local advisory board, composed of professionals, entrepreneurs, and representatives of the government of Puerto Rico.

The 40 companies selected will be announced in mid-March with the first class beginning in April. The call for the second cohort of P18 will open in May.

P18 is a program of the Puerto Rico Science, Technology and Research Trust in collaboration with the island's Department of Economic Development and Industrial Development Company.

About Parallel18 and the Science, Technology and Research Trust

Parallel18 is an economic development initiative that seeks to attract and create high impact startups that can scale from Puerto Rico to global communities beyond the island, including the United States, Latin America and Europe. The mission of the program, operated by the Puerto Rico Science, Technology and Research Trust, is to expand the horizons of Puerto Rican entrepreneurs in the short term and generate long-term economic activity. The Trust is laying the foundations for a new economic paradigm in Puerto Rico, which maximizes the participation of the island in the global knowledge economy. By participating in the implementation of public policy favorable for the development of a knowledge-based economy infrastructure, the Trust is a catalyst for socio-economic growth. For more information, visit:www.parallel18.com.