Parallel18

If you’d like to grow your startup in sunny Puerto Rico a short walk from the beach, apply to this startup accelerator and you may receive up to $40,000 USD along with benefits such as free coworking space and tax incentives.

Applications are open until October 17, 2017. Follow Lootstrap on Facebook for updates!

Award Amount

  • $40,000 USD

Location

  • San Juan, Puerto Rico

Length

  • 5 months

Additional Benefits

  • Coworking space in a vibrant urban environment a few blocks away from the beach
  • Fast internet and other amenities
  • Local and international mentors and a curriculum designed to promote growth
  • High-level resources and access to a global network
  • Puerto Rican tax incentives for businesses based on the island
  • Soft landing and help with the US legal system

Who Can Apply

  • For-profit, globally scalable business with a working prototype
  • Concepts that have been validated with market traction
  • 1 team leader and up to 2 team members per application
  • Company cannot be more than 3 years old
  • Must be incorporated in the USA or Puerto Rico
  • If your company is not incorporated in the US or PR you may still apply
    • Parallel18 will help you incorporate at the beginning of the program
  • Applicant must be over 18 years old

Selection Criteria

  • Applications will be evaluated by a panel of YouNoodle judges
  • Selected applications will be evaluated by Parallel18 board and winners will be chosen
  • Application criteria and weight:
    • How differentiated and innovative your product or service is (30%)
    • Specific and measurable traction and projected growth KPIs (15%)
    • Market and competitive positioning (25%)
    • Experience and qualifications of team members and cohesiveness of team (30%)
    • Team’s focus and dedication to the business (10%)

Application Process

  • Written application on YouNoodle platform
  • Up to 3 recommendation letters from investors, mentors, academics or entrepreneurs
  • 3-minute pitch video in English answering 3 main questions:
    • What problem are you solving?
    • Why are you the perfect team to lead this project?
    • How will Parallel18 impact your startup?

Conditions

  • Team leader/beneficiary must be full-time dedicated to the startup
  • Beneficiaries must mentor local college students
  • Must be able to submit proof of health insurance coverage before entering program
  • Non-US citizens must have the appropriate visas
  • Team members (besides Beneficiary) are NOT required to live in PR
  • Team members (besides Beneficiary) are NOT required to work full time on the startup
  • Company must be willing to incorporate in US or Puerto Rico

Follow Up Funding

  • Puerto Rico Science and Technology Trust matches capital raised (up to US $75K)

Website

As always, this program takes ZERO equity!