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Business promotion initiative announced


Puerto Rico Innova initiative offers the unique opportunity to validate a business idea and transform it into a real and viable company, product or service.

By John McPhaul

jpmchaul@gmail.com


The Secretary of the Department of Economic Development and Commerce (DDEC by its Spanish initials), Manuel Cidre Miranda, announced the fourth edition of the Puerto Rico Innova initiative, through which it offers the unique opportunity to validate a business idea and transform it into a real and viable company, product or service, minimizing time and investment risks. For the second consecutive year. This initiative has the support and collaboration of the University of Puerto Rico, Mayagüez Campus.


“Puerto Rico Innova offers participants the opportunity to identify those technical, economic and conceptual factors that allow the viability of their business idea, so that they can make the necessary adjustments to realize it. Again, we join forces with the Academy, to continue promoting more innovative local entrepreneurs with the capacity to create business projects with high development potential,” said Cidre Miranda.


This initiative includes several stages, through which participants will be able to develop the skills and competencies necessary to promote their business idea.


The first stage will begin with the call to all those people who have an innovative business idea, whether new business or existing companies with a new idea that they wish to develop. Participants must complete a participation form and will go through a selection process where the best business proposals will be chosen. These will be evaluated under the criteria of feasibility, commercialization, technical and financial capacity. Likewise, business ideas must have an innovative component, either in their processes or in the creation of new products or services.


For her part, Yanmarií Alicea, president of Tuto, LLC, an application to provide mentoring, who won first place in the last edition and won $ 20,000 in seed capital to develop her business, indicated that, “PR Innova gave me the boost I needed to, finally, realize an idea that I have been cultivating for a few years. This project helped me build the foundations of my business and, with the incentive, I can now continue to develop educational technologies for Puerto Rico, which is Tuto’s main goal.”


In the first phase, 100 entrepreneurs will be selected to participate in the business training program virtually. In this program, participants will have the opportunity to analyze and develop their idea, product or service, study the target market and its consumers, write their business plan, and identify possible sales and distribution channels, promotion, advertising, permits and legal aspects, as well as financing and commercial viability.


In the second phase of the program, a selection process will be opened, through a panel, where the 40 best projects that have completed their business plan will be chosen. These entrepreneurs will have access to specialized and individual strategic advice and will have a mentor who will assist them in the technical areas of business development.


Finalists who qualify under the requirements of the DDEC’s Program to Strengthen Innovative SMEs will have the opportunity to apply for an incentive of up to $100,000 or request seed capital of $10,000 through a matching of funds, among other incentives available in the DDEC. Part of the activities of the Puerto Rico Innova program are allowed thanks to the federal grant of the Economic Development Administration (EDA), an entity under the umbrella of the Department of Commerce of the Federal Government.


The call will be available until November 3, 2022 and you can complete the application through www.refuerzoeconomico.ddec.com. For more information, you can contact by email programaprinnova@ddec.pr.gov

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