Gov’t allocates $9.5 million to Science & Technology Trust

By THE STAR STAFF

Gov. Jenniffer González Colón announced on Tuesday the allocation of $9.5 million to the Puerto Rico Science, Technology and Research Trust to finance research projects, strengthen technology transfer, and expand innovative entrepreneurship initiatives.

“Puerto Rico is competing today in an economy where true value comes from the ability to generate knowledge, innovate, and transform ideas into real opportunities,” the governor said in a written statement.

“This $9.5 million allocation is a strategic decision that corrects a historical gap and positions Puerto Rico to participate in the knowledge economy that is being built globally,” she added.

González Colón noted that the investment will allow for the funding of 46 direct scientific research grants, in contrast to the 13 projects supported in the last fiscal year, in addition to strengthening intellectual property protection and the creation of new innovation-based companies.

Economic Development and Commerce Secretary Sebastián Negrón Reichard said the allocation is conceived as an economic policy tool to drive sustainable growth through research, technology and entrepreneurship.

“Economies that manage to sustain long-term growth are those that deliberately invest in research, technology, and innovative entrepreneurship,” he said.

The official added that the funds will be tied to specific performance indicators, which include projects funded, federal funds leveraged, technologies licensed, companies created or scaled, and jobs generated in Puerto Rico.

Lucy Crespo, CEO of the trust, noted that the allocation reaffirms the government’s confidence in science and technology as drivers of economic development.