We’re close to the last week of our open call and we want to make sure you have all the information you need about our program to keep working on that application.
First thing first: here’s the recording of the live info session we held on April 7th. Watch it and send your questions to firstname.lastname@example.org.
However, we’re answering some of the FAQs we’ve been getting since the application period started:
Q: When do you announce the selected companies?
A: Selected companies will be notified during the first week of July,
Q: Is the program virtual or in-person?
A: The program will be in a blended format. This means that startups will have to come to Puerto Rico at the beginning of the program for the orientation and other important errands. Founders can go back to their home countries after, but will have to make sure to save some budget to come back in case the program finds opportunities that require them to be in Puerto Rico. Mentor sessions will be held virtually for now. None of this is 100% final since it depends on how the COVID-19 pandemic keeps evolving. In addition, founders need to understand that if they are accepted but the United States is not accepting visitors from their country, the program invitation will be revoked. Make sure you start your VISA application today.
Q: How much traction is the right traction?
A: There’s not a specific range. We know that is not extremely helpful. So we want to give you these guidelines:
- Users: do you have a stable number of daily or monthly active users? Has this number been stable for at least three months?
- Sales: do you have enough sales and revenue to move to a new market?
- Partnerships: are you negotiating or have already closed important partnerships with one or more customers that are leaders in your industry or that represent a big opportunity.
- If you have pivoted recently or pivoted several times and that reflect poorly in your traction (as compared to your years in operation) make sure to explain it in the application.
- Don’t mix actual numbers with your projections. It is important that we see the actual state of the company.
Q: Can I make my video in Spanish?
A: Yes! Make sure it has English subtitles. Here’s a video with tips for yours. Please note that the application needs to be in English.
Q: If my company turns four this year or it turned four before the application closes, can I apply?
A: We take this case by case, so apply.
Q: What about the plan for my performance in Puerto Rico?
A: What we want to see here is that you researched the industries, the business ecosystem, and have that reflected in your application. If you’re selected, our team will make sure to understand your startup well enough to help you thrive here.
Don’t forget: This application period ends on May 10th. Gen.9 starts in August 2021 and ends in December of the same year. Interested startups can access the application here.
Questions? Send us an email and we’ll answer them in a timely manner. I’m also attaching a one-pager with basics about parallel18 and our latest Impact Report. You can also browse our newly designed website.
Now, a little about what we provide to our participants:
- Funding: US $40K grant (NO EQUITY)
- Curated network of active investors
- Connections to multinationals, so they can generate business relationships that can help you scale.
- Acceleration like no other: straight from our startups’ mouth, our program offers amazing mentorship, and the team is always hands-on, helping them boost their growth.
- Because we believe in them: we created a follow-on matching fund to invest in our startups. P18Ventures offers the opportunity to apply for US $75K as an investment in your company. We have already invested in 24 of our alumni.
- Perks for all: we work hard to have access to discounts on the services you need to get things going.
Why should startups choose parallel18:
- We’ve worked with more than 200 companies from more than 10 countries from a variety of countries
- Our alumni (until Gen.8) have raised US $126M in investment after finishing the program.
- Our team is focused on providing the best opportunities to ALL founders.
About diversity in P18:
- Since Gen.5, female founders in P18 amount to no less than 42% of each cohort.
- 61% of our graduates are Latinos
- 33% of our Matching Fund investments have been in female-led companies.
We want Gen.9 to be our most diverse cohort yet, so if you know founders that are part of a group of underrepresented entrepreneurs, send them our way.