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A bureau within the U.S. Department of Commerce


Press Release

High-Tech Business Start-ups in Puerto Rico Receive Boost from U.S. EDA Investment

WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $379,301 grant to Puerto Rico Technoeconomic Corridor, Inc., of Mayaguez, Puerto Rico, to help create and implement a new program that will promote new renewable energy, biosciences, and aerospace/information technology business start-ups.

"Encouraging innovation and bringing new technologies to the marketplace are critical to creating jobs and improving our nation's economic competitiveness," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "This EDA investment will develop and enhance the functioning and competitiveness of leading and emerging industry clusters in Puerto Rico.

"This project will support new entrepreneurial activity at public and private university campuses in the region as well as growth and expansions of existing businesses in three regional innovation clusters," said Nelson Perea-Fas, Executive Director, Puerto Rico Technoeconomic Corridor, Inc.

Through workshops, seminars, networking/matchmaking events, technical assistance and mentoring, and incubation services, the project will support new entrepreneurial activity at the public and private university campuses in the region.

EDA's past investments have assisted businesses in identifying new markets and the necessary strategies that will promote economic competitiveness and have advanced the region's renewable energy cluster while enhancing environmental quality. This investment exemplifies EDA's continued effort to spur economic growth and job creation in Puerto Rico.

About the U.S. Economic Development Administration (www.eda.gov):

The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation and accelerate long-term sustainable economic growth.