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A bureau within the U.S. Department of Commerce
OIE Background

Office of Innovation and
Entrepreneurship (OIE)

Enterprize Events Inc.


Guaynabo, Puerto Rico

Project Name

Puerto Rico IDE Seed Fund


Seed Fund Support

Award Amount

$250,000 for the Puerto Rico IDE Seed Fund

The Puerto Rico IDE Seed Fund will provide much needed capital to high potential, early stage ventures or innovation driven enterprises (IDEs) in Puerto Rico.

Since 2006, Puerto Rico’s economy has been devastated by a deep recession. Even in this challenging landscape, there has been a spike in interest for entrepreneurial activities and important developments in the budding local ecosystem. However, the lack of access to seed capital stifles the potential of our most promising entrepreneurs, limiting them from growing globally, strengthening the island’s industrial clusters, and achieving significant economic results and job creation for Puerto Rico. The Fund will serve this need by providing phased, milestone-based, funding, to promising projects meeting the criteria of innovation and scalability.

The Seed Fund will support IDEs stemming from local universities and from the budding startup ecosystem in Puerto Rico. By accelerating the growth and development of these IDEs, Puerto Rico will garner significant economic impact and job creation to rebuild the island’s economy.

While the project aims to serve an island-wide region, the Fund will specifically target the following geographical areas: the San Juan metropolitan area, Mayagüez, Bayamón, Gurabo, and Caguas. These counties are important economic centers, boasting a concentration of early stage entrepreneurship, significant R&D activities, and key research and higher education institutions.

This project will be delivered through collective action from a broad base of partners and supporters who are coming together to launch a historic public/private/non-profit partnership to increase access to capital for local startups. The effort will be led by EnterPRize Events, Inc. (EE), a non-profit affiliate of Grupo Guayacán, Inc., whose mission is to advance entrepreneurial development and the risk capital ecosystem in Puerto Rico. Key partners include Banco Popular, Puerto Rico’s leading financial institution, and the Georgia Institute of Technology, a national leader in entrepreneurial and economic development. Partners will also include a wide network of public, private, and non-profit stakeholders from Puerto Rico’s entrepreneurial ecosystem.