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Grupo Guayacán has opened applications for the 19th edition of its EnterPRize Business Competition, which includes a redesigned educational program with new instructors and new special prizes. Winning businesses will receive a share of more than $235,000 in seed capital. Applications are accepted until April 17.
The program’s educational format has been redesigned to offer entrepreneurs development strategies that will be focused on their immediate needs, the organization said.
This edition’s educational workshops are divided in five modules: Starting a Business Together, Understanding Your Business, Building Your Team, Sales and Revenues, and Growth Opportunities.
The program includes 23 workshops, three coaching sessions, and one-on-one mentoring with instructors and industry leaders. This includes a new Risk Management workshop led by Agnes Suárez and Carlos Olivencia; and a Branding workshop by Moisés Cruz Báez, founder of Mampostea’o Creative Agency and Grupo Guayacán alumnus. Grupo Guayacan’s efforts are supported by Puerto Rico’s Department of Economic Development and Commerce.
“EnterPRize is the longest-running business competition on the island, which allows us to continuously update our educational program based on the needs of our entrepreneurs,” said Laura Cantero, executive director of Grupo Guayacán.
“The challenges entrepreneurs face today are not the same as they were 19 years ago, which is why we continue to update our curriculum and add new content to stay relevant in today’s economic landscape,” she added. “We believe that entrepreneurial education and seed capital go hand in hand, which is why we are so excited to welcome new instructors and new sponsors to this year’s edition of the program.”
In addition to the first-place prize of $25,000, Guayacán will award a $5,000 Sembrando Futuro Prize to a business contributing to Puerto Rico.
There are 18 special track prizes, including the $30,000 Innovation and Technology Prize, sponsored by Ferraiuoli LLC, Liberty Business, Assurant, and HUB International, a new sponsor. There’s also the $27,500 Woman Entrepreneur Award sponsored by Aerostar Airport Holdings, Darjo Foundation, Familia Díaz Rivera, Fusion Distribution Group, TOTE and On Point Strategy, another newcomer.
Six $20,000 prizes will be awarded: Scale Up Prize sponsored by Popular Inc., Health Innovation Prize by MCS Foundation, Uno con el Ambiente by FirstBank, Sí Se Puede by Oriental Bank for a second consecutive year, and Agrifood Entrepreneur by Walmart and Puerto Rico Farm Credit. New this year are Mitsubishi’s $20,000 Drive Your Ambition Prize and B. Fernández & Hermanos Inc.’s $10,000 Food Entrepreneurship Award.
Fundación Ángel Ramos will sponsor the $10,000 Arts and Culture Prize. There will also be a $5,000 True Self Award by True Self Foundation and a $5,000 Student Entrepreneur Prize by EO Puerto Rico, granting the winner entry to the 2025 Global Student Entrepreneur Awards.
In-kind prizes include billboard space valued at $100,000 by bMedia Group, agricultural space at Finca Explora worth $25,000 by PRTEC, a $10,000 brand redesign by Mampostea’o, workspace by co.co.haus and co.lab worth $6,000, a one-year Flexio membership for route optimization, fleet management and deliveries valued at $1,500, and two Asociación Hecho en Puerto Rico memberships valued at $1,500.
Eligible candidates must operate a startup in Puerto Rico, with sales under $500,000 per year, have been in business for six years or less, have a team of at least two, and include at least one bilingual member.
Grupo Guayacán will host the next EnterPRize 2024 Info Session at Hecho en Puerto Rico’s headquarters.
As originally reported by: NimB
