![]() ![]() “Puerto Rico is a beautiful place to base a company. In total, there has been $200 million raised in commitments to private equity and venture capital between 20. In fact, start-up program Parallel18 has helped more than 200 start-ups raise more than $95 million in just over four years, attracting entrepreneurs from around the world. Those resources are part of the larger ecosystem supporting growth on the island that are attracting innovators in AI, blockchain and fintech.īusiness Creation is Booming with the Talent to Support ItĪccording to the local Department of State, new business creations increased by 25% from 2016 to 2019. ![]() from Indiana to Texas, Washington State to Hawaii. Work is also underway to finalize the creation of the Puerto Rico 5G Zone, which essentially makes the island a testing ground for the latest 5G technology coordinating with labs throughout the U.S. In fact, a recent study ranked Puerto Rico 21 out of 142 jurisdictions with the highest average internet speeds, outpacing 121 other countries, including the mainland U.S. The island also relies on an island-wide Information and Communications Technology (ICT) infrastructure, including 31 internet providers and three 5G providers. “Rest assured, we have reliable access to high-speed internet and 5G for mobile to steadily support Zoom calls, running multiple cloud-based platforms, and communication tools like Slack for your day-to-day remote work environment.” “That’s one of the main concerns people have coming to Puerto Rico: ‘Am I going to stay connected?’ We have high-speed internet, and it has been fine here,” McGue said. and rest of the world – because as an island, it has had to stay connected for years, the livelihoods of the three million plus residents largely depend on it. ![]() There are also the same legal and intellectual property protections, which are particularly critical to the innovative tech entrepreneurs.Īnd despite persisting misconceptions following Hurricanes Irma and Maria, Puerto Rico has an underrated infrastructure resilient enough to stay connected with the U.S. territory, the island is governed by federal law, meaning there’s no need for work visas or waivers. The large community of innovators found in Puerto Rico is supported by a unique mix of start-ups, incubators, and shared co-working environments with the amenities to support a tropical lifestyle all while requiring none of the hassle of international work or travel.Īs a U.S. “I think there’s going to be physical movement of people coming out here more and more and with that comes talent,” McGue said.Įntrepreneurial Ecosystem and the ICT Infrastructure Overseeing HigherMe’s own human resources as well as helping clients with theirs, McGue sees remote opportunities in Puerto Rico as an opportunity for businesses and remote workers that aren’t tethered to office space or geography post-pandemic. McGue, who moved her family to Puerto Rico full time after stints in the San Francisco Bay Area and Denver, Colorado, represents shifts in remote work driven by technology that were underway prior to the pandemic, but accelerated dramatically during the crisis. “I’m able to be 10 times more productive because I’m in a very calm environment.” I definitely have that here,” said McGue. “Especially through this pandemic it’s really important to ground yourself. Or I drive a couple of minutes and go experience the ocean for a minute just to calm myself,” said McGue, who works remotely as Director of People and Partnerships for HigherMe, a scrappy hiring software start-up based on the mainland United States that specializes in the high-turnover restaurant and retail sectors. I look outside, take a break and walk out and get some vitamin D. So, she jumps in her car, and in a matter of minutes she’s looking at the ocean. Sitting in her home about 30 minutes outside San Juan, Puerto Rico, there are some days Samantha McGue needs a break from work. By Brian Bourgerie, Enterprise Manager focusing on Innovation, Investment and Entrepreneurship for Invest Puerto Rico ![]()
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