A group of entrepreneurs with budding business ideas shared $10,000 from the second edition of the 12-week Fase1 incubation program, sponsored by the Puerto Rico Science, Technology and Research Trust.

During an event over the weekend, participants had the chance to present their business ideas to an audience at the Haydeé Piñero Buck Auditorium of the Ana G. Méndez University’s Carolina campus.

To date, the trust has aided 96 entrepreneurs who have completed the Fase 1 incubation cycle, which is part of the Small Business Incubators and Accelerators Program of the Puerto Rico Department of Housing, funded by the Community Development Block – Grant Disaster Recovery (CDBG-DR) program.

On Demo Day, each participant had four minutes to deliver their pitch, a format maintained for two consecutive years. The trust then awarded the most outstanding business ideas.

In the Top 3 Pitches category ($2,000 per recipient) the winners were Noel Bristol from GroScapes, Marilyn Torres from AgroLab PR, and Felicita Coreano from Sabores CORY. The Innovation Award ($1,500) went to Efraín Orengo of WUJU, while the Overall Favorite ($1,500) was awarded to Leira Sánchez of Mofongo Jobs. The Commitment Award ($1,000) was given to Joel Pérez-Kuilan of BorickHemp.

“We’re very excited to celebrate the second DemoDay of our incubation program,” said program Director Bárbara Rivera-Chinea. “Fase1 Intensive Gen.2 was filled with a lot of innovation and excellent ideas.”

“We saw how, week after week, each participant developed their business idea further, to the point of turning them into functional models ready for launch,” she added. “The second generation is proof of the potential that our program has to continue providing knowledge to those looking to start their entrepreneurial journey.”

Lucy Crespo, the trust’s CEO said, “With this second generation of Fase1 Intensive, we have nearly 50 more entrepreneurs looking to contribute to Puerto Rico’s economic development.” 

“Once again, we reaffirm that spaces like these are essential for the development of the entrepreneurship pillar of the Puerto Rico Science, Technology and Research Trust,” she said. “Let’s continue supporting programs like Fase1 so that more people have the necessary tools to enter the world of entrepreneurship.”

With the conclusion of this second generation, Rivera-Chinea encouraged those seeking to embark on an entrepreneurial path to join Fase1 programs, particularly the initial stage.

“Intensive is an annual program, but Fase1 Lab is available year-round; in addition to being the primary requirement for applying to the incubator, this initial phase is entirely online. If you’re seeking to take your first steps in entrepreneurship, Fase1 is the ideal program for that,” she said.

Individuals interested in completing the Fase1 Lab modules can register at any time. Once registered, they join the Fase1 community and gain access to internal resources and complimentary events designed to support their entrepreneurial endeavors.

The application window for the third generation of Fase1 Intensive will reopen early next year.

This story was written by our staff based on a press release.