• ANTECEDENT

Xpand Puerto Rico is a growth stage program developed by Parallel18 and subsidized by Banco Popular of Puerto Rico. It is designed to support companies looking to access new markets by providing resources for sustainable expansion.

Parallel18, a program of the Puerto Rico Science, Technology, and Research Trust, is a top-level, performance-driven international innovation hub focused on providing funding, mentorship, business connections, and investment to underrepresented founders worldwide.

The Puerto Rico Science, Technology and Research Trust (the “Trust”) is a private non-profit organization created to maximize Puerto Rico’s participation and creation of jobs in the global knowledge economy by promoting investment and financing of science and technology research and development. The organization manages and hosts over a dozen initiatives that range from grants and technical support to meetups and educational resources for researchers, entrepreneurs, farmers, investors, and other groups.

• MAIN GOAL

The purpose of Xpand Puerto Rico (hereafter, the “Program” or “Xpand”) is to support innovative companies that are on a growth-stage path and seek access to resources to sustain and expand their growth. Xpand aims to provide more direct support to the participating companies.

General goals for the implementation of Xpand include:

1. Support the sustainable growth of innovative companies by providing tailored resources, strategic mentorship, and access to markets, capital, and talent.
2. Contribute to Puerto Rico’s economic development by strengthening its innovation ecosystem and positioning growth-stage companies as global players with local roots.
3. Facilitate access to private and public sector resources, fostering collaboration that accelerates business expansion and economic resilience.
4. Attract and activate investors, including angel investors, venture capital, and private equity funds, by showcasing the growth and investability of Xpand companies.
5. Amplify the value and long-term impact of Parallel18 within the local and international entrepreneurship landscape through measurable business outcomes and ecosystem integration.

• OBJECTIVES

Parallel18 aims to meet the goals set for Xpand by achieving the following targets:

1. Provide access to vetted private capital investors, including institutional and individual investors, the educational resources and tools to leverage these capabilities, the products, and financing opportunities.
2. Increase each company’s accessibility to additional domain knowledge experts to improve their product capabilities and inefficiencies, and promote an operational perspective of optimization and maximization to compete in different markets with a clear advantage.
3. Improve the company’s customer acquisition strategies and capabilities through additional access to mentorship opportunities.
4. Increase the number of Puerto Rican companies expanding their business from Puerto Rico to new markets.
5. Promoting employment opportunities with the growing companies supported through the program will increase the repatriation efforts of the Puerto Rican diaspora.

• PARTICIPANTS

Companies that apply must have continued operation for over three years and must be for-profit organizations legally organized and registered in Puerto Rico, or the United States, while authorized to do business in Puerto Rico. 

The founders applying to the Program must be over eighteen (18) years of age, and the Program participants may be at most three (3) people. Parallel18 has the discretion to accept team members below the age of eighteen (18) as extraordinary situations may arise.

The activities carried out by the company must have a business model with the potential to grow and scale its operations outside of Puerto Rico. This excludes companies whose main activity is consulting services, non-profit organizations, traditional import/export companies, or lifestyle businesses, as these are not considered to be highly scalable projects or with high growth potential.

Hereafter, companies participating in Xpand will be termed “Projects”. Individuals and team members will be termed “participants”. The gathered participants of the current Xpand generation will be termed “cohort”.

• PROGRAM ACTIVITIES

The Program will include a variety of activities and/or events, which will be made available to participants of each Project. 

5.1 Mandatory Activities

The Program is ongoing and does not have a fixed end date. Upon acceptance, participants gain access to the community and are expected to complete a minimum of contact hours (40). After fulfilling this commitment, they may continue to engage and benefit from the Program’s resources as needed.

• Bootcamp: Provided under the guidance of skilled mentors, these structured spaces are designed to address essential topics crucial for the continuous strategic development and growth of the company.
• Initial Meeting: The participants will meet with the program manager and startup representative to establish their goals and objectives for the program. 

• Technical Assistance: The parallel18 Mentor-in-Residence will be available to help the participants with key needs based on each team member’s expertise.
• Monthly catch-up meetings: A brief check-in between the Xpand team and participating companies to track progress, align on ongoing support, and ensure we’re addressing key needs effectively.
• Office Hours: participants will have available 1 on 1 meetings with mentors from the parallel18 network.
• Roundtable Meetings: Informal gatherings of the community to share insights, challenges, and wins among their peers, and a mentor guiding the conversation. Usually with a specific topic in mind.

• parallel18 Connect Meetup: a networking meetup to connect with parallel18 entrepreneurs, corporate partners, mentors, and investors.

• End of the Year: Xpand will require participating companies to complete an annual impact survey to assess progress and improve the program. Submission of this survey is mandatory, but it does not end a company’s participation. Companies remain part of the Xpand network and may continue accessing events and resources after the active support period.

5.2 Optional Activities

Optionally, the team leader or team member may participate in and/or carry out the following activities, unless these have been categorized as mandatory, as set out in the previous subsection:

• Presentations, office hours, workshops, classes, or other events organized by other program participants.

Other activities related to the project and/or program that were not described as mandatory.

If the Team Leader does not participate in the activities and/ or events specified herein without previous authorization to be excused, the Program may evaluate putting an early end to the Project, depending on the reasons.

• CONTENTS OF THE PROJECT

6.1 The applications must contain at least the following in English:

1. Legal and background documentation for each of the team members named in the project application, including details on each person’s nationality, education, and technical experience, as specified in the list of required documents provided by Xpand..
2. Business organizational documents: when you apply to the program with a company that already exists, you will be required to submit documentation in case you are selected.
3. Identification documentation that will be required for selected companies and members may include a photocopy of government-issued photo identification (cards on both sides) that displays the name, photo, identification number, dates of granting, and the expiration of the ID (ID must not be expired). Participants must have original documents ready for when required to be shown.
4. A demo of the product and/or service to export and/or grow sales.
5. Description of the competition and the Project’s differentiation.
6. Stage or growth in which the Project is at the moment of application.
7. Explain the company’s goals and why you think Xpand would help accomplish the milestones that you are aiming to achieve.
8. Other documentation as reasonably required.

6.2. Additionally, the applications may contain the following:

1. Concerning the participants:

• Relationship with international networks to position Puerto Rico as an innovation hub.
• Activities to promote interaction, networking, and the transfer of knowledge skills, and best practices to local entrepreneurs and their environment.

1. Concerning the project:

• Expansion strategy
• Entry and exit barriers
• Progress to date and plan during the program
• Target market and its size
• Market position

1. Incomplete applications will be deemed not submitted.

• DEADLINES

The Program will run on a calendar year basis and will be understood to have begun on the date established by Xpand as the Bootcamp Day. This date will be notified once identified by the team and is based on the term selected by the company.

• APPLICATION

8.1 Procedure

This Program will be made available to interested parties in the form of an application through the Typeform platform. 

8.2 Means of Application 

Companies and the requested technical and economic documentation may be entered solely through the electronic platform entry system available on the website www.xpandpr.org.

The accompanying documents must be text documents, spreadsheets, or other files compatible with the system (such as doc, xls, jpg, or pdf).

8.3 Limit of Applications

Each applicant, even if not designated as team lead, may only apply once with one project per application period. Therefore, every team member must be working on only one project per cohort. If a team member is part of various applications for different projects, the Program may consider the Project and/or applicant invalid.

• EVALUATION PROCESS AND CRITERIA

9.1 Application Screening

The Xpand team will review all submitted applications to determine eligibility and alignment with the Program’s objectives. To be considered, companies must meet the following minimum requirements:

• At least three (3) years of operations.
• Current operations in Puerto Rico or clear plans to expand into the Puerto Rico market.
• Demonstrated impact in Puerto Rico or alumni of the parallel18 program.
• Previous participation in an accelerator program prior to Xpand or more than $250,000 in annual sales.
• At least two (2) team members fully dedicated to the company’s operations.

Applications that do not meet these requirements will not move forward in the process and may be referred to other programs within the ecosystem.

9.2 Interview Stage

Applicants who pass the screening will be invited to an interview, conducted virtually or in person. The purpose of the interview is to clarify information from the application and assess the company’s growth strategy, market positioning, team capacity, financial outlook, and potential impact in Puerto Rico.

9.3 Selection

Following the interview, the Xpand team will determine whether the applicant aligns with the Program’s objectives and community.

9.4 Notification

Applicants will be informed of the final decision within three (3) business days after the conclusion of the interview process. Selected companies will receive an offer to join the Program and may become part of the Xpand community upon signing the Participation Commitment Form and submitting the required documentation.

• EARLY END OF PARTICIPATION

The Program may determine an early end of Project participation in the following instances, among other possible justifiable reasons, applying the sanctions detailed below:

10.1 Early end of participation for reasons not attributable to the participants

Xpand may impose an early end to the participation on its initiative or at the request of the team leader in the following situations:

• Failure to achieve critical results or continuity milestones established by Xpand and/or the project for reasons not attributable to the lack of diligence of the project duly qualified by Xpand.
• It has become convinced that the project will not achieve the expected results and that it cannot be executed within reasonable parameters for reasons not attributable to the lack of diligence of the project duly qualified by Xpand.
• Other causes are not attributable to the team leader’s lack of diligence in carrying out the activities related to the project and/or to the team leader’s participation in the Program, duly qualified by Xpand.

If requested by the project and accepted by Xpand, it shall be understood that the project has been finished early from the date of the request.

The Trust may terminate Program activities or any company’s participation before the Program’s end whenever the Trust determines that such termination is in its best interest. Any such termination shall be effected by delivery of a written notice and the date upon which such termination becomes effective, which shall be at least fifteen (15) calendar days from the date of receipt of the notice.

10.2 Early end of participation by deed or act attributable to the project

Xpand may end the participation early if the project fails to comply through negligence or lacks due diligence in his or her obligations. The following situations, among others, may constitute a breach of the contract:

• Denial or hindrance of project monitoring.
• Negligence in performing financial and technical control activities.
• Failure to notify Xpand promptly about the impossibility of paying the contributions for which they and/ or the other participants are responsible.
• There is a serious discrepancy between the declared technical and/or legal information and real information.
• Failure to maintain good standing status throughout the Program’s duration.
• Other reasons are attributable to the participant’s lack of diligence in carrying out their activities related to the project and/or their Participation in the Program, as duly qualified by Xpand.

• WARRANTIES

The participants warrant and represent to Xpand as follows:

1. The participants shall not violate any intellectual property rights, confidentiality, right of privacy, or another right of any person or entity whatsoever.

1. The participants represent that the information they provided to Xpand during the application and contracting phases is accurate and complete. However, each participant understands that in the event they have failed to disclose any relevant information that may have impacted Xpand’s decision to select their project or has provided false information, Xpand will be entitled to rescind the contract and their participation in Xpand with immediate effect, in addition to any other remedies which Xpand and the Trust may hold by rights.

• INDEPENDENT ENTITIES

The participants of the Program shall remain independent of the Trust and the Parallel18 Program (Xpand). Nothing contained in or relating to these Terms and Conditions, or any applicable rules, shall be construed as establishing or creating an employer/employee relationship or any partnership, joint venture, or agency relationship with the Trust or its Parallel18 Program.

The Trust and its Parallel18 Program shall not be responsible for any loss, accident, damage, or injury suffered by the participants arising during or as a result of their participation in the Program. The aforementioned are not responsible for any and all out-of-pocket expenses incurred in and for the participation of this Program or the Xpand Program, whether they may be incurred.

• LIABILITY

The participants hereby indemnify and hold the Puerto Rico Science Technology and Research Trust harmless from and against the full amount of any and all claims and liabilities, including legal fees and costs, which are or may be made, filed, or assessed against Parallel18 at any time and based on, or arising out of, breach by the participants of any of its representations or warranties under these terms and conditions, regardless of whether such representations and warranties are explicitly incorporated herein or are referred to in any attached Appendices.

• ASSIGNMENT

The participants shall not assign, transfer, pledge, or make any other disposition of these Terms and Conditions or any part thereof or any of their rights, claims, or obligations under these Terms and Conditions except with the prior written consent of Parallel18.

• QUESTIONS OR CONSULTATIONS

Questions may be addressed in English or Spanish to the following e-mail address: [email protected].