Results by the Numbers & Promotion Plan Launch and Pivot

Results by the Numbers

Since officially beginning operations in early 2019, InvestPR has diligently focused on securing the results needed to reposition the island, attract jobs, bolster investment, and solidify the longevity and sustainability of InvestPR and its mission. During FY2019-2020, InvestPR and its partners’ efforts generated over 3,000 leads and 1,500 prospect opportunities, resulting in:

3,500 jobs committed

$58M in capital investment committed

$51K average payroll of jobs committed

Promotion Plan Launch and Pivot: Resilience and Transformation in Action

InvestPR developed and refined a promotion plan to guide investment promotion activities towards select sectors and geographies aligned with Puerto Rico’s economic growth goals of sustained investment and quality job creation. This process began in FY2018-2019 with a thorough evaluation of industries with the best growth potential for the island and was codified in 2020 with a concrete execution model that articulated a clear direction, from prioritization of industry levels through near and long-term geography targets. The plan was based on exhaustive, data-intensive research over the span of a year that identified Knowledge Services as target sectors where Puerto Rico was best positioned to attract new business, and evaluated the most effective messaging strategies and best marketing channels accordingly.

Although the plan concentrates promotion activities around Tier 1 target industries, it requires supporting andnurturing of more established industries that still serve as the nucleus of Puerto Rico’s economy. The plan alsorecognizes that disruption is a constant and the island needs to be able to pivot to respond to global market changes.

This comprehensive approach underscores that sales and promotion activities should be directed to sectors and geographies that are most likely to render the most jobs and investment, ensures that established industries are supported so that the island does not lose its base as it seeks new opportunities, and allocates effort to a watchful eye to make sure that Puerto Rico does not miss changing economic tides or disruptive innovations that can and will quickly disturb market stability.

InvestPR formally launched its promotion plan in December 2019 via a series of activities to engage island stakeholders and leverage them as knowledgeable partners in its deployment. Following the launch, focus shifted to follow-up initiatives designed to solidify support for putting the plan in motion. Distribution of the strategy, planning alignment with partners, and co-branding of a collective message were met with cooperation from stakeholders and InvestPR began gathering partners for global outreach events.

Promotion Plan Pivot

1. Underscore the island’s message of resilience throughout all strategy and promotion efforts

Puerto Rico has proven its resiliency time and again, and FY2019- 2020 is no exception. The local business community quickly adapted, with companies upping the ante on their contingency and continuity plans to maintain global competitiveness. The pandemic was met with strong and decisive response actions, further highlighting the island’s ability to negotiate crisis.

2. Position Puerto Rico as a solution to address national pharma supply chain challenges

As a U.S. jurisdiction, Puerto Rico plays a pivotal role in ensuring the continuity of the pharma supply chain. The island’s 60- year legacy as a world-class life science manufacturer speaks volumes of its capabilities, a clear solution to a market that demands innovation, action, and experience.

The pandemic drove InvestPR to quickly address the U.S. national response of correcting supply chain disruption of life-critical goods. InvestPR crafted a reshoring strategy to align to this new opportunity, while focusing on the strongest prospects within the changing market demand.

The reshoring strategy was based on:

Targeting

Narrowing pharma and bioscience outreach options based on clear alignment to Puerto Rico’s competitive advantage

Tracking & Measurement

Making certain that information is updated and adjusted to match success

Capacity Building

Documenting and understanding the exact needs of prospects so that they are successful in locating to Puerto Rico

InvestPR also collaborated with key industry stakeholders to highlight Puerto Rico’s pharma capabilities and attract bioscience companies to the island. Ultimately, these efforts culminated in a pharma industry capabilities tour that placed Puerto Rico as the front-runner option for reshoring life sciences manufacturing back to the U.S.

3. Continue to target knowledge service sectors highlighting Puerto Rico’s competitive assets

As the Fourth Industrial Revolution continues to shape business around the world, knowledge services have emerged as a sector worth pursuing, given its central role in global socioeconomic development. As there is less reliance on physical infrastructure, companies can act quickly in their decision making and relocation process. With its numerous assets, Puerto Rico is primed to support endeavors in the sector.

4. Position Puerto Rico as an optimal remote work location

The remote work model has been at least half a decade in the making; then pandemic made it a reality, and it looks like it is here to stay. Given the island’s tech and innovation ecosystem, InvestPR’s promo plan capitalizes on this area of opportunity to address the current and future needs of companies in this sector.

5. Build Puerto Rico’s economic development capacity to ensure greater deal flow, more conversions to transactions, and more efficient processes

Collaborations are at the heart of any largescale endeavor. At InvestPR we aim to leverage partnerships with municipalities, regional organizations, nonprofits, and the local government, sharing resources to enable economic development through strategic collaboration. Our goal is to work together to be able to reduce bureaucratic hurdles and/or streamline processes and protocols, and bring collaborators into contact with innovative and world-class economic development models.

6. Position Puerto Rico as a hub of talent, innovation, and entrepreneurial activity through professional development, retention, and attraction

Access to talent is the top driver of investment decisions. Puerto Rico boasts top-tier professionals in spades in various sectors. Our aim is to develop and launch a talent attraction strategy, together with key partners, to position Puerto Rico as a location of choice for human capital.