6 minute read
start-ups posItIon puerto rIco as busIness, technology hub
Global Startups Gain Traction in Puerto Rico
33 startups presented their businesses at Parallel18 event
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Zoe Landi Fontana, The Weekly Journal
With only four minutes to pitch, 33 startups hopped to the stage presenting novel ways to improve life and business. The venue, Parallel18, is part of the Puerto Rico Science, Technology, and Research Trust that gives support to global startups, while positioning Puerto Rico as a hub for innovative business and technology. Participating entrepreneurs gain access to training, funding, and networking opportunities.
At the intersection of science, business, and government
A business using science to predict the future and prepare against catastrophes, the aptly named TerraFirma, provides solid ground in the form of informed scientific predictions, for individuals, businesses, and government.
“Act instead of react,” said Fabiola Guzmán, founder of the company, regarding TerraFirma’s goals for Puerto Rico. The company has compiled information from the National Oceanic and Atmospheric Administration (NOAA) data sets since 1944 and soil sets from the US Department of Agriculture (USDA) to create algorithms that visualize potential weather patterns on the island. TerraFirma’s founders were born and raised in Puerto Rico and understand how climate change will disproportionately affect the island.
They recently received funding for another business accelerator program, winning the first prize of $135k. TerraFirma software is working to establish connections to the government –FEMA, in particular– to provide crucial research necessary to make informed decisions in allocating disaster relief funds. The team is currently looking to scale their software development team.
Perfecting global business
How do you connect with a team that isn’t centralized? Managing an international team or remote workers is a demanding task. The following startups provide solutions to ensure consistent productivity and improve workplace health from anywhere.
Zen
Zen team is an example of the very businesses it was made to serve –global companies that need to connect through different time zones and currencies, and deal with the barriers of remote work. Founder Niraj Kumar commented that Zen Team “...connects Puerto Rico to the rest of the world in a very easy way.” The company is based out of Puerto Rico while its co-founder is located in Ukraine.
Zen team manages contracts and payments, automates operations, and completes HR tasks, like evaluating employee satisfaction, all on one digital platform. “It’s easier than ever to have a team scattered across the globe with Zen team,” the website states. participants accumulate points for not using their mobile device during work, and gives them a shot at winning a prize –money, a TV, etc.– chosen by the employer.
PRYZE isn’t a gimmick or trend - it’s a way to bridge the gap between employees and employer, showing that both value their work. Fewer distractions results in increased revenue, lower costs, and increased employee retention.
Co-founder Natalia Micheletti, a University of Puerto Rico alum, recently moved back to the island. Regarding the Puerto Rican market, Natalia says it’s “a small, tight-knit community... a place to make a good impact.”
Everyday life made easier
A number of businesses at the event were aimed at making everyday life simpler. From finding caretakers for every need (Evocare), to grocery delivery in under an hour (Jetson), to technicians for home appliances and hard-tofind parts (Piezas Rush), and even for natural pet products (Pawls), there is a startup developing to make mundane tasks less bothersome. And, protecting it all, is Privacywall - a search engine that blocks unwanted data collection that, usually, we aren’t aware is even happening. Their mission is to “...put consumers, businesses, and governments back in control of their data privacy and protect their most sensitive data.”
Founders, brothers and Stanford University engineers, Jonathan and Christopher Wu moved to Puerto Rico in 2014 after a conversation with the Secretary For Economic Development and Commerce who saw the potential in their company and the opportunity provided by Act 20.
In fact,
PRYZE
An essential part of maintaining a healthy workplace is minimizing distractions. PRYZE gets employees off their phones, and back to work. By installing the PRYZE program onto their phones,
2021 is now the highest-winning year ever for US casinos
The Associated Press
ATLANTIC CITY, N.J. — America’s casinos have won more money this year than ever before, according to figures released from a national gambling trade association.
The American Gaming Association said U.S. casinos have already broken the record for most money won in a single year at $44.15 billion. Those figures are based on reports through October, as well as on a handful of states that have released results from November. The total surpassed the record set in all of 2019, which was $43.65 billion. And with many more states still to report November revenue figures, as well as all the December reports, that number will climb even higher. The figures do not include tribal casinos. October highlights nationwide include inperson gambling continuing to drive the industry’s recovery, with brick-and-mortar activity generating $3.97 billion, topping pre-pandemic totals by 16% from October 2019. Americans wagered a record $7.05 billion on Internet gambling generated $357 million in revenue, up 129% from October 2020
sports in 25 jurisdictions in October, bringing the year-to-date total amount bet to $42.19 billion. That is nearly double the amount wagered in all of 2020 when just 17 markets were operating. With some data yet to be reported, commercial sports books kept nearly $408 million after paying out winning bets and other expenses in October, surpassing the previous monthly record of $405 million set in September, Internet gambling generated $357 million in revenue, up 129% from October 2020, which is also a new monthly record. And Colorado, Iowa, Massachusetts, Michigan, Pennsylvania and South Dakota surpassed annual state revenue records. Connecticut launched sports betting and internet gambling in October. Combined October revenue from traditional casino gambling, sports betting and internet betting was $4.75 billion, the second-highest monthly total ever and an increase of 30.7% compared to October 2019. The industry has now surpassed $4 billion in monthly gambling revenue for eight consecutive months. Before this year, monthly revenue had never topped that amount.
Average US long-term mortgage rates hold firm another week
The Associated Press
SILVER SPRING, Md. — The average interest rate on a long-term mortgage in the U.S. held firm again last week. Mortgage buyer Freddie Mac reported that the average rate on the benchmark 30-year, fixed rate home loan ticked down to 3.10% from 3.11%. A year ago, the rate stood at 2.71%. The average rate on a 15-year mortgage also dipped slightly, to 2.38% from 2.39%. One year ago, that rate was 2.26%.
Expected to Raise
Many economists expect U.S. interest rates to rise in coming months as the Fed pivots from the easy money policies it adopted after the coronavirus outbreak ravaged the U.S. economy in the spring of 2020. Recently, Federal Reserve Chair Jerome Powell hinted that the central bank would shift toward tightening credit more quickly than it previously suggested. Powell said it would be “appropriate” for the central bank to consider accelerating the reduction of its bond purchases. That could lead to the Fed hiking its benchmark interest rate as early as spring.
Hot Housing Market
The U.S. housing market has seen a surge in demand during the pandemic as people seek more space after spending a big chunk of the past two years working from home. Lured by low-interest rates, many prospective homebuyers have been thwarted due to a limited supply of homes for sale and rapidly rising prices. Builders have struggled to keep up with demand as supply chain snarls delay projects.
