C66 Impact Report 18 · 2019-04-25 · Colmena66isYour ConnectiontothePuerto RicanEntrepreneurial...

Impact Report 2018

Inspired by the theme of rebuilding a better and more resilient Puerto Rico, Colmena66started the year with the Red Colmena66 Meetups, meetings around the Island toinspire and enhance the beehive’s capabilities. Getting together the Colmena66partners to share their services as well as to identify potential areas of collaboration,energized the beehive to action as never before.

One of the major accomplishments for this year was the development and deploymentof Tu Camino Empresarial, a wonderful tool that helps members of the ecosystem toidentify the right resources for their type of business and development stage. TuCamino Empresarial, both in printed and interactive digital formats, make it easier foreveryone to access the right resources at the right time everywhere.

Colmena66 expanded their reach and audiences by partnering with the Puerto RicoScience Technology and Research Trust’s programs teams to increase the number ofSBIR and STTR applications and winning proposals. A collaborative supportframework for applicants was communicated. From phase I: Awareness to Phase IV:Matching Funds you will have a clear picture of all the players, and steps to generate awinning SBRI & STTR proposal. In 2019 we will have the first SBA Road tour.Colmena66, and our local SBA regional leadership, Ivette Collazo, were key to makethis happen. Colmena66 is also working with our Economic Development Departmentand PRIMEX in the Manufacturing Policy Academy with the purpose of identifying whatwe should do to encourage growth in manufacturing through innovation,entrepreneurship and investment.

Amemorable year for Colmena66 asPuerto Rico’s EntrepreneurialEcosystem Builder

I’m very proud that the Colmena66’s performance is among the top third of all the USSourcelink affiliates. The customer satisfaction feedback of each of the events theydelivered indicates the relevance and importance of the topics being addressed.Colmena66 is effectively using multiple communication channels to address theiraudience needs in a very effective manner.

I like to close my comments extending my congratulations to Denisse, the Colmena66team and partners; our Colmena66 Advisory Board, and the Trust team members thatcollaborated with Colmena66 for their accomplishments, and for the incredible successof BE Fest (Boricua Entrepreneurs Fest), an event that brought together ourentrepreneurial ecosystem to learn and share how we can unleash the power within.

Lucy CrespoChief Executive OfficerPuerto Rico Science,

Technology, and Research Trustwww.prsciencetrust.org

02 | Colmena66, 2018 Impact Report


To Our Beehive: YouMake PuertoRico Hurricane ProofTo you, our Resource Partners, for your unwavering support to our entrepreneurs andbusiness owners. Thank you for always showing up, no matter what and no matter where.Thank you for being open to exploring new ideas, events and tools with us. Thank you forsharing insights, learned lessons, feedback, your daily struggles and opportunities forcollaboration. Thank you for supporting us in the co-design of the Tu Camino Empresarial andthe Boricua Entrepreneur Fest projects.

To you, our entrepreneurs and business owners, thank you for pushing forward, for creating,for growing and for taking us with you in your journey. Thank you for showing up to our eventseager to learn, to grow, and to step out of your comfort zone! Thank you for believing inyourself, and for believing in us, your community.

To you, our Board of Advisors, thank you for guiding our steps to make sure we continuouslyimprove and grow. To you, the Puerto Rico Science, Technology & Research Trust, thank youfor always supporting us every step of the way and making everything we do possible. To you,the SourceLink team, thank you for always taking care of us and enabling us to serve ourcommunity like we do.

To those we haven’t met yet but will hopefully meet soon, thank you. Thank you to otherstakeholders in our local entrepreneurial ecosystem, for everything that you do to support ourentrepreneurs and business owners. Thank you to our youth and those who are dreaming ofcreating their own business someday, and thank you to all the brave souls that are looking toreinvent themselves, by choice or by need, we got you!

Colmena66 is YourConnection to the PuertoRican EntrepreneurialEcosystem.Colmena66 (C66), a program of the Puerto RicoScience, Technology & Research Trust, is a referralnetwork that links Puerto Rico’s entrepreneurs to localand regional business building organizations, orresource partners, that can help them start and growtheir businesses. With a network of over 212resource partners across the Island, C66 helpsbusinesses grow and thrive by providingentrepreneurs with easy access to the right resourcesat the right time.

Colmena66 also analyzes the gaps in theentrepreneurial ecosystem and works alongside ourpartners to address them. Our vision is to cultivate alocal ecosystem that is inclusive, diverse andaccessible for anyone, regardless of theirdemographic or socioeconomic background.

Colmena literally means beehive in Spanish,and we aim to enhance the cross pollination ofemerging resources and opportunities at the

local and national level.


3491 entrepreneurs and businessowners have reached out to us viaour hotline or email seeking supportto start or grow their businessesand our team made over 1,200referrals to our resource partners.

Red Colmena66

212 resource partners within our network supportlocal entrepreneurs and business owners to developtheir business ideas, identify the right fundingopportunities, and plan for growth.

In C66, we match the needs of our entrepreneursand business owners with the services provided byour resource partners, facilitating their access to theright resource at the right time.

Our resource partners have shared1,300+ events and workshops in ourCentral Calendar, which help educate,inspire and connect entrepreneurs andbusiness owners throughout theIsland.

Top 5 reasons why entrepreneurs and businessowners contacted Colmena66 in 2018:

Startup Assistance

Business Plan Assistance

Mentoring

Loans

Marketing & Sales

“(Colmena66) is an effort that createsawareness for the entrepreneurs andthe entrepreneurial supportorganizations of what the Puerto Ricanentrepreneurial ecosystem looks like.”

Prof. Javier E. Pérez Lafont,Director of Génesis Agroempresarial,

University of Puerto Rico - Utuado Campus

Colmena66 ClientSnapshot

Business Development Stage:

Maturity: 9%


Decline: 2%

Expansion Stage: 14%

Infancy: 19%

Early Stage Growth: 23%

Pre venture: 33%

Microenterprise: 47%

Main Street: 20%

Innovation Based: 20%

Second Stage: 13%

Top 5 Industries:

Education:

Gender:Age Range:

29 26

23 17

26%29%

23% 17%

35-4425-34

45-54 55-64

In December 2018, we shared an annual survey withour clients to capture a snapshot of where they are intheir entrepreneurial path, what their biggestobstacles and opportunities are, and their experienceutilizing our services. The following data snapshotsare derived for this survey’s result.

High:8.%

SomeGrad.:8%

SomeCollege:9%

Adv.Degree:12%

2years:5%

Master:30%

Bachelor:22%

Doctorate:5%

Female: 51%

Male: 49%

Manufacturing

Agribusiness

Education

Arts

Bioscience & Manufacturing

Type ofBusiness:

Colmena66 Client SnapshotOur aspiring and existing entrepreneurs and business owners face different obstacles that can inhibit their desire ofcreating their businesses or their capacity to grow and thrive. When thinking about starting a business, these obstaclesrange from difficulties accessing capital or financing, to lack of capacity building opportunities or lack of time to make itall happen. Once the business is established, the obstacles that can prevent businesses from scaling or growing rangefrom access to capital, marketing and sales, lack of time and training, as well as an affected credit.

We asked our entrepreneurs and business owners about the challenges they were facing and here’s what theytold us:

Capital (Financing) 24%


Capital (Financing) 22%

Government regulations 11% Government Regulations 6%

Marketing & Sales 10% Marketing & Sales 16%

Team / Talent 4% Team (talent) 7%

Lack of training 13% Lack of training 10%

Lack of time 10%

Before

Lack of time 11%

After

Affected Credit 9% Affected Credit 9%

Insurance 8%

Export 6%

Location 11%

Administration 8%

"(Colmena66) Allows theecosystem to be more visiblefor those who wish to startor grow a business, but donot knowwhere to start."

Roberto Guzmán, Co-Founder,Ponce Young Entrepreneurs Initiative

How are we doing in ourSourceLink Community?Colmena66 is one of more than 50 affiliates of SourceLink, and organization that helpscommunities with R&D to identify, connect, empower and measure theirentrepreneurial ecosystems. According to SourceLink’s affiliate performance ranking,Colmena66 is a top performer among its peers.

The following numbers represent C66’s 2018 ranking:

4 outof 42

6 outof 45

4 outof 29

3outof 47

Affiliates using SourceLinkPro

Network Strength

Total searches using theResource Navigator

Counseling Hours


"Entrepreneurs chase dreams, solve problems andbuild hope, but they can't do any of that withoutthe right connections.With TCE and BE Fest,Colmena66 has helped thousands of Puerto Ricansfind the resources that will make the difference fortheir businesses. C66 has built a strong foundationthat Puerto Rican businesses can stand on to notjust survive, but thrive. Colmena66 is leading theway in Puerto Rico and shines among our nationalSourceLink network."

Maria Meyers, Founder of SourceLinkVice Provost and Executive Director, UMKC

Innovation Center

Deeper Dive Into OurClient Snapshot

Colmena66 facilitates access to resources andopportunities to entrepreneurs and business ownersby serving as a matchmaker between them and theavailable resources throughout the Island. InDecember 2018, we shared an annual survey with ourclients to capture a snapshot of where they are intheir entrepreneurial path, what their biggestobstacles and opportunities are, and their experienceutilizing our services.

According to our survey, 45% of our clients contactedus with an already established business looking forresources to grow, while 35% of the clients thatcontacted us hadn’t started a business yet. Beforecontacting Colmena66, 40% of them did not feel likethey had the necessary tools to start or grow theirbusiness, and after contacting us, 65% of themagreed that they now felt like they had the necessarytools to start or grow their business.


As entrepreneurial matchmakers, we connectentrepreneurs and business owners withorganizations and events that can help them start orgrow their businesses. During 2018, Colmena66 andmembers of the Red Colmena66 hosted events thatwere instrumental in providing tools for entrepreneursand business owners in all stages of development.

The top five events or programs as indicated byour surveyed clients: Colmena66(43%), Puerto RicoTrade and Export Company(14%), StartupWeekend(6%), Mujer Emprende Latina(3%), MyBarely Famous Life(2%).

“The experience provided by Colmena66 has been very useful. Theyconnected me toMujer Emprende Latina and Kiva Puerto Rico,which allowed me to obtain a loan of $5,000 to buy rawmaterialand thus, increase inventory and, therefore, clientele. Colmena66has been effective in encouraging the participation of newentrepreneurs and business owners in activities where its possibleto activate the 'network' to integrate other organizations,institutions, colleagues or suppliers. Thank you!"

Zilkia Torres, Founder,Beyond Beauty Distributors

Since receiving assistance from Colmena66, themajority of our surveyed clients indicated that they:

Increased number of employees

Increased sales

Made significant changes in operations

Solved problems that were preventingtheir growth

Where are ourentrepreneurs andbusiness owners seekingcapital or financing?

In terms of their current state of finances, the majorityof our surveyed clients are currently seeking capital,while another significant group indicated that they’rebootstrapping. When asked about their sources offinancing, 40% of our surveyed clients indicated thatthey’re putting in their personal savings, 15% areturning to family loans, and others are turning to theirfriends or personal loans.

Our surveyed clients also indicated that the top fiveorganizations or programs that have provided fundingare: Parallel18, with Pre18 and Parallel Venturesincluded, Grupo Guayacán through their Enterprizeprogram, Startup.pr, INSEC, and Kiva Puerto Rico.

“Colmena66 is an excellent network ofcontacts that facilitates your businessjourney. They’re committed to thebusiness development of youngentrepreneurs in Puerto Rico."

Andrés Calle, MS, Founderand CEO DO Care LLC


In addition, our surveyed clients are creating anaverage of 4.4 jobs per company.

How are our resource partners distributed accordingto the Entrepreneurship Ecosystem Pillars?

Colmena66 has been working tirelessly in the development of the local ecosystem byconnecting and organizing local resource partners, government and academicinstitutions, and other stakeholders.

Public Policy16 33

1213

5187

Finance

CultureMarket

Human Capital EntrepreneurialSupport

“Entrepreneurship doesn’t happen in a vacuum. It’s the result of countlesscomplex interactions in a community. No single organization can providesufficient help to all the entrepreneurs in a community.

The essence of an entrepreneurial ecosystem is its people and the culture oftrust and collaboration that allows them to interact successfully. Theecosystem allows for the fast flow of talent, information, and resources sothat entrepreneurs can quickly find what they need at each stage of growth.As a result, the whole is greater than the sum of its separate parts.”


Entrepreneurial Ecosystem Building Playbook 2.0, 2018,Ewing Marion Kauffman Foundation

This image shows a representation (not to scale)of how the Red Colmena66 resource partners

are distributed according to the Babson CollegeEntrepreneurship Ecosystem Pillars.

The Beehive: Unleashing the Power ofOur Local Ecosystem

fest

Entrepreneurs and business owners in Puerto Rico face similar barriers asentrepreneurs in other parts of the US: exclusive and inaccessible networks,insufficient educational resources, a risk-averse culture, lack of coordination amongresources, etc. C66 has implemented three main initiatives that are working to removethese barriers: Red Colmena66 Meetups, Tu Camino Empresarial, and the BoricuaEntrepreneur Fest.

The Boricua Entrepreneur Fest (BE Fest) is an annual event with themission of fostering an inclusive and collaborative entrepreneurial ecosystemon the Island. The inspiration for this event came from a learning trip to NewOrleans focused on understanding their recovery strategies after Katrina, oneof them being the New Orleans Entrepreneur Week. BE Fest’s first edition tookplace in March ‘19 and its content was focused on growth, a commondenominator between all entrepreneurs.

As C66 continues to scale these initiatives, the entire ecosystem benefits.Entrepreneurs of all types will eventually have equitable access to the resources theyneed, there will be more connectivity between all stakeholders in the ecosystem,academic institutions will be able to build better talent pipelines that feed theecosystem, and governmental institutions will be able to legislate and supportappropriately.

The Red Colmena66 Meetups are convened by C66 with the purpose ofgetting the resource partners together to discuss the challenges they’re facingand identify collaborative solutions to address gaps in services and programs.By getting the knowledge and resources together, identifying champions andconveners, as well as intersections where collisions that spark innovations cantake place, Colmena66 fosters conversations that inspire hope and actionsamong the network. Through the Meetups, which take place throughout theIsland, C66 ensures that the ecosystem has a diverse range of visible accesspoints or onramps for entrepreneurs of all backgrounds and regions of PuertoRico.

Tu Camino Empresarial (TCE), is a map of local business buildingorganizations that helps entrepreneurs and business owners identify the rightresources for their type of business and development stage. After TCE’sunveiling last October, it has proven to be a breakthrough tool, where theresource partners and entrepreneurs have described it as a game changer.This is yet another onramp for entrepreneurs to access the right resources,and it has helped resource partners identify collaborators and areas ofopportunity within the ecosystem.


“The team at Colmena66 understands that‘entrepreneurship is a community sport’ and areleading the way in fostering a more connected,collaborative and inclusive entrepreneurialecosystem across Puerto Rico – growingentrepreneurs that will drive the Island’s economyfar into the future.”

Andy Stoll, Senior Program OfficerEcosystem Development, The Kauffman Foundation

78%91%

78%

100%

97%

100%

Aword from ourResource Partners:

Connecting the Dots: Amplifying the Opportunities ofthe Boricua Innovation Ecosystem

78% have received referrals from Colmena66.

91% of our resource partners have met otherorganizations that provide business building supportthat they didn’t know before, through Colmena66.

78% of the resource partners have referredentrepreneurs and business owners to otherresource partners.

100% believe that Colmena66 has helped thebusiness building organizations to be moreinterconnected.

97% believe that Colmena66 has helped make thebusiness building resources more visible andaccessible to entrepreneurs and business owners.

100% believe that Colmena66 adds great valueto the entrepreneurial ecosystem.


Innovation ecosystems are made of people, different types ofentrepreneurs in different stages, and different types of organizationsand stakeholders that consistently interact with each other to createnew startups. Puerto Rico finds itself having a diverse range ofresources that aim to achieve a set of generally commongoals: retain local talent, provide better opportunities forthose who want to return to the Island, and to attractglobal talent, while fostering a new knowledgeeconomy on the Island. As a program of the PuertoRico Science, Technology & Research Trust(PRST), Colmena66 is dedicated to supportingthe development of the technology andinnovation ecosystem.

In order to catalyze collaborations andconnectivity, Colmena66 mapped out thepaths for innovation based companies(Orange Line) and access to capital (GreenLine) in Tu Camino Empresarial. This tool hashelped entrepreneurs navigate their startupdevelopment stages, and has helped us identify gapsin programming or barriers of access to certainresources and opportunities.

Innovation Ecosystemideas, inventions and researchstartups at various stagesentrepreneursinvestors, mentors and advisorsother stakeholders

Corporations

FundingOrganizations

ServiceProviders

Academia

ResourcePartners

ResearchOrganizations

In 2018, Colmena66 started convening monthly meetings between resource partnersthat support entrepreneurs and researchers interested in or in the process of applyingfor SBIR/STTR grants, or innovative technologies grants. These organizations includeSmall Business Administration (SBA), Puerto Rico Small Business & TechnologyDevelopment Center (PR-SBTDC), Grupo Guayacán, University of Puerto Rico inMayagüez, and the Puerto Rico Industrial Development Company (PRIDCO).

With the purpose of supporting the Puerto Rico Science, Technology and ResearchTrust (PRST) goal of increasing the number of applications and winning proposals,Colmena66 helped define a collaborative structure for applicants that organized theresources in phases:

SBAColmena66

PRSTGrupo Guayacán

PR-SBTDCPRIDCO

UPR Mayagüez

Phase 1:Awareness

PR-SBTDCPRST-TTO

Phase 2:Proposal Readiness

PRSTPR-SBTDC

Phase 3:Proposal Writing& Application PRST

Phase 4:Matching Funds This collaboration has helped organize the resources, coordinate efforts and

define a better support structure for applicants.

In addition, this coordination effort has led to Puerto Rico being included in the 2019SBIR Road Tour for the first time. The SBIR Road Tour is a national outreach effort toeducate and promote innovative technology grants provided through the SmallBusiness Innovation Research (SBIR) and Small Business Technology Transfer(STTR) programs. This means that Federal and State Program Managers thatrepresent $2.5 billion in early stage funding will be visiting Puerto Rico to meetwith technology entrepreneurs and innovation supporters on the Island.


Puerto Rico’s emerging entrepreneurial ecosystem has many attributes that make theIsland a favorable place to start or grow a business. Nevertheless, there are certainaccess barriers that Colmena66, alongside our resource partners, are working toeliminate. For example, some people don’t know that there are resources available forthem to start or grow their business, or that they have to travel across the Island to findresources and training. Others don’t know where and how to access capital for theiridea or business, and some people just want someone who can walk them through theoverwhelming amount of resources and possibilities.


How do we help eliminate these barriers?

In 2018, our Resource Navigator™ registered 7,443 searches fromentrepreneurs and business owners looking to learn and connect withresources on their own time.

In 2018, we shared over 1,900 events from our Resource Partners so theycould be more visible and accessible to our entrepreneurs and businessowners, and over 10,000 users visited our Central Calendar to learn moreabout these events.

Our top five blogs were read by over 3,200 users, and touched on topics suchas: eCommerce permits, tools, resources and access to capital alternatives toget businesses back on track after Hurricane Maria, the innovation ecosystemon the western region of the Island, and how to grow and reach new marketswith programs such as Parallel18.

Colmena66 Blog: Through our weekly blog, entrepreneurs and businessowners can learn about different resources, tools, programs and services thatcan help them start or grow their businesses. This content is written from thehorse’s mouth - C66 staff, resource partners and/or entrepreneurs that want tohelp these entrepreneurs and business owners succeed.

Colmena66 helps entrepreneurs and business owners to grow by providingeasy access to the right resources at the right time:

The Resource Navigator™: Through our Resource Navigator™,entrepreneurs and business owners have 24/7/365 access to the 212resource partners in the Red Colmena66. They can filter their search byindustry, business development stage or type of business, as well as bygeography and specific needs. Then, they can contact the resource partnerslisted as a result of their search.

Central Calendar: In one single place, entrepreneurs and business ownerscan find all the events, workshops and programs created and hosted by ourresource partners. This enables access to a diverse range of educationalevents and workshops, as well as to great networking opportunities throughoutthe Island that could help entrepreneurs and business owners meet their nextbusiness partners, investors or even find the talent they need for their teams.

Access

Tu Camino Empresarial or TCE: C66 took on the challenge of visuallyorganizing the Island’s business building organizations modeling the KCSourceLink Resource Railway™, from our affiliate organization KCSourceLink. This tool was co-designed alongside our resource partnersthrough the Colmena66 Network Meetups in five different locations throughoutthe Island. During the Meetups, we mapped out the resource partnersaccording to the services they specialize in providing as they relate to thetypes of businesses and business development stages defined in TCE.


During 2018, we received over 1,000 calls from entrepreneurs and businessowners seeking assistance.

Hotline: Entrepreneurs and business owners can call our Hotline to tell usabout their business idea or how they want to grow their company. OurNetwork Navigator then provides initial counseling on whatever theentrepreneur or business owner needs, shares relevant educational contentand proceeds to connect them with the resource partners that can best supporttheir needs.

“It’s always good to have an organization that helpsdirect entrepreneurs in how to achieve their goals.Maintaining the Red Colmena66 helps entrepreneurscreate a step by step plan, without jumping stages orwasting time. Colmena66 helps you organize, grow,focus, maintain positivism and reach your next level. Itis always important to have a mentor throughout yourbusiness path and that mentor is Colmena66.”

Samaira López Vilá, Manager,Oceana Hub Center

What was the Tu Camino Empresarial Tour?The Colmena66 team hosted four events throughout the Island (Mayaguez, Ponce, Gurabo and San Juan), togive entrepreneurs and business owners a walkthrough of Tu Camino Empresarial. In these events:

Resource partners that are on the TCE gave a 5-minute pitch of their services and programs.

Entrepreneurs and business owners in attendance had the opportunity of connecting directly withthese resource partners by visiting their tables at the Resource Partners Expo.

The participants had the opportunity of partaking in one-on-one mentor sessions with experiencedentrepreneurs and business owners. (The mentor sessions were done in collaboration with Parallel18)

Mentor Sessions Resource PartnersParticipant Satisfaction

overall satisfaction

ask for additionalsupport from C66

mentorsessions

organizations perevent

mentors

of the organizationsbelieved in the events wereof added value to them

hours ofmentoring overall satisfaction

registeredparticipants

over

4.878%

280+ 3030+ 100%70+ 95%1,000


out of 5

TCEs

printed TCE’swere distributed

over2,000TCE’s were downloadedthrough the website

over800

Contact usYou can reach out to us via ourHotline, Email or Social Media.

Give us a brief background of whoyou are and what your business

idea or need is all about.

We'll connect you to the rightresource partners that specialize inproviding the services and support

you need.

This is how we build our ecosystem:we connect the dots, match the needsof our entrepreneurs with the servicesof our resource partners, and connect

our entrepreneurial community.

Once a member, the team will startmatching your services to the needs of

the entrepreneurs and businessowners that reach out to us.

The team identifies nonprofitorganizations, academia and public

sector entities that provideentrepreneurial support.

Tell us what you need!

We'll help you navigate and maximizethe resources in our local ecosystemas we match you with the rightresource at the right time.

Join a community of over 212 service providersthroughout the Island, get matched withentrepreneurs and identify new opportunitiesfor collaboration and growth.

Welcome toRed Colmena66

Matchmaking Connect Identify Organizationand Program

Colmena66 is the matchmaker of the local entrepreneurial ecosystem. We match the needs of our entrepreneurs andbusiness owners with the resource partners that specialize in providing them with the services they need to start orgrow their businesses.

This is how we do it:

In 2018


Connections

5,600+Matches (referrals)

1,200+Searches ThroughResource Navigator

7,400+

Connect

Entrepreneurs & Business Owners Resource Partners

fest

Co-Designing a Celebration for OurCommunity: The Boricua EntrepreneurFest (BE Fest)

The Boricua Entrepreneur Fest is an annual event designed to celebrate the talent thatsupports the entrepreneurial movement inside and outside of Puerto Rico, educateabout business development at all levels, and promote an inclusive and collaborativeentrepreneurial community in Puerto Rico. The BE Fest gathers entrepreneurs andbusiness owners of all stages and industries, business building organizations,academia, public sector and other stakeholders to provoke connections andcollaborations, make the abundance of resources and available opportunities visible toour entrepreneurs and business owners, and create an annual space where the localand international public can connect with the entrepreneurial ecosystem in PuertoRico.

The vision of C66 is to promote the development of an inclusive, diverse andaccessible business ecosystem where all people, regardless of their demographicsand socioeconomic status, can start and grow their business. Responding to C66’snature, the process of designing the organization and production of the event wascarried out collaboratively since day one. The event’s agenda was co-designed withthe Red Colmena66 resource partners, which enabled us to reach diverse audiences,from all types of businesses, industries and development stages.

"With Colmena66 I focus and inspiremyself. It’s great to connect with otherentrepreneurs, mentors andconsultants, and to share our storiesand experiences. This reduces theuncertainty of my business adventureand it becomes simpler to lead withgreater confidence and agility. Now, Ihave a map to support my journey andI’m ready to take my company to thenext level."

Lorena Padró Cortés, PE, PhD, CEO andNPI Sr. Principal Scientist, InnovaCreate


The Boricua Entrepreneur Fest’s first edition took place on Friday, March 22nd, 2019 at thePuerto Rico Convention Center. Attendees were able to enjoy a full day of keynotes, panels andworkshops, and over 70 resource partners that provided them with essential information and tipsto grow as entrepreneurs and business owners.


1,157attendees,45% overour initial goal

72speakers

32sessions

97%Satisfaction97% of attendees would comeback next year

92%Connections92% of attendees met businessbuilding organizations, or resourcepartners, that they didn’t know beforethe BE Fest.

89%Networking89% of attendees met and networkedwith entrepreneurs and businessowners in other industries and stagesof development.

62

Type of Business:


Where did people visit us from?

People from 62 out of 78 municipalities in Puerto Ricoattended the BE Fest, as well as from various cities inNew York, Florida and Massachusetts.

Attendees’ Profile:

Business Stage:

Top Five Industries: In March 2018, ConPRmetidos, an organization that is part of the RedColmena66, convened a series of organizations and programs that wereworking on the recovery of the post-Maria Island, to travel to New Orleansand learn about how the city was to recover from Hurricane Katrina. On thistrip, the group had the opportunity to meet the entrepreneurial event calledNew Orleans Entrepreneur Week (NOEW), organized by The IdeaVillage. Recognizing the profile of The Idea Village and the potential that anannual event such as NOEW would have, C66 decided to lead the effort forPuerto Rico to have its own Puerto Rico Entrepreneur Week, called theBoricua Emprende Fest, or BE Fest.

43% had a businessidea or concept

57% werebusiness owners

26% microenterprise

18% second stage company

13% innovation based company

36%of attendees were in theidea or concept stage

26%of attendees were in thegrowth and expansion stage

Creative Industries

Professional Services

Health

Restaurants

Technology

Gender:

Female: 61%

Male: 39%

According to our post-event survey, BE Festattendees were able to meet their objectives!

Networking

Participating in practical workshops

Meeting business building organizations

Obtaining the necessary information to start theirbusinesses

Receive individualized mentoring

Personal motivation

Age Range:

3333%25-34


2323%35-44

1818%18-24 1515%45-54 1111%55-64

Mentor Loungepowered by

In Colmena66, we strongly believe in the value ofconnecting emerging entrepreneurs and experiencedbusiness owners with mentors who can sharelearned lessons, tips and expertise. The C66 teamhas successfully implemented this strategy in ourevents, and BE Fest was no exception.

60+registered mentees

1,120+minutes of mentoring

20 mentors, experts in areas such as:Intellectual Property, Prototyping, Exports,Business Development, Accessing Capital,Business Plan, Labor and tax laws, amongothers.


Meet Our TeamFrom left to right: Denisse Rodríguez Colón,Executive Director; Cristina Salazar Piñeiro, BusinessDevelopment Specialist; Jeffrey Reyes Hernández,Digital Marketing Specialist; Samuel D. MercedMatos, Network Navigator; Edmaris CarazoRodríguez, Communications Manager; Pablo A.Castellanos, Lead Creative Designer; Adriana CabralVázquez, Network Navigator.

For over 30 years she held several positions in Hewlett-PackardPR, the latest as general manager of the Business Enterprisedivision. She developed, implemented and managed activitiessuch as product launches, research and development,manufacturing, customer services, re-engineering processes,business planning and delivery service. She provided support tothe operations of the supply chain in Europe and Mexico andmanaged the Latin-American operation Unix. Under herleadership, HP-PR received the Presidential Award for Quality HP.Crespo was the first woman president of the PRMA, winner of theHector Jiménez Juarbe prize and has been recognized by variousinstitutions, including the Chamber of Commerce, SME, AIHE,ASQ and Illustrious College.

Serial entrepreneur, mentor and entrepreneurship ecosystemdeveloper with experience across diverse industries andinternational markets. She is the CEO of Piloto 151, Puerto Rico’sfirst coworking space and growth platform for entrepreneurs,recently recognized by the US Small Business Administration andthe White House as one of 50 organizations nationwide

developing the most innovative programs for high growth potentialentrepreneurs to thrive. Her most recent venture is CodetrottersAcademy, the first hacker school in Puerto Rico and theCaribbean, committed to training the next generation of codersand innovators on the Island. As an ecosystem developer, Sofíahas helped strengthen underdeveloped entrepreneurial andstartup communities internationally. She co-directs the FounderInstitute Puerto Rico chapter and has previously collaborated withBabson College, leading and advising international multi-stakeholder entrepreneurial initiatives (including Manizales-Másand Scale-up Milwaukee) to support and accelerate thedevelopment of high growth ventures.

Meet Our Advisory Board

Lucy Crespo, CEO, Puerto Rico Science,Technology & Research Trust

Sofía Stolberg, Piloto Labs

Nerma Albertorio, Centro paraEmprendedores


Founder of Centro para Emprendedores and 100 Ventures withover 18 years of experience in the creation and implementation ofentrepreneurship education and training programs. Her experienceincludes identifying business opportunities and developing andcreating business and marketing plans for various industries andnonprofit organizations. She is also a guest professor in theUniversidad del Turabo and Universidad del Sagrado Corazón.Albertorio serves as an advisory board member for Echar Pa’lante,Colmena66 and the Internet Society of Puerto Rico. She is also aprofessional coach, the only Startup Weekend facilitator in PuertoRico and a Cordes Fellow. Nerma holds a BSBA in Marketingfrom the University of Puerto Rico at Mayagüez, an MS in

Executive Director of Grupo Guayacan, Inc. Prior to joiningGuayacan, Laura was Program Director at Foundation for PuertoRico and worked as Manager at the Latin America FinancialServices (LAFSA) practice for Ernst & Young in Panama. She hasover fifteen years of experience in the financial services industry(banking and insurance), specifically in the implementation anddelivery of organizational effectiveness and corporate changeinitiatives focused on improving company performance. Lauraholds a Bachelor’s Degree in Economics from The WhartonSchool, University of Pennsylvania and an MBA from IE BusinessSchool in Madrid.

Has been Director of the CNDE since its establishment in 1986.He is editor and co-author of How to Establish a Small Business inPuerto Rico, co-chair of the National Forum on EntrepreneurshipEducation held annually at UPRM and is a key player in the NewVenture Design Experience faculty team. He teaches courses in

marketing and entrepreneurship, is a founding member of theUPRM E-Ship Network, an innovation support ecosystem withinthe University. He is passionate about helping innovators makethe right business connections, encouraging socialentrepreneurship, and promoting an enterprising mindset amongfaculty and students.

Nonprofit Organizations Management from Universidad delSagrado Corazón and a Professional Certification in EuropeanCommunications from Foro Europeo in Spain.

Laura Cantero, Grupo Guayacán

Ricardo Burgos, Innovation Agent

Jorge González, Partner, Tactical Media


José Iván Vega Torres, EconomicDevelopment and Business Center(CNDE), University of Puerto Rico,Mayagüez Campus

Serial entrepreneur, consultant and innovation agent withmultidisciplinary skills developed over twenty-five years ofprofessional experience. Considered a creative and forwardthinker, Ricardo’s experience spans several areas of expertise,such as: creative industries development, retail sales, youthmarketing, digital communications, publishing, content strategy,cultural and creative event production, creative direction, designthinking, agro-industrial enterprises, as well as other areas ofanalysis such as: business culture and project management.

During his senior year at American University, he begandeveloping the business plan for Tactical Media Group (TMG) andin 1999 co-founded the company. Jorge is the COO of theenterprise and is responsible for the R&D spectrum of thecorporation. He is committed to the development of the OOHindustry, as he’s one of the founding members of the OutdoorAdvertising Association of Puerto Rico (OAAPR). Jorge is also

As District Director, Ms. Collazo is responsible for the delivery ofthe agency’s financial assistance, business counseling andtraining, business development and minority enterprisedevelopment activities throughout the islands of Puerto Rico, St.Croix, St. John and St. Thomas. Before joining the SBA, Ms.Collazo served as Senior Advisor and Director for the Office ofTechnology Innovation & Development at the U.S. Department ofEnergy’s Office of Environmental Management in Washington,DC. In this capacity, she was responsible for identifying andadvancing technologies, processes, and technical practices thatimprove the performance of EM’s waste processing, groundwaterand soil, decontamination and decommissioning, and nuclearmaterials projects over their life cycle, from planning to disposal.She was also responsible for the Small Business InnovationResearch Program.

dedicated to the entrepreneurial development growth in the Islandand is one of the founding members of the EntrepreneursOrganization (EO) - Puerto Rico Chapter.

Yvette Collazo, District Director, PuertoRico & U.S. Virgin Islands, U.S. SmallBusiness Administration

Ricardo Llerandi, Esq. Puerto Rico Trade& Export Company

Carlos Mercado, Puerto Rico Trade &Export Company


In 2012, Mr. Llerandi was elected as House Representative for the14th district of Puerto Rico. During his tenure, he was the author ofbills on health, environmental, security, education, sports andeconomic topics. He was re-elected for a second term in 2016,but appointed by Governor Rossello as Executive Director of thePuerto Rico Trade Company on December 22, 2016. During hisappointment, Ricardo Llerandi wishes to continue his compromisewith Puerto Rico by contributing to the revitalization andrevamping of our economy. Mr. Llerandi has a Bachelor’s Degreein Business Administration from the University of Puerto Rico,Arecibo Campus. While pursuing his Juris Doctor at theInteramerican University, he worked as an accountant for severallocal companies. In 2006, he obtained his Juris Doctor and eversince has focused his practice on civil law. As of August 1st, 2018he is also serving as the deputy Government Secretary for theIsland.

Carlos holds a Bachelor's degree in business administration with aconcentration in marketing and a Master's degree with honors inoperational management from the Metropolitan University ofPuerto Rico. During his baccalaureate studies, he presided overthe Student Council of the School of Business Administration ofthe University of Puerto Rico, Río Piedras Campus, for two

Global leader in industrial automation solutions with over 30 yearsof experience in the areas of industrial automation,instrumentation, commissioning, qualification and computersystem validation for the Biotechnology, Pharmaceutical andMedical Devices industry. He is a Harvard Business Schoolalumni, holds a Master in Business Administration from theUniversity of Puerto Rico and a Bachelors of Science in ElectricalEngineering from Syracuse University. He is a licensedProfessional Engineer in Control Systems in the State of Indianaand the Commonwealth of Puerto Rico. Prior to founding PACIV,he worked for over 8 years as a control system engineer in variouspositions within Westinghouse Electric, Eli Lilly & Co. and J&JJanssen.

consecutive years. He recently served as an advisor incommunications, economic development and public affairs in theHouse of Representatives of Puerto Rico and for companies in theprivate sector. He currently serves as the Deputy ExecutiveDirector of the Commerce and Exportation Company, is vicepresident of the Board of Directors of the CooperativeDevelopment and Investment Fund known as Fidecoop and is alsoa member of the advisory board of the Echar Pa'lante Foundationof Banco Popular.


Jorge Rodríguez, President & CEO,PACIV

Colmena66Tu Conexión Empresar ia l

This report was prepared by the Colmena66 team utilizing their SourceLink Pro database, aswell as pre and post event surveys to their entrepreneurs, business owners and resource

partners in Tu Camino Empresarial and the Boricua Entrepreneur Fest.

April 2019

Copyright © 2019 Colmena66, Puerto Rico Science, Technology & Research Trust

C66 Impact Report 18 · 2019-04-25 · Colmena66isYour ConnectiontothePuerto RicanEntrepreneurial...

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