GFR offers social innovation prize to startups

Grupo Ferré Rangel joins the group of companies offering special prizes as part of Grupo Guayacán EnterPRize startup competition. The $10,000 prize focused on social innovation will be given to a community-led social enterprise that tackles the root of social problems through innovative and collaborative value propositions. The problem addressed must be tied to one of the United Nations’ 17 Sustainable Development Goals

“We are excited to support social enterprises that create great change for the country. It is our way of inserting ourselves in the nascent social entrepreneurship ecosystem, aiming to generate sustainability, teamwork and systemic solutions that address problems in the long run” said Luis Alberto Ferré Rangel, Grupo Ferré Rangel’s Chief Social Innovation Officer.

The competition offers access to a robust educational curriculum, mentorship, coaching and the opportunity for startups to compete for more than $171,000 in seed capital prizes. This year’s offerings include 18 educational workshops offered by local instructors and international speakers. The curriculum also offers a training and preparation component for early capital raising offered by angel investors belonging to the Angel Resource Institute, a leader in educating about investing in startups. The curriculum is further complemented by coaching sessions where startups present their businesses in front of a panel comprised of seasoned entrepreneurs, investors, instructors and other service providers who offer recommendations.

“Our family legacy of more than one hundred years shows our commitment to Puerto Rico, where the entrepreneurship spirit has been key in allowing us to evolve not just our businesses but our social responsibility efforts. This initiative is just one of several being planned, such as collaborating with other organizations and global partners to increase our impact radius and achieve knowledge transfer and training,” added the executive.

Those wishing to take part in the EnterPRize competition must apply before May 7, 2019.