Business View Caribbean | Volume 8, Issue 7

15 BUSINESS VIEW CARIBBEAN VOLUME 8, ISSUE 7 “That’s one of the main concerns people have coming to Puerto Rico: ‘Am I going to stay connected?’ We have high-speed internet, and it has been fine here,” McGue said. “Rest assured, we have reliable access to high-speed internet and 5G for mobile to steadily support Zoom calls, running multiple cloud-based platforms, and communication tools like Slack for your day-to- day remote work environment.” The island also relies on an island-wide Information and Communications Technology (ICT) infrastructure, including 31 internet providers and three 5G providers. In fact, a recent study ranked Puerto Rico 21 out of 142 jurisdictions with the highest average internet speeds , outpacing 121 other countries, including the mainland U.S. Work is also underway to finalize the creation of the Puerto Rico 5G Zone , which essentially makes the island a testing ground for the latest 5G technology coordinating with labs throughout the U.S. from Indiana to Texas, Washington State to Hawaii. Those resources are part of the larger ecosystem supporting growth on the island that are attracting innovators in AI, blockchain and fintech. Business Creation is Booming with the Talent to Support It According to the local Department of State, new business creations increased by 25% from 2016 to 2019. In fact, start-up program Parallel18 has helped more than 200 start-ups raise more than $95 million in just over four years, attracting entrepreneurs from around the world. In total, there has been $200 million raised in commitments to private equity and venture capital between 2015 and 2019. “Puerto Rico is a beautiful place to base a company. It’s positioned uniquely with tax structures that favor startups, infrastructure and travel connections that make it a world- class place to do business, and the ability to connect with entrepreneurs and investors from across the globe,” said Sebastian Vidal, executive director of Parallel 18 Ultimately, that business ecosystem starts with the top tier technical workforce created by Puerto Rico’s local universities, which produced 26,500 STEM graduates in 2019 and annually have more than 200,000 students enrolled. “There’s quite a bit of technical talent to tap into here on a local scale which may be more affordable than some of the same technical talent in the mainland,” McGue said. “There are a lot of Puerto Rican universities that are on job boards, like Handshake, where a lot of the talent is graduating and are looking to stay local, especially the technical talent like engineers and product managers.” As they do, many will likely have increased options to work remotely – just like Samantha McGue. GUEST SUBMI SS ION “I’m driven by growth, innovation, efficiency, and empowering others. Whether it’s working with a startup, running a non-profit, consulting with innovators, or teaching important skills, I find joy in being active and working with others to bring about positive change. Solving problems and helping others realize their goals whether they be personal or career oriented are great passions of mine.” BRIAN BOURGERIE, INVEST PUERTO RICO