VITEC2 at a Glance

Located in a 22,000 square feet industrial building in La Quinta Industrial Park in Mayaguez, VITEC2 is operated by PRTEC with funds provided by the Puerto Rico Industrial Development Company (PRIDCO). VITEC2 is directed by a Board of Directors of outstanding entrepreneurs, government representatives, academia and venture capitalists.

VITEC2 is the Premier Business Accelerator in Puerto Rico.
The most experienced incubator in Puerto Rico - 5 years. Established on January 1999.
Continuously provides mentoring and guidance to new incubators / accelerators currently being established
Focused on developing Computer and Information Technology companies

Our Vision
To be a catalyst in the transformation of Puerto Rico's economy by accelerating the creation and transfer of technology in knowledge-intensive industries.

Our Mission
To stimulate a success environment where scientists, inventors and entrepreneurs can transform their technology-based research findings into successful business ventures.

The VITEC2 Model
The diagram below illustrates how VITEC2 aims to produce technology startups.

First, the input into the VITE2 incubation model is the research conducted by faculty, students, inventors and entrepreneurs for an innovative product or service. VITEC2 emphasize that some level of research must have been conducted to avoid the many “inventors” in the world who claim to have the ultimate gadget. The research must be documented and validated to a level that proves its feasibility. In the business world, the researched “idea” is the horse, now looking for a jockey.

Second, the best researched ideas are not worth much unless these are commercialized. Typically the best technical minds do not possess the necessary business acumen to commercialize these ideas. In the incubation process, this is the point where the entrepreneurial “jockeys” come into the picture. Entrepreneurs are the individuals who can “make things happen” to turn innovative research into successful enterprises. These unique individuals combine extraordinary skills in sales, networking, team building, persistence, and many others to convert ideas into money and job creating startups. Sometimes, the idea originator can be coached and counseled into entrepreneurship.

Third, the entrepreneur needs access to capital. The research to commercialization process is a series of risk stages requiring different injection levels of capital. The successful entrepreneur is the one who can mitigate the risks at each stage and properly manage the capital required to progress forward.

Fourth, entrepreneurs cannot act alone. They need an environment that facilitates access to capital and expert resources to create the successful startup. The VITEC2 incubator will create the ‘right environment’ for these entrepreneurs to flourish. This environment is extremely important, since it needs to mitigate the risks associated with the inherently risky characteristics of new startups. In essence, business incubators are high risk ventures; but done properly the rewards can be substantial.

Fifth and finally, the business support services that create this ‘success environment’ are the responsibility of the VITEC2 management team, including internal staff, shared resources, the expert network, and the board/committees. Like any business, management needs to ensure that resources are allocated efficiently and that performance metrics are established. With the right people, the work will be done primarily by the incubator staff, shared resources and the expert network, with minimal intervention by the board/committees.

At VITEC2, our dedicated staff works all these components diligently to help you succeed.