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Turning Waste into Wealth: Driving Innovation in Puerto Rico’s Circular Economy

Technology

An Ecosystem of Connectivity & Capability

Empowering Innovation and Technology from Start-Ups to Global Tech Leaders

With island-wide 5G broadband, advanced LoRa network capabilities, and extensive satellite connections, Puerto Rico boasts a communication infrastructure that seamlessly links businesses with suppliers, customers, and partners. At the heart of this thriving tech ecosystem lies an exceptional pool of highly skilled technical talent, cultivated by renowned local universities, that extends its reach worldwide.

20.5K
STEM graduates in 2021
600+
entrepreneurial tech companies
22K
direct jobs created

Information and Communications Technology (ICT) Companies Make the Connections

Key ICT companies such as Cisco, Oracle, and Hewlett-Packard all leverage the island’s top-notch talent and attractive software export incentives. Other assets include: 
  • Broadband connectivity in urban and rural areas
  • Ample wireless connectivity
  • Major investments in climate-resilient data delivery, to ensure service continuity in changing weather conditions
  • Currently, there are three 5G networks with more on the way

A World-Class Research Hub

 

  • The University of Puerto Rico’s ARL Lab at the Medical Sciences Campus focuses on research that applies artificial intelligence to biomedical sciences
  • Other research facilities include:

    • Puerto Rico Science, Technology and Research Trust
    • Bioprocess Development and Training Complex
    • UPR Molecular Sciences and Research Center
    • FDA lab in San Juan
    • Ponce Research Institute
    • Center for Collaborative Research in Health Disparities
    • Caribbean Primate Research Center
    • Caribbean Genome Center
    • Center for Pharmaceutical Engineering Development and Learning
    • Science & Technology Research Development Center
    • Comprehensive Cancer Center
    • Sustainable Energy Research Center and Microgrid Laboratory
    • Center for the Advancement of Wearable Technology
    • Center for Teaching and Researching in Agricultural Biotechnology
    • Agricultural Research Centers
    • University of Puerto Rico, specifically the Río Piedras, Mayagüez, and Humacao campuses
    • Polytechnic University of Puerto Rico
    • Engine-4
  • Act 60 provides tax credits for up to 50% of R&D expenditures

Connecting to the Internet of Things

The Internet of Things (IoT) describes the network of physical objects that are embedded with sensors, software, or other technology. This network has applications in smart cities, industrial process improvement, and ultra-high-speed security systems. 

  • Sigfox, the world’s leading IoT provider, expanded its 0G network to include Puerto Rico. This brings Puerto Rico into a low-power, low-cost, long-range network that spans more than 1.1 billion people and 70 countries.
  • Everynet launched a long-range, low-power, wide-area network (LoRaWAN) in Puerto Rico, giving the island the only open network of its kind in the United States.
  • Puerto Rico 5G Zone is advancing the transformation of physical industries by powering Smart Cities, Smart Logistics, and Advanced Manufacturing.
  • The Center for the Advancement of Wearable Technologies (CAWT) at the University of Puerto Rico designs and develops wearable technologies that monitor and diagnose health outcomes.

Blockchain Investments

The island has become a global destination for blockchain pioneers focused on cryptocurrency.

  • A government-backed advisory board is exploring blockchain’s role in economic development strategies
  • The San Juan Mercantile Bank & Trust International is open to cryptocurrency traders
  • Act 60 supports the use and sale of utility tokens as software. It also allows 0% capital gains tax on crypto assets

Fintech Finds Fertile Ground

Fintech is projected to grow at an annual rate of 29% through 2024. Puerto Rico provides excellent local talent, high financial literacy, and attractive tax incentives to support these growing companies.

  • In 2022, Evertec was the top provider of payment processing services in Latin America, exporting financial services to 26 countries around the world. 
  • Puerto Rico is leading the way in helping fintech, insurtech, and blockchain become more predominant as current efforts are focused on promoting the development of digital assets based on blockchain tech. 
  • Under Act 60, International Financial Entities (IFEs) benefit from attractive incentives. They qualify for a reduced 6% income tax rate on distributions to resident shareholders or members, while enjoying a full exemption on distributions to nonresident shareholders and members. Act 60 plays a crucial role in fostering a favorable environment for IFEs and attracting international financial businesses to Puerto Rico.

Nurturing a Technology Ecosystem

Puerto Rico’s tech sector receives professional support from:

Single Business Portal

Entrepreneurs and innovators that are ready to invest and transform their businesses in Puerto Rico can access the Single Business Portal (SBP). The Single Business Portal helps you navigate the ins and outs of getting your project off the ground, offering information, documents, permits, and licenses – all in a streamlined and efficient tool.

Companies already doing business in Puerto Rico

Download Sector Sheet

Ready to Invest in Technology?

Fill in your details so one of our Business Development associates can contact you, or feel free to reach out.

Rafael Pérez

Business Development Director – East Coast
+1 (201) 565-5097
rperez@investpr.org