Predictions for Puerto Rico’s Tech Sector – News is My Business

Experts predict innovation in deep tech, service-as-a-software 2.0 and clean energy.

Puerto Rico’s tech ecosystem will see more entrepreneurs develop and commercialize intellectual property and innovate in the life sciences, energy and aerospace sectors, as well as more service companies shifting to the service-as-a-software (SaaS) model.

These are the predictions of Héctor Jirau, CEO of Parallel18, the business acceleration program of the Puerto Rico Science, Technology and Research Trust (Science Trust), and Oscar Misla, co-founder of Equiply.io, a local SaaS designed to help hospitals make smarter investments in medical equipment and manage and optimize it more efficiently throughout its life cycle.

Deep tech and intellectual property
Jirau expects more growth in Puerto Rico’s deep tech sector. Deep tech involves creating and developing proprietary technology, while redundant tech involves using existing technology. Both facilitate and implement viable, more effective solutions to problems.

“The intellectual property (IP) side of technology is growing faster than ever in Puerto Rico,” Jirau said. “The island has a rich portfolio of IP, most of it linked to academics, biotech and pharma.”

Academia used to box in entrepreneurship because it often meant inventors stopped research and development to commercialize their inventions, he explained.

“The institutions did not think that you could do both. You had to focus on one or the other,” said Jirau. “Now academia is more open to innovators who invent or create proprietary technologies. So we’re seeing a boom in the number of people applying to Science Trust programs to get funding to create technology-based businesses.”

Jirau emphasized that most technological ecosystems that move forward in the long term are supported by intellectual property.

“Puerto Rico understands that starting a business is not just about selling books or cars, but also about commercializing science and knowledge. That’s how Silicon Valley developed and created such a strong ecosystem,” he said.

Life science
There is a “tremendous boom” in entrepreneurs tapping into the life science sector, Jirau said, noting that Parallel18 recently completed its first life science incubator, BioLeap.

“We had a startup that raised more than $1 million, which is extremely difficult to do here in life sciences,” he said. “Five years ago, we didn’t see it. Puerto Rico has excelled in this area because that’s where we’ve been the most innovative.”

The energizing sector is staff and university faculty who choose to commercialize their own ideas by seeking the help of business-savvy people.

Clean energy
Puerto Rico is joining the rest of the United States in the clean energy boom, Jirau said.

“We have received several unsolicited requests from companies and ecosystems asking if we would be willing to collaborate on clean energy projects,” he said, adding that Parallel18 recently completed its first Challenge to Innovate: Project Switch, a mentoring and training program for companies in the clean energy sector.

Space travel
This is another technology industry that is growing in Puerto Rico.

Jirau mentioned companies like Lufthansa and Honeywell investing in or expanding their local operations “because we have the talent, the workforce” to support this growth. He noted that the Science Trust approves entrepreneurs with ideas that have an aerospace component.

“Initiatives always follow demand, and these technology sectors are the ones most in demand in Puerto Rico: life sciences, clean energy and aerospace,” Jirau added. “And if I had to start over, I’d bet on these.”

Service as software
Misla noted another trend expected to gain momentum: “Everyone knows software-as-a-service (SaaS), but now there will be a shift to software-as-a-service (SaaS 2.0), where service companies will be to platform companies and provide their services exclusively through their own software applications.”

Instead of providing access to software tools, SaaS 2.0 focuses on delivering results as a service. In this model, instead of providing software for users to perform tasks themselves, AI-powered systems help automate the tasks, shifting work tasks from humans to AI, thereby increasing efficiency and scalability. Companies pay based on results or services provided.

Misla envisions companies that provide accounting or HR services, for example, making the switch.

“AI will make it easier for them to change the way they deliver and bill for their services,” he said.

Click here for part two of this report.

G. Torres is a freelance journalist, writer and editor. She has worked in business journalism for more than 25 years, including positions as a reporter and copy editor at Caribbean Business, business editor at the San Juan Star and oil markets editor at S&P Global Platts (formerly a McGraw Hill firm). She has also worked in marketing on and off for decades, now freelancing for local marketing and communications agencies.