White House summit reveals promising developments, vexing challenges along road to sustainable economic growth; all eyes on exports, start-ups
The Economic Development Summit, organized as a follow-up to the White House Report on Puerto Rico, exploded several myths about Puerto Rico's economic-development landscape and illuminated new developments that promise a much-needed economic boost to the island.
One years-long complaint about the island has been the alleged dearth of research & development- and technology-based companies here, when in reality there are some 175 technology-based companies across Puerto Rico, according to forum participants.
A similar lament has had to do with the limited pool of capital on the island, but well-known investment experts attending the conference told CARIBBEAN BUSINESS there is enough capital here to fund a talented pool of entrepreneurs on the island that will jumpstart the sputtering local economy.
Meanwhile, the forum delivered some headlines of its own, such as the fact that the nonprofit Science & Technology Trust is about to announce its first technology-commercialization transfer with a private university here, and plans by Puerto Rican entrepreneur Tony Jiménez to expand his blazing-hot Microtech firm from its Washington, D.C.-area base to Puerto Rico as a way of moving into the Latin American market.