Christian Gonzalez and I recently had the opportunity to sit down with the writers of Innovation & Tech Today, for a story on the Puerto Rico’s Tech Industry Climate. The article focused on the fact that Puerto is quickly becoming a prominent tech hub in its own right. According to the article,” the rapidly growing tech scene is bolstered by well-known tech companies that have established operations, such as Honeywell and AWS.” It says that another key driver is smart local government.
As part of our interviews, we discussed the vibrant educational system in Puerto Rico that is turning out excellent STEM students-turned professionals, many of whom who have joined our team. According to the article, “sixty percent of the graduates of the 80-plus accredited universities and colleges in Puerto Rico hold a STEM degree. This outpaces the STEM graduation rate of the next U.S. state by six times. And, the island offers the sixth highest availability of scientists and engineers in the world. “
The article outlines that “Wovenware has thrived during the island’s tech renaissance.” Thanks to STEM graduates, we’ve been able to expand Wovenware’s team to include more than 180 employees including many software developers, data scientists, software engineers and data specialists. According to Christian, “There’s a vibrant, enthusiastic and well educated base of students eager to become the next generation of software engineers and data scientists right here on the island. We’re committed to giving them opportunities to share their futures and contribute to making Puerto Rico a premier destination for tech innovation.”
The Tech Climate in Puerto Rico
We believe that the growth of Puerto Rico’s Tech Industry is also driven by its attractiveness to those seeking nearshore services. As we’ve discussed in our blog and in contributed articles many times, when it comes to the complexity of software development, collaboration is key. As a U.S. territory, Puerto Rico shares the same currency, similar time zones, languages, intellectual Property (IP) protection and other U.S. regulation adherence, conveniences that would be impossible to replicate with offshore providers, but at billing rates still 30-50 percent cheaper than mainland competitors.
Innovation & Tech Today certainly did its homework and summarized nicely the key drivers to Puerto Rico’s growth as a tech driver. We’re happy to have been included in the article, along with other companies and organizations on the island, such as The Holberton School, BrainHi, Parallel18, Guayacan, the University of Puerto Rico Mayaguez and others.
The Benefits of PR Tech
In recent years, Puerto Rico has become an increasingly attractive destination for the tech industry. With a range of benefits that make it a competitive location for businesses to start or grow, it’s no wonder that the island has seen a surge in tech companies setting up shop there.
One of the main draws of Puerto Rico is its tax incentives for businesses. These incentives can include exemptions from corporate taxes, property taxes, and more. For tech companies that are just starting out, or looking to expand, these tax incentives can be a major advantage. Another key benefit of Puerto Rico’s tech industry is the highly skilled and educated workforce.
The island’s universities offer a variety of programs in science, technology, engineering, and mathematics (STEM) fields, and there are also several research centers and technology parks that provide a pool of talent for companies to tap into. In addition, the island’s bilingual population makes it an ideal location for companies that want to do business in both English and Spanish-speaking markets.
Puerto Rico also has a strong tech community that includes startups, entrepreneurs, and established companies. This community provides opportunities for collaboration, networking, and access to talent and resources. Whether you’re an entrepreneur looking for guidance and support, or an established company seeking new partnerships, the tech community in Puerto Rico is vibrant and welcoming. One of the unique advantages of doing business in Puerto Rico is its proximity to the US.
The Future of PR Tech
The future of Puerto Rico’s tech industry looks bright. The island has already made significant strides in recent years, attracting a growing number of tech companies and entrepreneurs. With continued investment in education and infrastructure, as well as ongoing support from the government and the tech community, Puerto Rico is poised to become a major player in the global tech industry.
The island’s geographic location, bilingual workforce, and diverse culture provide unique advantages that can help drive innovation and growth. As the tech industry continues to evolve and adapt, Puerto Rico is well-positioned to be a leader in emerging technologies such as blockchain, artificial intelligence, and renewable energy. As such, the future of Puerto Rico tech is full of promise and potential, and it’s an exciting time to be a part of the island’s vibrant tech community.
There are many reasons why Puerto Rico is being propelled into the tech hub universe, but as an added bonus that Christian points out, “The endless summer climate the island offers doesn’t hurt in attracting tech talent either.”
