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Biden Administration Includes Puerto Rico as Key U.S. Technology Hub 

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Summary: The Biden administration, through the U.S. Department of Commerce’s Economic Development Administration, designates Puerto Rico as a Tech Hub, specifically recognizing PRBio for biotechnology innovation, fostering local coordination through a Tech Hubs Strategy Development Grant, and highlighting the island’s excellence in AI and software development.

The Biden-Harris administration, through the U.S. Department of Commerce’s Economic Development Administration (EDA), announced on Oct 23, 2023 that it has designated 32 Tech Hubs in regions across the country  — one of those being Puerto Rico.   

The initiative is designed to drive regional innovation and job creation by strengthening each region’s capacity to manufacture, commercialize and deploy technology that will advance American competitiveness. The program invests directly in burgeoning, high-potential U.S. regions and aims to transform them into globally competitive innovation centers.

PRBio Tech Hub Designation Bolsters Recognition Across All Tech Sectors on the Island 

Puerto Rico’s recognition specifically designated PRBio as a Tech Hub. PRBio is led by the Puerto Rico Science, Technology and Research Trust and is committed to advancing the region as a global leader in biotechnology. It works to accelerate and support the discovery, development, manufacturing and supply of next- generation biotechnology and medical device products. 

It makes sense that Puerto Rico joins the 31 other U.S. regions as a major Tech Hub. The island is a well-recognized prime destination for biotech innovation. Known as the “Medicine Cabinet of the U.S.,” it’s home to some of the largest pharmaceutical companies in the world, has expertise in advanced manufacturing, strong pharmaceutical development partnerships among universities and industry, and the island nurtures biopharma incubators.   

As part of its designation, the PRBio Tech Hub also was awarded a Tech Hubs Strategy Development Grant that will help it increase local coordination and planning activities to strengthen its capacity to manufacture, commercialize and deploy critical technologies. 

According to Puerto Rico Governor Pedro Pierluisi, “this Tech Hub Strategic Development grant is a great complement to our strategy of strengthening our position as a global leader in the development of emerging technologies tied to the biosciences industry. This award will strengthen our technology and innovation ecosystem and will accelerate the development, manufacturing and distribution of biotechnology solutions. I thank the Biden-Harris Administration for its continued support and confidence in our work.” 

This recognition of Puerto Rico’s excellence in biotech innovation is well deserved, but something we’ve known all along. The excellence of our universities, specialized talent, tax incentives that make it a prime business destination and our close location to the U.S. mainland make the island an attractive destination.  

Yet biotechnology is not the only type of technology that Puerto Rico should be proud of.  We’re also a rising hub for AI and software development innovation. As a Maxar Technologies Centers of AI Excellence, Wovenware is in a unique position to bring new career opportunities to local tech talent, as well others wishing to work in Puerto Rico. And, it gives us the framework and support to expand the boundaries of software and AI innovation, to make digital solutions work to improve communities, governments, healthcare and other businesses. As an incubator of innovation, Wovenware has the freedom to fulfill customer dreams, or actualize what they didn’t even know they needed, thanks to our designation as a Center of AI Excellence. 

Yet it’s not just Wovenware that is putting Puerto Rico on the map as a tech hot bed for software and AI innovation. Driven by enticing government tax incentives, start-ups and entrepreneurs are setting up shop in Puerto Rico. And, thanks to our world-class universities, tech-savvy graduates are stepping into tech positions and keeping their energy, enthusiasm and education right here on the island.   

Puerto Rio also has island-wide 5G broadband capabilities, and extensive satellite connections, enabling a communication infrastructure that seamlessly links businesses with suppliers, customers, and partners. 

Nearshore Model Delivers Global Value 

As is the case with Wovenware, Puerto Rico-based tech companies are riding the nearshore wave. This model of outsourcing, which brings product development services closer to home, has become more attractive than ever for companies on the mainland.  

Because of a tech talent shortage and the need to stay current and competitive with digital solutions, companies across key sectors, such as healthcare, insurance, fintech, manufacturing and others, are turning to Puerto Rican providers to accelerate their digital transformation projects. Especially when it comes to outsourcing AI and other data-intensive projects, the fact that Puerto Rico is part of the U.S. is critical. Many regulated industries in the U.S., such as telecommunications, finance, healthcare, government and insurance, have specific requirements regarding the sharing of customer data outside of the U.S.  

Puerto Rico’s common regulations, similar time zones and work culture are causing many companies to choose nearshoring versus offshoring to foreign countries.  

And of course, we would be remis to not mention another key reason why Puerto Rico is now a U.S. Tech Hub, innovation and brilliant ideas are often inspired by beautiful locations, and when it comes to sunny beaches, and an island steeped in culture, it doesn’t get much better than Puerto Rico. 

Biden Includes Puerto Rico as Key U.S. Technology Hub

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