Located in a 22,000 square feet industrial building in La Quinta Industrial Park in Mayagüez, VITEC2 is operated by PRTEC with funds provided by the Puerto Rico Industrial Development Company (PRIDCO)

Our Vision

To be a catalyst in the transformation of Puerto Rico’s economy by accelerating the creation and trasnfer of technology in knowledge-intensive industries.

Our Mission

To stimulate a success environment where scientists, inventors and entrepreneurs can transform their technology base research findings into successful business ventures.

The VITEC2 Model

First, the input into the VITEC2 incubation model is the research conducted by faculty, students, inventors and entrepreneurs for an innovative product or service. VITEC2 emphasize that some level of research must have been conducted to avoid the many “inventors” in the world who claim to have the ultimate gadget. The research must be documented and validated to a level that proves its feasibility. In the business world, the research “idea” is the horse, now looking for a jockey. 

Second, the best researched ideas are not worth much unless these are commercialiazed. Typically the best technical minds do not process the necessary business acumen to commercialize these ideas. In the incubation process, this is the point where the entrepreneurial “jockeys” come into the picture. Entrepreneurs are the individuals who can “make things happen” to turn innovative research into successful enterprises. These unique individuals combine extraodinary skills in sales, networking, team building, persistence, and many others to convert ideas into money and job creating starups. Sometimes, the idea originator can be coached and counseled into entrepreneurship.

Third, the entrepreneur needs access to capital. The research to commercialization process is a series of risk stages requiring different injection levels of capital. The successful entrepreneur is the one who can mitigate the risks at each stage and properly manage the capital required to progess forward.

Fourth, entrepreneurs cannot act alone. They need an environment that facilitates access to capital and expert resources to create the successful startup. The VITEC2 incubator will create the ‘right environment’ for these entrepreneurs to flourish. This environment is extremely important, since it needs to mitigate the risks associated with the inherently risky characteristics of new startups. In essence, business incubators are high risk ventures; but done properly the rewards can be substantial.           

Finally, the business support services that create this ‘success environment’ are the responsibility if the VITEC2 management team, including internal staff, shared resources, the expert network, and the board/committees. Like any business, management needs to ensure that resources are allocated efficiently and that performance metrics are established. With the right people, the work will be done primarly by the incubator staff, shared resources and the expert network, with minimal intervention by the boards/committees.