Do you need to find a large space for a meeting, gathering or sporting event? You're not alone. But for people without a background in event planning, finding and booking the right venue to host a big event can be daunting.
That's the problem that Puerto Rico-based Spotery aims to solve. This startup wants to make it simple for people to locate spaces by helping connect people and venues. No more searching frantically for a location that will work or calling around for pricing and available dates. And while they're at it, Spotery also wants to help with purchasing insurance, scheduling cleaning, arranging for security, and scheduling other event-related services so everything at your event will go smoothly.
The growing company has already been the focus of investor interest and business accolades. The Parallel18 International Accelerator, an economic development acceleration program focused on helping grow startups from Puerto Rico, the U.S. mainland, Latin American and Europe, has selected Spotery as one of just 38 startups that will participate in its exclusive five-month development initiative. The placement comes with a $40,000 grant for seed money as well as a workspace, mentoring and networking expertise.
In all, 415 startups applied for a spot in the Parallel18 program, making it an extremely competitive opportunity. As many as 40 companies that hope to gain information and experience with global scaling are selected two times each year. Each selected business must have been in business for less than 3 years and must have validated their sales or product.
Parallel18, which is located in Puerto Rico, views the island as an ideal gateway from which a startup can scale for global growth. According to Parallel18's executive director, Sebastián Vidal,
Our global team of judges was looking for innovative companies that have driven significant customer traction and are looking to take their company global. What we found was an amazing cohort that sets the bar high and will lend further credibility to the booming startup scene here on the island."
Spotery's success is further proof of the potential for innovation in Puerto Rico. Their idea, which is billed as an "Airbnb for meeting spaces", marries the need for more face-to-face experiences with a digital platform to put such complex events together. in an interview with Venues Today, Spotery CEO Wesley Cullen said:
As our lives become more digital I've noticed that people talked a lot about that hurting ticket sales, but in fact I think that's made ticket sales stronger because the live experience matters so much more. We need live things with people to post on our social media."
Spotery, a graduate of the Puerto Rico Founder Institute, will use the opportunity to work on expanding its service beyond Puerto Rico throughout the U.S. and, eventually, to Latin America. It just launched its service in November 2015, but it has had tremendous interest in its business concept. In an interview with Inc., Spotery's director of partnerships Ricardo Davila stated that:
As an incentivized startup, we have great economic development advantages, among them a 4 percent fixed income tax rate, a 50 percent marketing match, and a 50 percent tax credit on R&D expenses - which can be sold for improved cash flow and serves as an excellent tool to attract potential investors. It's an exciting ecosystem."
In addition to the Parallel18 opportunity, Spotery has participated in telling its story at SxSW 2014, represented Puerto Rico innovation at the World Cup Tech Challenge 2015 and earned one of 10 places in SXAmericas' first pitch competition. Said Juan Padilla, co-founder and director of strategy for Spotery,
This is an idea we thought of and have developed in Puerto Rico. It is humbling to be selected and be able to represent the talent from our island."
Spotery plans to capitalize on its recent success by expanding its presence in Puerto Rico and promoting the use of its service in the U.S. mainland.
