On Friday, July 1st Fyli hosted an event titled “Elevating Entrepreneurship” in partnership with Uncommon Entrepreneurs powered by Misfit Ventures held at female owned ARAYA Rooftop, at the OL:V luxury Boutique Hotel located in San Juan.
The event brought together 80 female founders, investors, community leaders and most importantly local entrepreneurs born and raised in Puerto Rico who are looking to maximize on opportunities and resources that are now available. Event host, Jaclynn Brennan CEO & Co-Founder of Fyli highlighted important statistics about why investing in women is not only good for the economy and gender equality, but that it is fiscally responsible:
- Startups with female founders are exiting one year faster than the market average.
- There are over 13 million female-owned companies in the United States, generating roughly $1.7 trillion in yearly sales.
- The value of exits for startups with female founders has skyrocketed nearly 144% to $59 billion — more than 40 points higher than the overall market.
- When VC’s invest in women, they make more money. Women-run businesses deliver higher revenue, equating to more than twice as much per dollar invested.
Jaclynn called on female founders at the gathering to talk about their businesses and pain points, and investors to learn more about their investment strategy & thesis as it relates to deal flow and commitment. Guests heard from Fyli ICONS Cohort Founding member Janett Liriano – CEO & Co-Founder of INARU, a movement in ethical agriculture, connecting enthusiasts with premium cacao products that reflect the richness, beauty and ethical luxury that nature provides.
Why is everyone flocking to Puerto Rico? One of the largest draws to the island is the generous tax incentives. Under Act 60 individuals from the mainland United States pay zero taxes on any income garnered from investment interest, dividends, and capital gains. Cryptocurrency earnings are also included in that! Businesses are receiving a corporate tax rate of only 4% on export services, and no taxes are owed on earnings and profits distributions. With these incentives, Puerto Rico has set the stage for attracting world-class entrepreneurial talent.
Fyli is on a mission to make sure that local entrepreneurs are supported as the economic shift occurs, and to help guide women to the correct resources needed to thrive and RISE (renew, inspire, support, and empower).