The Bravo Family Foundation has announced a $100 million commitment from founder and private equity mogul Orlando Bravo in support of efforts to promote entrepreneurship and economic development in Puerto Rico.
The foundation — which has offices in San Francisco and Mayagüez — will use the funds to establish on-the-ground initiatives aimed at supporting young entrepreneurs on the island. Initial support will be directed to the foundation's Rising Entrepreneurs program, which will work to provide early- to mid-stage tech entrepreneurs with the knowledge and capital they need to create a more inclusive and sustainable ecosystem for tech companies. Entrepreneurs selected to participate will receive a one-time seed grant, mentorship, and access to Bravo's Mayagüez-based office hub during the twelve-week program.
According to the foundation, a lack of capital and other resources has reinforced the cycle of poverty for many Puerto Ricans. Bravo, who grew up in Puerto Rico, knows from experience that local entrepreneurs are being forced to seek opportunities off the island.
"Our tactical, on-the-ground approach provides action-oriented entrepreneurs with genuine opportunities to help them attain their business goals, strengthen local communities, and access a lifelong network of corporate mentors," said Bravo. "Puerto Rico has a tremendous talent base, and we are going to provide the funding, structure, and support from Thoma Bravo volunteers and others in the business community. It will be a powerful combination."