The development of new technologies emerging from scientific Research and Development activities is an important element in the promotion and achievement of sustained economic growth.

The industrial sector in Puerto Rico, in its search for greater competitiveness, requires continuous technological progress that can only be achieved by a strong research and development sector.

Industry, higher education and the government must unite to strengthen research and development, promote competitiveness and provide high technology services.

The Tax Incentives Act of 1998 provides tax exemption to businesses engaged in scientific or industrial research and development projects. The exemption is inclusive of laboratories dedicated to both the improvement and the development of new products and industrial processes. It also establishes a Special Fund raised from the taxes paid by exempted business that may be used for research and development activities.

The Office of Science and Technology of PRIDCO manages this Program. It promotes technological and scientific innovation of marketable ideas. In addition, this program stimulates the development and optimization of intellectual and human capital, and the use of the natural resources of Puerto Rico. It serves as a linking instrument and support element for the alliance of the private and public sectors, and higher education institutions for the development of new technologies and products.

Private organizations, universities, other entities or individuals that demonstrate research potential to fulfill the projects proposed, may solicit funds from this program. The proposed projects should have a direct or indirect impact on the economic development of Puerto Rico.

Projects will be given priority in the following fields: