Millennials returning to Puerto Rico, launching startups • Hacker News Board

Re: Millennials returning to Puerto Rico, launching startups

#81

Post by cpursley » Mon, Aug 07, 2017, 3:58 PM UTC

FlopV wrote: post #52

cpursley wrote: post #38

Earlier quoted context omitted.

St. Croix USVI would be a great place to start a startup. It's on the east coast time zone, and infrastructure is good enough, real estate is cheap (for the Caribbean). There are ample outdoor activities (swimming, snorkeling/diving, kayaking, kitesurfing, fishing, sailing, golf, tennis, yoga, etc). The incentives of the USVI EDC Program* are quite significant. It's one of the only legal loopholes for US citizens to…

Do you know of any startups or tech companies in the USVI? I'm located in St. Thomas and there are financial companies that take advantage of edc I haven't heard of any startups or techs. Tech scene seems kind of dead here.

There's a small handful. Here's one: http://nearix.com/

How can I get in touch with you? Maybe we can connect next time I'm down that way.

Re: Millennials returning to Puerto Rico, launching startups

#82

Post by jameslk » Tue, Aug 08, 2017, 9:14 PM UTC

totalZero wrote: post #78

jameslk wrote: post #68

Earlier quoted context omitted.

That's cool for Eric and Bryan, but I was more making a point about the subject of the article: millennials who are launching startups in Puerto Rico. The narrative that the article paints about this cohort moving to Puerto Rico just out of pure love of the island sounds starry-eyed and naive. Businesses make business decisions, and incredible tax breaks need to be factored into that rational. At the very least, the…

Millennials doing startups usually don't have much income to speak of. That's the nature of young people, and that's also the nature of startups. This is probably why there was little mention of the tax incentive; it's largely irrelevant to people who are investing their few resources into a from-scratch business. If we're talking about business decisions, there are probably several reasons why you would NOT want to…

Fair enough. I would like to know what those reasons for not doing business in PR are, because the lenient taxes and low costs of living seem pretty compelling for startups. Especially if you're in tech and can do business overseas.

Re: Millennials returning to Puerto Rico, launching startups

#83

Post by totalZero » Wed, Aug 09, 2017, 2:25 AM UTC

jameslk wrote: post #82

totalZero wrote: post #78

Earlier quoted context omitted.

Millennials doing startups usually don't have much income to speak of. That's the nature of young people, and that's also the nature of startups. This is probably why there was little mention of the tax incentive; it's largely irrelevant to people who are investing their few resources into a from-scratch business. If we're talking about business decisions, there are probably several reasons why you would NOT want to…

Fair enough. I would like to know what those reasons for not doing business in PR are, because the lenient taxes and low costs of living seem pretty compelling for startups. Especially if you're in tech and can do business overseas.

Some people wouldn't want to run businesses in a Spanglophone territory where shipping is more expensive and electricity can be spotty. The local economy may not be quite as strong depending on your industry, and meanwhile you're sending your kids to private schools because the public ones are questionable. Hospitals are less efficient and many government functions, including the ones with which your company interacts, are slow. Supermarket items cost more than they do in the contiguous states, as do gasoline, natural gas, and electricity. And you will need a car because public transportation is not so good, and often nonexistent. Culturally, there's a very relaxed vibe and a strong sense of economic pessimism, which isn't exactly the hopeful and driven mentality that you may want for a startup.

So maybe you're paying less in taxes but your lifestyle, company culture, and ease of doing business worsen. #tradeoffs