Posted at 6:44 AM
Company Name: VERNET, Inc.
Industry Sector: Educational Content
Results of MBDA Assistance: $6.2 Million Contract & 50-750 Jobs Created and/or Retained
MBDA Support: Access to Contracts, Access to Capital, & Strategic Business Consulting
Dr. Manuel Figueroa founded Virtual Educational Resources Network (VERNET), Inc., in Caguas, Puerto Rico in 1999. His company uses scientific research to develop and distribute educational computer programs to elementary, middle and high school students. VERNET also provides Supplementary Educational Services and professional development programs.
The company has already expanded its operations to the Dominican Republic, a step in Dr. Figueroa’s ultimate goal to make VERNET the leader of the Spanish-speaking world in the research, development and marketing of the most innovative interactive educational products and services of the Information Age. With assistance from MBDA, Dr. Figueroa is moving closer to realizing that dream.
The MBDA Business Center in Puerto Rico assisted VERNET in securing lines of credit and identifying business opportunities with the Department of Education to provide services to public school students and teachers. With this guidance, VERNET secured a $6.2 million contract with the Department of Education, creating hundreds of part-time jobs and affording many students the opportunity to receive supplemental educational services.
Contact the Puerto Rico MBDA Business Center to learn more about the center and this success story.