Omar Muñiz, President of Share Tech, discusses the company’s remarkable growth over the past two decades and its strategic diversification beyond the healthcare and life sciences sectors. He highlights the firm’s evolution into construction, environmental services, and software development, while addressing challenges such as talent acquisition, infrastructure costs, and resilience in the face of natural disasters. Muñiz also shares insights on future milestones, leadership, and the collaborative spirit driving Puerto Rico’s industrial sector forward.
Since your last interview in 2015, how has Share Tech Group evolved, and what have been the most significant milestones achieved during this period?
Over the past eight years, we have implemented a strategic growth plan that has significantly diversified our business. In 2015, we were primarily focused on the pharmaceutical sector. However, two major events pushed us to explore new markets: Hurricane Maria and the COVID pandemic. These events forced us to expand into commercial sectors, medical devices, institutional work, government projects, and infrastructure.
As a result, we have seen substantial growth. Our project volume is now 15 times what it was 10 to 15 years ago. We capitalised on the opportunities that arose from these challenges, and our strategic focus has allowed us to adapt, diversify, and thrive.
As clients increasingly demand customised, technically advanced, flexible, and environmentally friendly solutions, what are some of the most important innovations you are seeing in client requirements today?
In our Architecture & Engineering (A&E) division, which handles a lot of design work for various industries, we are consistently seeing a demand for sustainability and energy efficiency. Many projects, especially those involving federal funding, require sustainability measures and low-energy consumption designs. These considerations are now standard across industries, whether in pharmaceuticals, medical devices, or commercial sectors.
Balancing these demands while keeping costs competitive is a challenge. Clients are focused on return on investment, and incorporating new technologies can be expensive. We work to demonstrate the long-term benefits of these solutions, even if the payback period is longer—sometimes five years instead of three. Fortunately, more clients are becoming open to this approach, understanding the value of sustainability and energy efficiency over time.
How are tools such as virtual planning and data analytics reshaping your project design process?
We have made significant internal investments in virtual planning and data analytics tools. We use a combination of in-house software and solutions from established developers. These tools allow us to gather and analyse data across the various sectors we serve, helping us make informed decisions during both the design and construction phases.
Data analytics is essential because each business segment behaves differently, whether in terms of cost structure, federal funding requirements, or the nature of competitive bids versus direct invitations. We measure our own metrics as well as those of our clients to optimise project outcomes. Incorporating data analytics into the design process is now a standard practice. Some clients require more detailed data analysis than others, but it has become a day-to-day part of our workflow to ensure we meet modern project demands.
In the past, Share Tech was primarily focused on the healthcare and life sciences sectors and has since expanded into other industries. How significant are healthcare and life sciences to your business today?
Over the last few years, we have noticed a steady demand for capital projects from the local biopharmaceutical and medical device industries. This observation comes from our internal discussions and exchanges with industry colleagues, including competitors, when we compete for projects.
Many of these projects involve retrofitting or upgrading existing facilities. For example, some clients need to replace manufacturing units that have reached the end of their lifecycle after 20 years of service. There are also expansion projects, which we always welcome, especially when they involve new products. Although we are hoping for a larger influx of new product lines, much of the current investment is going into modernising existing facilities.
Nevertheless, we do have clients selecting Puerto Rico for new product introductions, and some projects are focused on upgrading infrastructure to stay current with industry standards. Overall, while greenfield construction is limited, healthcare and life sciences remain a core part of our business, with ongoing demand for facility improvements and modernisation.
High infrastructure costs related to electricity and water are a major challenge for industry in Puerto Rico. Where do you currently stand on addressing these issues, and what role specifically has Share Tech played in building this resilience?
High infrastructure costs, particularly for electricity, remain a challenge, but many industries have adapted. After Hurricane Maria, we saw many companies invest in cogeneration and photovoltaic systems to ensure energy independence and reduce costs. This shift toward resilience and self-sufficiency is now standard practice. New companies entering the market are adopting the same approach, prioritising energy independence to mitigate high utility costs.
Of course, everyone would prefer to see electricity costs decrease, as it remains a constraint for attracting new pharmaceutical investments. However, Puerto Rico’s skilled labour force and strong human capital continue to make the island an attractive destination for industry, despite the high costs.
Share Tech itself is an example of resilience. After Hurricane Maria, we lost our office and had to relocate twice before settling into our current space. This experience gave us firsthand insight into what many of our clients faced. We saw companies lose everything—facilities, products, and operations—because they were unprepared. We also faced frozen projects and had to seek assistance from the federal government to weather the storm. However, this period of adversity strengthened our resolve, improved our ability to support clients, and deepened the trust between us and our partners. It taught us valuable lessons about resilience and adaptation, which we now bring to every project we undertake.
Talent acquisition and retention are crucial for a company like Share Tech. How do you attract and retain the talent necessary to drive innovation and growth?
Attracting and retaining talent is certainly a challenge, especially in times of growth. Right now, the A&E industry is filled with opportunities, and it feels like we are living in a dream. To stay competitive, we have continuously improved our benefits package over the last five years. We conduct regular benchmarking to compare our salaries and benefits with industry standards using platforms like ADP. This helps us identify areas where we can enhance our offerings, ensuring we remain attractive to top talent.
We have also implemented measures like signing bonuses and enhanced benefits to attract new employees. However, as demand increases and more opportunities arise, the need for additional talent grows. We are actively addressing this by strengthening our HR platform and continually adapting our strategies.
An important aspect of our company culture is our preference for in-person collaboration. While we offer flexibility, we do not embrace full remote work. During the pandemic, remote work was necessary, but we found it impacted communication and coordination between teams. Once it was safe, we brought everyone back to the office, and many employees appreciated the return to face-to-face interactions. This approach fosters better teamwork and a stronger company culture, which helps us retain employees who value collaboration and community.
In your previous discussion, you mentioned the potential for international expansion into markets such as the USA, the East Coast, Ireland, and Singapore. How has this ambition progressed, and what challenges have you faced in internationalising a Puerto Rican company?
We made some progress toward international expansion, but the pandemic caused delays. Our strategy for expanding into markets like the United States, Ireland, and Singapore was temporarily set aside because of the high demand for work here in Puerto Rico. However, we are now revisiting these plans and exploring different growth strategies.
We are evaluating two approaches—expanding organically by offering our services to new markets or acquiring existing companies in those regions. We have a particular interest in hubs like North Carolina, Massachusetts, and California, where opportunities are starting to arise.
While our primary focus is on expanding into the United States first, we are also considering Costa Rica as a potential market. The legal and logistical processes for expanding into the United States are relatively straightforward for us, which makes it a natural first step. Our long-term goal is to establish a presence in multiple strategic locations to ensure we remain resilient and ready for growth beyond Puerto Rico.
Beyond campaign rhetoric, what can Puerto Rico realistically expect from a second term of President Trump, particularly regarding economic and business policies?
I do not foresee major changes that would significantly impact Puerto Rico. There may be some adjustments, but these would likely relate more to federal funding for post-Hurricane Maria restoration efforts. A lot of federal funds have been allocated, but are being spent slowly. If a second Trump administration focuses on reducing the national debt, it might identify unspent funds and attempt to cut back those allocations. While I do not expect this to happen immediately, it is a potential risk that could affect the island.
On the pharmaceutical side, my expectation is more optimistic. The “Make America Great Again” philosophy emphasises boosting domestic production, and while it can conflict with globalisation and competitiveness, I believe there is merit in balancing local and overseas manufacturing. If that balance is struck effectively, it could benefit Puerto Rico, especially given our strong history in pharmaceutical manufacturing.
It seems that the industry in Puerto Rico is highly collaborative, with even competitors willing to engage in discussions about improving the sector. Do you share this sense of collaboration, and how does it impact the growth of the industry?
Yes, I definitely share that sense of collaboration. The influx of federal funding for restoration projects has brought in many large companies from outside Puerto Rico. There is so much work available that collaboration becomes a natural and necessary approach. Rather than seeing this as competition, we often form good relationships and partnerships with these external firms.
Locally, we also work closely with industry colleagues. For instance, if a project is too large for one company to handle, we collaborate by sharing the workload. If one firm is 20% available and another is 10% available, we unite our efforts to complete the project together. This kind of teamwork has been essential to our success. In Puerto Rico, people generally come together to support the industry, which ultimately strengthens the entire sector.
As you approach two decades of leading Share Tech, what are the next key milestones you envision for the company?
We are currently undergoing a reorganisation. Our company started as an A&E firm, but over time, we expanded into several business units: project management and inspection, environmental services, construction, and technical solutions for clients. This includes outsourcing talent and assisting with quality and validation needs.
These business units have grown enough to stand on their own, so we are now separating them into four or five independent companies. This approach will give us more flexibility and prepare us for long-term sustainability. By next year, we plan to open up the A&E firm to new owners and partners. My goal is to ensure that the company thrives for future generations. If any of my children want to join, they can, but the company’s future will not depend solely on them.
We have talented team members in their 30s and 40s with their own ambitions and goals. Offering them ownership opportunities is a way to reward their contributions and secure the company’s legacy. My role will transition more into that of an advisor while the next generation takes the lead.
With the diversification of your business, which new venture or company do you foresee becoming the most important for Share Tech’s future?
A&E will always be at the core of what we do, but I believe construction is going to surpass A&E in revenue next year. Construction tends to generate higher revenue because design costs typically account for only 8% to 10% of a project’s total cost. As we grow, I see architecture, engineering, and construction becoming our primary pillars.
We are also exploring new opportunities in software development. This started with a major project for Luma, the electrical company. It was a two-year, $30 million project, and we brought in software specialists to support it. The project was successful, so we decided to keep those team members and develop a dedicated software business unit. This unit focuses on our internal needs and will expand to meet increasing demand, particularly from federal government contracts.
Another area we are prioritising is environmental services. My father had a strong background in this field, but we have focused more on A&E and construction in recent years. Now, we plan to reinvest in environmental services by expanding into areas like remediation and drilling work. These ventures are all part of our strategy to ensure long-term growth and adaptability.
In terms of financing, how have you navigated the challenges of securing the resources necessary to fuel Share Tech’s growth and development?
Securing financing has not always been easy, especially in the early years. However, we now have solid relationships with banks and access to credit lines and facilities. We also maintain a strong partnership with the Small Business Administration, which helped us significantly after Hurricane Maria.
Today, we are in a good position with local banks, making it possible to secure credit for new projects without difficulty. The financial environment in Puerto Rico is currently favourable, and banks are open to lending for business growth.
Of course, this depends on companies managing their finances responsibly. In the past, there were instances where mismanagement led banks to tighten lending practices. Right now, though, we have a positive outlook and maintain good relationships with banks, particularly because of the amount of construction work we are involved in. This has helped us access the financial resources we need to continue growing.
As a leader, how do you keep your team and yourself motivated throughout this journey of growth and innovation?
I genuinely enjoy every step of my career. I come to work every day with new ideas and a passion for what we do. The people around me also keep me inspired—my team constantly brings fresh ideas and suggestions. This dynamic exchange of ideas, combined with the opportunities in Puerto Rico, makes it easy to stay motivated.
I see the next decade as full of growth and opportunity. My goal is to eventually pass the baton to the next generation of leaders and take on more of an advisory role. This will give me the chance to focus on expanding into new markets, which is exciting in its own way. Interacting with lawyers, brokers, and exploring new environments keeps me engaged. Motivation comes naturally when there are so many opportunities and challenges to explore.
What message would you like to convey to our global readers about Share Tech and its vision for the future?
Puerto Rico remains a strong hub for industries like biopharmaceuticals, medical devices, electronics, aerospace, and professional services. We have a highly skilled workforce in the engineering and scientific fields, and I encourage global investors to consider Puerto Rico as a destination for business growth and investment.
While some professionals have left the island, many are eager to return, especially as salaries in Puerto Rico are becoming more competitive with those in the United States. This has driven us to continually improve compensation packages, making our labour market increasingly attractive.
Puerto Rico offers tremendous potential in both the manufacturing and service sectors. Our young, talented workforce is ready to deliver innovative solutions and drive productivity. We are committed to supporting this growth and ensuring that Puerto Rico remains a competitive, dynamic place to do business.
