BBVA Momentum goes global, expands to support 100 companies
BBVA launches the sixth edition of its social entrepreneurship support program, which from now on will be global – it will be developed in Spain, the United States, Mexico, Turkey and Colombia –, will offer support to more companies and will adjust better to the reality of social entrepreneurs. BBVA Momentum channels its support through five initiatives: a training program; a strategic mentoring program; a network of entrepreneurs, customers and investors; collaboration to provide visibility to the companies; and, finally, funding.
BBVA Momentum is a mentoring program for social entrepreneurship businesses in any sector of activity. The program’s ultimate purpose is to provide support to business initiatives that help change lives, generate a high social impact or work to promote economic sustainability.
BBVA Momentum channels its support to entrepreneurs mainly through five initiatives: a training program - online and onsite – that will be offered in each country over the course of a seven-month period; a strategic mentoring program, with support from specialized mentors; access to a powerful network of entrepreneurs, customers and investors; strategic collaboration to provide visibility to the companies; and, finally, funding.
At this point, it is important to remember that BBVA Momentum is not a business funding program, but a business mentoring and development initiative. However, BBVA Momentum may eventually end up funding specific projects deemed to generate a higher social impact or to be more sustainable. Also, BBVA will act as link between investors willing to support business initiatives that have a positive social impact.
The 23-week training program will be provided by Corporate Learning Alliance, a platform created as a result of the joint efforts of Instituto de Empresa Business School (IE) and Financial Times.
Global Dimension
This year, BBVA Momentum becomes a truly global program. It will be progressively launched in five of the countries in which the group operates (Spain, Mexico, the United States, Turkey and Colombia) and will reach many more entrepreneurs: about one hundred (approximately 20 per country), compared to 10 in previous editions.
Another change is that the social impact generated by the entrepreneurs supported by BBVA Momentum does not have to, necessarily, take place in the country where the company is based, but anywhere in the planet.
In Spain, Mexico and the United States, the candidacy application submission deadline is March 31. The screening process will run through mid-May. On May 19th, the names of the projects chosen by each country will be announced. In Colombia and Turkey, local candidates will be selected in April.
Over the course of its five prior editions, BBVA’s Momentum program has provided support to more than 90 companies in Spain, Mexico and Peru - which employ over 3200 people and benefit more than 1.5 million people – and provided funding to 36 of them.. 90% of the companies that have taken part in Momentum are still in business today.