In 2011 we stepped up our community involvement with the launch of a new strategic area: social venture. This is an ambitious program to support social entrepreneurs in Spain and Latin America, and which will be progressively extended to all countries where BBVA operates.
Social entrepreneurs identify a social program and are able to create, manage and develop a business project to drive social change They embody our vision, by working for a better future for people.
BBVA has an ambitious program to support social entrepreneurs in Spain, Portugal, and Latin America, with two priority areas:
- Momentum Project BBVA to play a global and leading role in the support ecosystem for social entrepreneurs based on training and specialist advice to consolidate entrepreneurial initiatives that have high financial and social value, and
- Young Social Entrepreneurs Program to promote an entrepreneurial spirit and a vocation for social change among young people.
Work in Spain
This is a pioneering initiative in Spain to help social entrepreneurs who have projects underway and need to consolidate and guarantee the feasibility of those projects and to give them complete training, advice and support on how to improve their project and increase social and economic impact. We also promote cooperation and knowledge-sharing between entrepreneurs.
BBVA launched Momentum Project together with ESADE, PwC and Stone Soup as management partners, and Ashoka, Skoll Foudation and GSBI as partners specializing in social venture.
BBVA is also pursuing two lines of work to fulfill the objective of the Momentum project initiative:
1. Developing the training and advice program.
- Training at ESADE in Barcelona.
- Support for 11 BBVA executive volunteers and 10 sponsors throughout the process, and involvement of ESADE students with the most skills and dedication.
- Preparing and implementation of a Development plan for growth.
- Help in the search for funding for growth plans by organizing the “Social Investment Day” at the BBVA Campus where social entrepreneurs submit their expansion projects to potential financers, and participation in the funding of some projects for which BBVA has designed an investment vehicle with €3 million in funds.
2. Helping toward developing an ecosystem that consolidates the social venture sector.
One hundred and thirty-three candidates submitted applications in the first Momentum Project, launched in February 2011. Of those candidates, 55 met requirements to become Momentum projects, and out of these the following 10 winning social ventures were selected: LA Tavella, Naturix, Sostre Cívic, Catering Solidario, DAU, Gran Vallés Asistencial, Hornos Lamastelle, Moltacte, Roba Amiga and Teixidors. The latter 7 companies will receive funding through our investment vehicle.
Young Changemakers Program
We are intent on promoting an entrepreneurial spirit and a vocation for social change among young people. In 2011 we worked alongside the Fundación Ashoka Emprendedores Sociales in the Young Changemakers Program.
Through this partnership with Ashoka we will hold practical workshops in Spain to inculcate the social venture concept in 2,000 young people, some of whom will benefit from our “Valores de Futuro” (Future Values) financial literacy program. We will also help to launch 15 social venture projects by providing seed capital.
Activity in South America and Mexico
A pilot Momentum Project will also be launched in Latin America. During 2011, through the Group’s banks in Mexico, Argentina, Colombia, Peru and Venezuela, we made progress on building knowledge and support in the field of social venture in collaboration with local business schools belonging to the SKEN network, through case studies on this type of venture in each country, and on knowledge sharing, through a specialist seminar.
Young Changemakers Program
In South America and Mexico BBVA set up the Young Changemakers Program to promote entrepreneurial spirit and social change among young scholarship holders belonging to the “Niños Adelante” program to give them the chance to turn their situation around.
We also held practical workshops in 2011, in which 243 young people participated, and we awarded 56 continuation scholarships to young people between 16 and 20 years old, who took part in the “Niños Adelante” program in Argentina, Colombia, Chile, Mexico, Panama, Paraguay, Peru and Uruguay.
At the end of 2011 we launched a virtual competition for Latin America in countries in which we have worked on social venture with young people to support initiatives with seed capital, advice and support from Fundación Ashoka Emprendedores Sociales.
Work in the United States and Puerto Rico
In 2011 we consolidated our work in six priority areas in BBVA Compass. The resources allocated to each are as follows: community development and financial literacy (30%); general education (30%); health (15%); art and culture (15%); the environment (5%); and diversity and inclusion (5%).
In Puerto Rico the “Niños Adelante” (Forward, children) integration scholarship program is targeted at adolescents who leave school early when they fall pregnant.