Creating an Ecosystem of Social Innovation
Environmental, social and governance issues have been climbing the banking agenda for many years. The very real pressures of dealing with new competitors as well as the challenges of climate change, diversity and digital transformation force banks to innovate and look for solutions outside the traditional boundaries of the industry.
Finding ways not only to be sustainable but to contribute to society in meaningful ways is still challenging. Most want to give back, and to include stakeholders in doing good, but how do you ensure you leverage your own expertise to maximize the value for the community? To meet some of these objectives, BBVA partnered with Headspring to build a program to upskill and support social entrepreneurs.
A Program for Social Entrepreneurs
To build an ecosystem of innovation and social responsibility, the bank created Momentum and enlisted Headspring as one of the key learning and academic partners to bring it to life.
Headspring worked with BBVA to develop and coordinate content and methodologies with local providers and professors and ensured they maintained quality standards throughout the program.
Entrepreneurs interested in joining the programme applied online, and would then be invited to pitch for a panel made up of the bank’s leadership team, community partners and academic experts. Following a demanding selection process, BBVA Momentum participants went through a highly intensive training programme spanning five months.
A Global Program
All participants reported how this program have helped them grow their business. More specifically in topics related to scalability, internal management, impact, visibility, and marketing.
BBVA awarded prizes to participants enterprises that had the highest social impact, in addition to being eligible for further investment opportunities to grow ideas developed during the program.
Many of the companies whose leaders went through the Momentum program are today scaled international companies with significant business voluems.
Social entrepreneur Michelle Corson from On the Road Lending, was the top prizewinner for BBVA Momentum in 2018.
Business Leaders with a New Mindset
Working with Headspring and a community of academic experts and mentors, BBVA has managed to build a truly global community of innovators and social entrepreneurs around its business. The bank has positioned itself as a leading innovative branding making a big social impact in the markets where it operates.
With the collaboration of 477 BBVA mentors and specialists, BBVA Momentum has supported 784 social impact companies in Spain, Colombia, United States, Peru, Turkey and Mexico.
At a global level, there were almost 1,000 entrepreneurs participating in BBVA Momentum 2019. During 2020, 100 entrepreneurs have been supported in Mexico.
By employing practical and relevant content, and with the involvement of leading academics and business experts as mentors, BBVA Momentum has grown in scope significantly. We help BBVA by providing access to some of the world’s leading professors and academic content. Iñaki Barrutia, Business Development Director at Headspring
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