Momentum Project is starting the recruitment process to select the 10 social ventures that will form part of the second part of the scheme. Lidia del Pozo, Manager of BBVA’s Social Action, Events and Institutional Sponsors Department, unveiled the initiative in Valladolid during the ‘Second Social Entrepreneurship Conference, another way of creating jobs’, organized by Valladolid Council’s Agency for Innovation and Economic Development and opened by the city mayor, Francisco Javier León de la Riva.
The second edition of Momentum was implemented following the scheme’s success in 2011, which concluded with a total of around 3 million euros in raised funds, thanks to a BBVA-designed investment vehicle, which backed seven social ventures.
This vehicle is based on eight-year loans with low interest rates, between 2 and 4% for the first four years and 4 to 8% thereafter, interest only between two and four years, and with yield spread premiums for the vehicle if there is share liquidity in the companies in which they have invested. This type of investment is focused on social return, measuring the investment’s social value, although without forgetting financial return.
For several months, these entrepreneurs received training, advice and mentoring to design a growth plan for their companies. They then received assistance to submit their projects to potential investors.
Second edition of Momentum Project
This pioneering initiative in Spain, promoted by ESADE, BBVA and Fundación PwC to provide support to social entrepreneurs with the most potential, has commenced the recruitment procedure. Candidates can submit their application forms until January 30 at momentum-project.org.
To be eligible as a candidate, entrepreneurs must have at least two or three years of experience and have proven the feasibility and growth potential of their project. The aim of the second edition of the project is to continue to attract talent and ensure that these entrepreneurs consolidate, grow and scale their social impact.
The selection process in 2012 will consist of three stages. The first will start with the online application process, the deadline being January 30, and concludes with the first screening of candidates who go through to the second stage. Information will be requested from the candidates who have passed the first screening to attend an online training course, based on the social venture strategy. A further screening process will follow, to be announced during the first two weeks of March.
Finally, in the third stage, the Momentum team coordinator will request additional information from those who have passed the second screening, and once received, the Scientific Committee, formed by experts from the social, business, academic and financial sector, will meet at the beginning of March to select the top 10 social ventures. The training stage will begin in June 2012 at ESADE.
