Called the BBVA Open Innovation Acceleration Program, the project is aimed at giving businesses a targeted helping hand on the road to success. Over the course of nine-months, those selected for the program will receive expert guidance and support from senior leaders at the bank on a range of topics.
These include several sessions on areas like technological implementation, sales techniques and marketing. The sessions take place at the BBVA Open Space in Madrid, roughly once a month, as well as online involvement designed by Adventurees and regular meet-ups with a mentor from within the business.
For the online element with Adventurees, the entrepreneurs will be challenged around areas pertinent to their business strategy - for example “Do you have a business pitch prepared” - which they will then have to share with the course leaders and other participants then giving feedback on what bits work and where things could be perhaps improved.
With a particular focus on growing a fast-growth business with an international outlook, the program also ensures start-up business leaders can interact with BBVA experts in different countries, as well as ensuring they connect with other entrepreneurs for shared learning.
The program, which is free for those taking part, has been based on the Randy Goldsmith model and its focus on working as part of a bigger ecosystem.
Who is it aimed at?
Aimed at ‘startups’ that have an early stage or seed profile, and are developing fintech or fintech-related products or services, by working with a big bank like BBVA participants will be able to draw on the expertise the bank has to foster their growth - for example in areas like negotiation over a new deal, or cutting through red tape.
Those looking to take part are expected to be mature enough to have at least one minimal viable product in a go-to-market readiness stage, but who are now looking for help with speeding up their project’s success.
Commenting on the launch, BBVA’s Head of Open Innovation Ainhoa Campo, said: “We have taken our time bringing this program to market, because we wanted to test it first with those we work with in the fintech ecosystem to make sure it fits their needs.
“For BBVA, it's really about showing, again, our commitment to forging strong, lasting, meaningful relationships with the fintech community - and to boost their success rates.
“Long term, we know we can’t and shouldn't always try to build everything our customers and clients need. Data, sustainability and the closed to open shift is driving the evolution of this industry so quickly, that the model around cooperation has to change.
“With this program, we are hoping to help positively drive this change - to work with the wider fintech ecosystem to support their growth, and in doing so, ensure the future products and services this sector needs will end up in the customer’s hands.”