Notable BBVA Social Entrepreneurship Initiatives
BBVA Momentum is a program that was launched in 2011 to support social entrepreneurship. It has facilitated the growth of more than 684 social enterprises in six countries. It is a five-month program that involves training, financing, strategic support, networking, collaboration, and visibility. The purpose of this is to promote the growth of participating companies and impact their societies positively. The 2019 edition made remarkable history. Most of the entrepreneurs who attended attested that it was a great experience for them.
BBVA benefited 2.2 million people in the year 2019. They continue to be committed to entrepreneurship by creating a positive impact and opportunities for more people. Such entrepreneurship programs are intended to give incredible support and visibility to the social entrepreneurs who are vulnerable. This includes groups that are at risk of social exclusion or those that have made a positive social impact while in their businesses.
The other initiative include the BBVA microfinance foundation, which supports the entrepreneurs’ who are in vulnerable situations within the five Latin American countries. These include Chile, Panama, Colombia, Peru, and the Dominican Republic. This initiative promotes sustainable development through proprietary methodology such as productive finance to the social entrepreneurs there. This avails financial services, support, and training to the entrepreneurs so as to improve their life quality and help them be more productive.
Finally, there are also major local initiatives that the BBVA promotes in those countries where it is in operation. Looking at all that, it is notable that they are committed to promoting entrepreneurship by collaboration with other organizations, among other ways.
Social Entrepreneurs’ Hope in Fight Against COVID-19 Impact
It is no doubt that the main responsibility of social entrepreneurs has been to solve market and government challenges. They serve the vulnerable and excluded communities. Today, they continue to do this as they focus on the populations that have a high risk for the COVID-19 impact. There have been numerous challenges; however, in this move, as the economy in many countries is hit hard. As a result, there is hope as an alliance with over forty organizations have teamed up to support the social entrepreneurs in this quest.
Today, COVID-19 has become a sure threat to the global economy and the advancement of human rights. A UN University has estimated that almost half a billion people are at stake of poverty. It also estimated that the pandemic is likely to take back the global development progress by three decades for the emerging economies. The pandemic has greatly affected the ability of people to work, and so the livelihoods of many are under threat. All these sounds very scary and not so good news for anyone. That is why social innovators and social entrepreneurs have toiled to solve market failures and provide more sustainable models to help build economies. In the past, social entrepreneurs have provided reliable information, care, and services to vulnerable and developing communities as well as mental health support. This period they are also very much needed.
The challenge is that there are severe constraints not forgetting the bankruptcy issues facing social entrepreneurs now. As a result, forty leading global organizations have come together to provide their support to over 15,000 social entrepreneurs in the fight against the impact of the coronavirus.
How to Travail Through the COVID-19 Season as A Social Entrepreneur
When one chooses to venture into social entrepreneurship, it is very rare that you will have thoughts of pandemic risk. COVID-19 is among the unforeseen risks that have hit the entire world, and social entrepreneurs are not left out.
When the pandemic hit, most businesses went through a tough time trying to make changes where possible so that they can keep afloat. However, after a few days, this possibility seemed to keep diminishing. This called for radical changes. One of these major adjustments is how you operate. Most enterprises have turned into technology and virtual deliveries. To go through this phase, as a social entrepreneur, you need to have guiding principles where you are able to visualize the bigger picture. This means that you come up with solutions with the future in mind.
The second adjustment is to appreciate working from home. Many people have termed this hard, but when you think positively, you get the best outcome. It feels good to be around the people that matter in your life as you provide social solutions to others. It is a period where you take each opportunity to learn and even fit in the community. It helps you come out a better person appreciating people as they are even those that work remotely. It is a unique time where you work and get paid even when you are not delivering a product specifically as you are used to. It is possible to refocus and reframe your business so as when the pandemic is over, you will come out stronger and in the best way. It is a period of growth and stretching to begin better.
New Alliance Launched to Aid Social Entrepreneurs Curb Effects Of COVID-19
For many years, social entrepreneurs have worked hard together with their community partners in solving market failures and demonstrating sustainable and inclusive models. At this time, when the entire world is hit with COVID-19 pandemic, these organizations have faced severe constraints and bankruptcy challenges even as they struggle to innovate ways of responding to the global pandemic at hand. In response to this, forty leading global organizations have come together and formed a COVID Response Alliance for social entrepreneurs. This aims at pooling knowledge, responses, and experiences to alleviate or advance the new models of change for a better and sustainable world.
In an estimate, the alliance is supporting fifteen thousand social entrepreneurs, which are counted upon by over 1.5 billion individuals in more than 190 countries. These entrepreneurs are committed to serving the needy within the vulnerable groups and marginalized areas and, more so, those affected by the pandemic severely. The support from this alliance is expected to rise as they continue to coordinate for support towards these social entrepreneurs when they are going through stressful times with the pandemic. It is already noted that the organizations within the alliance have raised huge amounts of money in response to the economic and health impact that the pandemic has caused. The alliance hopes to grow more support to the social entrepreneurs to respond to the crisis of the COVID-19. The alliance has established ways through which it will coordinate for support for the social entrepreneurs in this quest for equitable and sustainable models as a result of the pandemic.