Momentum Project 2016 in Mexico will support 100 SMEs to speed up their potential through face-to-face and online training. This program offers a unique opportunity to grow in an environment where social entrepreneurship needs ways to become stronger.
According to a study by Ashoka on social entrepreneurship in Mexico and Central America, this country “is starting to earn a reputation as a place for high-impact investments”. As the report explains, Mexico City is becoming a major center for these companies due to its population density, its relatively advanced economy with technological capacity, the government’s support and a new mentality among young people, experts in technology and entrepreneurs, who regard social entrepreneurship as a way to improve their environment.
The analysis by Ashoka claims that the most successful and relevant companies in the social field have to do with sectors such as environmental protection due to Mexico’s weather conditions. Another rising trend is female social entrepreneurship, although there are still cases where if a company’s founders are men and women, it is the men who are identified as entrepreneurs.
This same study reveals the keys that Mexico needs to improve its business ecosystem. The highest priorities are the need to promote investments with an impact on social businesses and to implement serious operational plans tailored to their needs. Moreover, entrepreneurs need new financial mechanisms, strategies to scale up their projects and an ecosystem that enables them to interrelate and generate contacts.
Momentum Project addresses these needs by offering participants support, visibility, training, networking and possible funding. In October and November, representatives from the selected companies will be given free access to a program worth $250,000 MXN (over €11,500). At the face-to-face training sessions they will be able to identify their critical points for growing, they will be offered advice for accessing funding from BBVA Bancomer and they will identify the social impact and environmental potential of their businesses. Training will be given by the Monterrey Institute of Technology and Bancomer Higher Education.
The results obtained in other editions of the program show that this support bears fruit and the companies increase their impact data.