People always ask how we are able to choose a startup and the best field in business. People being so multi-talented they are always trying to know which startup is good for them. For a startup, it is very difficult to proliferate with the momentum as compared to large establishments. If you are a startup, you not only need to elect the best startup idea but also need a passionate entrepreneur team, Suitable finance and mature professional guide.
If a startup is working on a goal to make its place in the market, scouting methodology is very helpful for it. Scouting is a mutual interaction of large companies and developing startups companies. In this mutual relationship large establishments connect with startup companies to work and grow together. Both partners mutually provide each other what they need. Startups get more benefits in a way that they have a chance to grow under the shadows of experienced establishments. They are benefitted by gaining impulse, professional business guidance and sustainable financial backup.
Startup Scouting: how it works?
In this mutual link, it is a challenge for large companies to choose the best startups that have a tendency to excel in the world of entrepreneurship. So there are many ways to select a startup.
It is a test in which artificial intelligence is used to predict whether this startup will prosper in the future or not. AI filters generate analytical results over startup and also predict your revenue and customer frequency.
It is a rating agency that tells us about the growth potential of capital ventures. The agency provides a transparent rating between entrepreneur and client. They offer valuable objectives that help in decision making for both parties.
It links the startups with large business groups on the basis of appropriate bank’s Business Units. BBVA open market is helpful to find out the Fintech ecosystem. BBVA provides opportunities by publishing bank’s needs on their platform. Any startup can register, if they have a solution to a bank’s particular need. The complete process includes many steps from selection of startup to working with them. David Martin de Nascimento (External Ecosystem Manager of Open Innovation at BBVA) says “we also work with 3rd parties, players in the ecosystem, from venture capital investors to open innovation specialists, to allow them to find interesting startups.”
BBVA was established in 1857 in the city of Bilbao, in north Spain. This corporation is considered a pioneer of economic growth in the state. BBVA is the city’s only bank till the 19th century. It promotes consolidation of industrialists and Business ventures by granting long term glories. BBVA is not only regarded as a commercial and depository corporate bank but also took an important part in creation and development of Spanish industrial sector.
In 2019, BBVA allotted €9.8m to entrepreneurship initiatives programs that promoted 2.2 million people. One of the entrepreneurship initiative in discussed earlier as Open Marketplace, other initiatives are as following
BBVA Momentum is an international curricula that help entrepreneurs with training, networking, strategic guidance and more skills to excel in business.
BBVA Open Talent is a competition particularly subjected to fintech startups. This initiative help to promote nontraditional business fields and emerging projects that have a tendency to revolutionaries’ economic sector.
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