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"The way we manage innovation processes is because we believe in an open innovation philosophy, through which we recognize talent outside the institution: an entrepreneurial ecosystem that does things well and has advantages," explained Juan Carlos Arroyo, director of Innovation and Entrepreneurship of BBVA Bancomer Digital Banking.
Among the advantages of entrepreneurs, of the most disruptive startups, Arroyo stressed "ease of building things with agility, connecting with people's lives, changing their business models, and the flexibility to approach or to reinvent themselves, which cannot happen with such a large bank like BBVA Bancomer".At National Entrepreneur Week, Arroyo insisted that "the way we approach innovation from BBVA Bancomer's standpoint: we recognize not only the generation of ideas, but the generation of ideas that add value or business”.
According to Arroyo, Open Innovation is a philosophy that has been around for more than seven years, but it has been embraced in Mexico for more than a year, promoting initiatives for connecting with the ecosystem, such as hackathones for developers and even public challenges with support from the National Institute of Entrepreneurship (Inadem) and thus build new solutions and promote Mexican talent.
The momentum of entrepreneurs
With startup competitions such as BBVA Open talent, in which 700 projects worldwide have participated in the 2015 edition, with equal participation between Mexico and Latin America, United States and the rest of the world, and Europe. Although this competition was for all kinds of entrepreneurs, focus was placed on what was 100% Fintech and they managed to get 700 projects, which was a great success.
"We had three editions of BBVA Open Talent: US and the rest of the world, Latin America and Europe, which had six winners. They went to London to meet other entrepreneurs, mutual funds, other startups and hubs, will spend a full day at BBVA, to provide them with more knowledge . They're coming to Mexico on October 26," said Juan Carlos Arroyo.
With challenges, startup competitions and public challenges, such as the New Banking Startup Award by BBVA Bancomer with Inadem, the bank recognizes projects relating to means of payment, inclusion, saving solutions, bitcoin and cryptocurrency solutions, which make it possible to encourage savings creatively. The user experience is good to adapt it to future customer solutions.
"We sponsored the Startup Weekend that took place in Mexico for the first time in Latin America, where 150 young people were together from Friday to Sunday, during which 14 projects were created and one won. It was sponsored by BBVA Bancomer, 500 startups, GBM and EBC" Arroyo said.
With the MIT Technology Review, which recognizes innovators under 35, BBVA Bancomer decided to recognize and sponsor in conjunction with the Inter-American Development Bank (IDB) 10 young people with disruptive, innovative projects that were not necessarily Fintech, but with social responsibility and biotechnology projects. "They are inspiring, very young people, who are entrepreneurs in the country of reference, an inspiration to other young people like those attending entrepreneur week," highlighted the Mexican manager.
By BBVA Innovation Center