ABANCA for New Business Ventures
ABANCA and its delegate counselor Francisto Bota, announced the second edition of the Programa de Aceleración ABANCA Innova / ABANCA Innovates Boosting Program, for the support tech start-ups, to take place next July 25nd, aimed mainly at insurance entrepreneurships. This financial institution already celebrated the first ABANCA Innova edition back in 2017, which was met with great success.
“Through the Programa de Aceleración ABANCA Innova we want to support the creation and development of new tech companies that offer innovative, applicable solutions to financial institutions,” said Francisco Bota.
This second edition of the Programa de Aceleración ABANCA Innova is mainly aimed at insurtech start-ups – that is to say, businesses that offer innovative tech solutions to insurance companies. It also seeks to support specialized tools such as fintech and regtech, as well as bigdata and blockchain technologies.
ABANCA Innova offers participating new businesses a package containing all necessary management support as well as financial and material resources for the development of their start-up. It also makes available a number of teaching tools and industry veterans, for guidance and advice of new businesses seeking to create a business model fit to their particular needs. ABANCA offers financial help through loans, and possible economic help through capital investment.
Participating businesses will be able to use ABANCAs available workspaces and/or the Amazon Web Services. Sign-ups will open July 20th through the financial entity’s website, and will close September 14th. September 20th will see the first eliminatory round, where chosen businesses will have up to three months, starting October 1st and ending December 20th, to design and validate their business project.
A second eliminatory round will take place towards the end of December, where participants will be chosen for the second half of the contest, which will take place from January 7 so April 19, 2019, phase that will see a market rehearsal and a public presentation. The last part of the contest will take place over a 6 month period, starting May and ending on October 2019, for the final test and concept follow-up.
ABANCA celebrated a year of successful, full-throttle operations that have helped see the realization an innumerable amount of events and the creation of links with numerous business, many of them start-ups. In its grid of participating firms, there are around eight total businesses which all provide financial support for different message platforms.