Momentum Project strengthened by the incorporation of PwC Foundation
The PwC Foundation strengthens its commitment to the Momentum Project, and alongside BBVA and ESADE, becomes the third partner in this initiative.
- (1888PressRelease) September 26, 2011 - The agreement is predicated on the conviction that social entrepreneurs need the support of private investors, for which it is essential to create an environment of transparency and confidence that enables decision taking and risk evaluation. In this regard, the contribution of the PwC Foundation will be centered on the analysis and independent evaluation of the fiscal, legal and labor aspects of the 10 entrepreneurs selected in the first edition of the Momentum Project.
BBVA, ESADE and the PwC Foundation have signed an agreement through which PwC´s involvement will strengthen the Momentum Project, an initiative launched by ESADE and BBVA to promote social entrepreneurship in Spain. Momentum has two mandates: the development of a program to consolidate and increase the impact of these entrepreneurial schemes; and to create a support environment for social entrepreneurs. Thanks to this agreement, the PwC Foundation will become the third partner in the initiative, whose contribution will be especially aimed at giving potential investors the confidence to want to invest in the business projects put forward by the 10 selected social entrepreneurs. To do this, the PwC Foundation will provide a team of professionals from its Deals department who will be responsible for the analysis and independent evaluation of these projects.
The collaboration of the PwC Foundation is key to the next stage of the Momentum Project: Social Investment Day, which will be held in Madrid at the beginning of October. Over this period, meetings will be organized with investors so that the social entrepreneurs can present their projects and seek to obtain private financing. In this setting, the aim of the PwC team will be to carry out a limited review focusing on an analysis and independent evaluation of the fiscal, legal and labor aspects of the selected entrepreneurial schemes, which will be useful for potential investors interested in participating financially or providing support for the aforesaid projects. The objective of this "Limited Review" is to perform a thorough check on the social entrepreneurs with two aims:
Compliance assessment to determine the level of compliance of the selected projects with their legal, fiscal and labor obligations.
Risk assessment: Description and quantification, as far as possible, of the risks that non compliance with these obligations would entail for the entrepreneurs
BBVA, ESADE and the PwC Foundation, via the Momentum Project, aim to promote social entrepreneurship in Spain and Latin America, as well as the growth of the social entrepreneur schemes selected each year. This will be done in a number of ways: strategically, in terms of business management, and lastly, from the financial perspective, preparing the selected entrepreneurs to attract and negotiate with potential investors during and after the Social Investment Day, and all from the standpoint of social impact.
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