BBVA seeking new opportunities in innovation
Innovation projects portfolio
In search of opportunities
BBVA saw the need for innovation, however it was not clear what was the best path to achieve this. Working along with INNSPIRAL, the bank understood that the path to achieve what they were looking for was through connecting the company with high potential digital startups that would be able to inject new ideas, greater implementation speed, knowledge and above all economic impact.
Strategy: Open innovation accelerated by digital startups
BBVA and INNSPIRAL worked in the design of open digital innovation strategy and in the inclusion of entrepreneurs, which were selected to work and grow with the bank. In this process, nearly a thousand entrepreneurs were pitched, resulting in more than a hundred startups who applied to work along with the bank. After a filtering process where the bank prioritized those projects with the greatest impact potential, the candidates that were to scale their businesses together with BBVA were selected. After closing this stage, INNSPIRAL accompanied and prepared the entrepreneurs and also adjusted their business models in order to adapt them to the strategy of the bank.
Innova BBVA integrates startups into the business
In 2011 the first version of the program Innova BBVA was carried out. During this process, the bank wanted to put a hypothesis to the test. This was that “out there” there were digital startups able to contribute with great value to the bank and its clients. The result was 4 projects selected and very satisfied expectations.
Given the success of the pilot program, during the last months of 2012 and at the start of 2013, a second version of Innova BBVA was carried out, reaffirming the effectiveness of this type of open digital innovation program. This time there were 6 startups which were selected to work with the bank.