Hogan Lovells Assists YBI and JPMorgan in Creation of Youth Business Spain
02 April 2014
After several initiatives with Youth Business International (YBI) in the UK, Hogan Lovells has now provided legal support in the creation of Youth Business Spain (YBS).
On 11 March, YBS was formally established as a Spanish private foundation by its founders Fundación Tomillo (Madrid), CP'AC (Catalonia) and Gaztempresa (Basque Country). These non-profit organisations have been promoting social entrepreneurship in their respective regions over previous decades.
YBS promotes entrepreneurship by offering training, mentoring and microfinancing to young entrepreneurs in Spain. In a country where unemployment rates are the highest in the EU (26% of total workforce, with youth unemployment exceeding 55%), YBS supports 18-35 year-olds in the start-up of their business, thereby reducing unemployment and promoting a culture of entrepreneurship in Spain generally.
The YBS project took shape in 2012 with the support of stakeholders JPMorgan, Accenture and Hogan Lovells. After successfully running a pilot programme throughout 2013 (400 entrepreneurs trained; 100 businesses and 150 jobs created; and 50 mentoring relationships established), the stakeholders and founders decided to formally set up the foundation in March this year under the aegis of the Ministry of Social Affairs.
YBS has the ambition to actively support the creation of over 5,000 businesses and 10,000 jobs by 2018 with the help of 17 regional delivery partners. JPMorgan has committed to fund YBS with over EUR1 million for the period 2014-2016.
We have been a member of the Advisory Board since 2012 and act as secretary on the Board of Trustees. Our Madrid team has advised on governance and financing and drafted the foundation documents and internal management rules.
Our Madrid team included:
- Alex Dolmans, partner, corporate
- Isabel Fons, associate, finance
- Ubaldo Valverde, associate, corporate
In addition, earlier this week our Madrid office introduced YBI to Colombian law firm Posse Herrera Ruiz who has accepted to provide Pro Bono advice to YBI on local aspects relating to YBI's five-year partnership (known as the "Youth Entrepreneurship Programme") with the Inter-American Development Bank to develop entrepreneurship eco-systems across Latin America and the Caribbean.