Mercadona Helps Out

The Chairman and founder of Mercadona, Juan Roig, has announced that he will personally fund entrepreneurs from his own pocket, stepping in where the banks have stepped out.

His objective, according to his own words is: “create the conditions so that other entrepreneurs assume the risk of implanting a sustainable model for business.”

The project is called Lanzadera (Launcher) and will provide 3m euros to fund 15 entrepreneur projects a year. Those chosen will have 200,000 euros in backing to develop their idea. They will be examined on their ‘entrepreneurial leadership’ and ‘innovative character.’ Candidates can present their  ideas from now until the 31st of March on the website:

Lanzadera has a centre in Valencia of some 1,100 sq/m, which is where the lucky 15 will have to put into practice their ideas. One hundred hopefuls will be chosen and whittled down to the said 15.

Those selected will receive 3,000 euros to create a limited company and will have tutors assigned to advise them on the best way to go about handling their project. They will also have managerial backing in the form of accounting, administrative and legal services, so that the participant can concentrate solely on developing the project.

Finally, these entrepreneurs will have the chance of ‘seed investment;’ i.e. extra funding from investors in exchange for shares in the company.

(News: Valencia, Spain)