Hogan Lovells has 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).
YBS promotes entrepreneurship by offering training, mentoring and micro-financing to young entrepreneurs in Spain. It supports 18- to 35-year-olds in the start-up of their businesses, 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 more than 5,000 businesses and 10,000 jobs by 2018 with the help of 17 regional delivery partners. JPMorgan has committed to fund YBS with more than €1m (£827,000) for the period 2014–16.
Hogan Lovells has been a member of the Advisory Board since 2012 and acts as secretary on the Board of Trustees. Its Madrid team has advised on governance and financing and drafted the foundation documents and internal management rules.
The law firm’s Madrid team included Alex Dolmans, partner, corporate; Isabel Fons, associate, finance; and Ubaldo Valverde, associate, corporate.