Category: News

• The winners of Innobus have visited the workspaces of the Foundation
• Our team has received a talk about the Innobus initiative

21/09/2023, Brussels. Today, Thursday September 21, the winners of Innobus 2023 have visited our offices in Brussels. Innobus is an initiative of the Agency for Innovation and Knowledge of Baix Llobregat and L’Hospitalet, which tests the skills of young people to propose innovative solutions and allows them to see the importance of entrepreneurship through experience.

The winning teams of Innobus 2023 have received as a prize a trip to Brussels to visit the European institutions and entities such as the Finnova Foundation, which are committed to innovation through European funds. Today, the Finnova team in Brussels accompanied the Innobus winners on their visits to the European institutions and shared experiences about what it means to work in the heart of the European Union.

The day started with a visit to the European Parliament where the winners of Innobus have known one of the most media spaces of the European Union. Then, the winners of Innobus 2023 visited our offices in Brussels and learned the details of the work carried out at our headquarters in Brussels. During the meeting, Juan Castilla and Laura Benítez, CEOs and Co-Founders of Talent Factory and Natàlia Mir, General Director of Innobaix, explained the basis of the Innobus initiative to our team.

Finnova, committed to the young talent

Finnova, as an entity committed to the promotion of young talent, is pleased to be a reference in this field and that young people continue to see the foundation as a reliable entity to start their professional careers. During the last 13 years, Finnova has hosted more than 550 young people who have been trained in our offices in Brussels and Spain, with the aim of addressing the lack of professionals in European affairs.

About Talent Factory

Talent Factory is an initiative that seeks to encourage entrepreneurship in a pedagogical way, helping young people to understand and prepare for the future of work. They create talent detection programs in the classroom, and, in the last 8 years, they have already trained more than 15,000 young people in entrepreneurial skills.

About Innobus

Innobus is an initiative of Innobaix (Agència per a la Innovació i el Coneixement del Baix Llobregat i L’Hospitalet) that promotes the importance of entrepreneurship through experience to help young people how to imagine a real scenario of job opportunities for their future.

About Finnova Foundation

Finnova is a foundation working for the promotion and development of innovation and entrepreneurship at EU level. Based in Brussels, it operates through collaborations and partnerships in all countries of the European Union. Finnova’s experience in leading European project communication and dissemination activities is combined with a strong proven expertise in start-ups and business support programs, such as accelerators, incubators and ceremonial event selection and awarding.

• The project took part in the event “Innovation in Green Cities through European Funds”, organised by Finnova
• During the event, the simulation game Serious Game and the project accelerator Accelerathon were presented

Brussels, 21/09/2023. Yesterday, Wednesday 20 September 2023, the RES4CITY project was presented at the event “Innovation in Green Cities through European Funds” organised by Finnova. This activity was part of the Greencities and S-Moving Fair held at the Trade Fairs and Congress Centre of Malaga and its main objective was to promote the development of renewable energy and fuel technologies in urban environments.

The event started with the welcome given by Juanma Revuelta, CEO of Finnova, and with the presentation of the project by Patricia Tejada, EU Project Officer at Finnova. Tejada stressed the importance of this project, a consortium of 18 partners from 9 countries that stands as a crucial initiative to promote sustainability and circularity in the urban environment. RES4CITY aims to implement an innovative educational programme, promoting the use of renewable energy sources and sustainable fuel technologies in cities.

Julio Andrade, director of the International Centre for Training of Authorities and Leaders CIFAL, then opened the round of presentations. Andrade sent a message of awareness about climate change, picking up on the latest UN warnings of a two-degree increase in global temperatures. “This warning worsens the already negative prediction of a 1.5 degree increase, so it is key that cities become sustainable spaces, in line with the eleventh Sustainable Development Goal,” Andrade concluded.

Next to take the floor was Cirlet Bando, representing Kunak Technologies. The aim of this company is to measure pollution in cities, creating greener and cleaner cities. Kunak Technologies uses a network of sensor stations to collect pollution data, allowing street-by-street monitoring, with real-time information and evaluation of the impact of the actions implemented by the institutions. “In addition, this system is able to identify patterns and hotspots, so we can offer new strategies in the fight to reduce pollution,” Bando concluded.

John David Babyack, Smart Cities Sales Manager at Libelium, focused his speech on the application of technologies that contribute to the environment in people’s daily lives. “Our intention is that the administration invests with knowledge, and we have the information that serves and should improve people’s quality of life,” said Babyack. Libelium, a company with 17 years of experience and with headquarters on all continents, has applied Smartcities technology in those places where it has a presence. Among the projects managed by the company from Zaragoza, the environmental corridor installed in Vizcaya stands out, a network of 20 air quality devices that sends information on pollution, the influx of cars and noise levels to a platform managed by the Provincial Council of Vizcaya.

To close the block of talks, Juanma Revuelta spoke about the synergies between European projects. To this end, Revuelta gave as an example the LIFE ECOdigestion 2.0 project, a consortium between Finnova, Global Omnium and Águas do Centro Litoral, which is committed to innovation aimed at ecological transformation, by focusing its scope of work on the production of biogas through efficient waste management.

After the presentations, Laura Velasco, EU Project Officer at Finnova, presented the Serious Game simulation, a role-playing game that simulates a specific business scenario related to renewable energy and fuel technologies. Playing the main character, the player must make decisions, organise work, manage information and solve problems related to sustainability, circular economy and renewable energies.

The event concluded with Patricia Tejada’s presentation of the Accelerathon, a methodology for accelerating innovative projects promoted by Finnova, which aims to find solutions and funding. It is carried out through an open and applied innovation competition that brings together the innovative ecosystem of the circular economy sector. The next call will be launched between November 2023 and January 2024.

Startup Europe Awards Greencities

With the organisation of this event, the Finnova Foundation reaffirms its commitment to sustainable development and the circular economy. The RES4CITY project, in which Finnova Foundation is a partner, is another example that confirms Finnova’s good work in this area.

About RES4CITY

The RES4CITY project, funded by Horizon Europe, aims to boost the development of sustainable renewable energy and fuel technologies in cities. This objective will be achieved through the promotion of sustainability and circularity, as well as through the implementation of an innovative educational programme designed in collaboration with stakeholders. This programme aims to train highly skilled professionals, enabling the replicability of results in various educational systems. The project is led by Maynooth University in a consortium of 18 organisations from the European Union and Switzerland, including Finnova.

About Startup Europe Awards

Startup Europe Awards (SEUA) is the open innovation methodology of public-private collaboration that was created in 2016 with the support of the current Vice-President of the European Commission Mariya Gabriel and the Finnova Foundation and that promotes the identification of innovative solutions by entrepreneurs to SDG and EU challenges. The process fosters collaboration between the different actors in the entrepreneurial ecosystem and aims to accelerate companies through the tools and mechanisms offered by the EU: networking and access to investors, training in EU legislation and funds and mentoring to turn the idea into a real demonstration project such as Horizon Europe or Life, subsidised by the EU with up to 5 million euros per project. Startups awarded in other competitions have obtained subsidies for their internationalisation – up to 2.5 million through the EIC programme – or access to grants such as Erasmus entrepreneurs or registration of trademarks and patents. SEUA also creates a network of contacts that will inspire and give visibility to all local startups so that, through this network, they can scale their services and products globally. The Startup Europe Awards will accelerate the creation or consolidation and internationalisation of companies with funding from the European Union as well as offering legal advice, networking, and international communication, among other benefits.

About FINNOVA

Finnova is the Spanish-Belgian non-profit foundation based in Brussels and Spain, working for the promotion and development of innovation and entrepreneurship in the EU. Finnova’s experience in leading communication and dissemination activities for European projects is combined with a proven track record in business creation and entrepreneurship support programmes, such as accelerators, incubators and events, as well as its commitment to training and employability of young people.

• This day seeks to raise awareness about the importance of the exchange of resources, technology and knowledge between countries in the global South.
• The Finnova Foundation aligns itself as an entity committed to South-South Cooperation.

12/09/2023, Brussels. Today, Tuesday, September 12, 2023, marks the United Nations Day for South-South Cooperation. This day, which has been celebrated since 2012, seeks to raise awareness of the importance of sharing resources, technology and knowledge among developing countries, also known as countries of the global South.

In such actions, developing countries share knowledge, skills, experiences and resources that can accelerate progress towards the implementation and achievement of the Sustainable Development Goals (SDGs). It is precisely within this framework, which aims to achieve the SDGs, that the day is being celebrated this year under the theme “Solidarity, equality and partnership: unlocking South-South cooperation to achieve the SDGs”. Another modality of South-South cooperation is triangular cooperation, a partnership in which traditional donor countries and multilateral organizations facilitate South-South initiatives by providing funding, training, management and technology systems, and other forms of support.

South-South cooperation has several objectives that are aligned with the SDGs and the 2030 Agenda. First, it seeks to foster and strengthen the self-reliance of developing countries by increasing their creative and technological capacity to address them. Second, in line with the collective self-reliance of these countries, it promotes the exchange of experiences leading to greater awareness of common problems and greater access to available knowledge. Finally, the most vulnerable countries (landlocked countries, small island states, those affected by natural disasters and other crises, etc.) are targeted to respond to their needs and provide them with greater participation in international economic activities.

Finnova, committed to South-South cooperation

The Finnova Foundation commemorates the United Nations Day for South-South Cooperation transmitting its firm commitment to this cause. An example of this commitment has been the participation of the foundation in initiatives such as “Sustainability in the fashion sector for its internationalization”, a triangular cooperation project thanks to the work of Finnova, the Chamber of Commerce of Bogota and the Sustainable Fashion Cluster of Peru. The Alliance entities combined their knowledge to generate tools to support business growth through internationalization to the European market, while contributing to environmental sustainability and respect for human rights.

The project was financed by the European Commission, within the ADELANTE 2 Triangular Cooperation program. In order to approach the program from different perspectives, ADELANTE 2 contributed to the program with different components: operational support to articulate the European Union-Latin America and the Caribbean Triangular Cooperation ADELANTE Window; analytical support to develop the analysis and studies of Triangular Cooperation together with the Ibero-American General Secretariat; and institutional support that allowed the development of bilateral Triangular Cooperation funds between the EU and selected Latin American and Caribbean countries.  In this way, the program was able to meet the Sustainable Development Goals to leave no one behind thanks to Triangular Cooperation.

About Finnova Foundation

Finnova is the Spanish-Belgian non-profit foundation based in Brussels and Spain, working for the promotion and development of innovation and entrepreneurship in the EU. Finnova’s experience in leading communication and dissemination activities of European projects is combined with a solid proven track record in business creation and entrepreneurship support programs, such as accelerators, incubators and events, as well as its commitment to training and employability of young people.

• Finnova, as an entity committed to the creation of talent, has hosted more than 550 young people since 2010
• The foundation collaborates with the promotion of talent also through the online training platform EU Training Platform.

Brussels, 06/09/2023. Today, Wednesday, September 6, 2023, marks Global Talent Acquisition Day. As every first Wednesday in September, it pays tribute to those people who are dedicated to talent acquisition, a process by which qualified workers are recruited and required by organizations.

The search for human talent by professionals or specialized companies is a comprehensive strategy used by organizations to fill vacant positions or positions required to contribute to the fulfillment of its mission and vision, as well as to increase productivity levels. It is a strategy for identifying and attracting potential employees that might contribute to the achievement of a company’s objectives.

The main objective of this practice is to find the right person to hold a position or perform a job with specific functions. Among the main benefits of talent acquisition services, there is the creation of a talent pool or a list of potential candidates, reducing the time spent searching for people.

Finnova, committed to talent

The Finnova Foundation is committed to the creation and dissemination of talent; therefore, it has more than 50 collaboration agreements with various European entities for the reception of young talents. The Foundation is aware of the importance of betting on young people, giving them a first job opportunity that allows them to start their professional career and, at the same time, develop the skills they have acquired during their studies.

Over the past 13 years, Finnova has welcomed more than 550 young people who have been trained in our offices in Brussels and Spain, with the aim of addressing the shortage of professionals in European affairs. To this end, the Foundation has established multiple agreements that have facilitated the insertion of young talent.

The Finnova Foundation works hand in hand with different mobility programs promoted by autonomous and regional governments. Examples are the GENIUS program of the Tarragona Provincial Council, the TALENTIUM program of the Jaen Provincial Council or the Catalan Talent Factory program, which allow young people from these territories to specialize in European issues. The Finnova Foundation also collaborates with national entities such as the National Youth Guarantee System, which offers through the Chambers of Commerce and the Mobility Plan of the PICE Program stays abroad. On the other hand, Finnova Foundation hosts entrepreneurs from the Erasmus + Young Entrepreneurs program, a transnational exchange program that offers new entrepreneurs and people who want to create a business the opportunity to learn from experienced entrepreneurs who run small businesses in other participating countries. Finally, Finnova also offers employment opportunities through the NextTalentGeneration platform.

Apart from the face-to-face work in our offices, Finnova Foundation instructs young people through courses on European issues on the EU Training Platform. Now, courses focused on European funds 2021-2027 and on the LIFE program of funds for the environment are available, and courses on funds for the circular economy, start-ups, the social field and communication of the European Union will be open soon.

About GENIUS

The GENIUS program is a project promoted by the Provincial Council of Tarragona that promotes, through professional training stays abroad, the labor market insertion of unemployed people with university degrees or higher vocational training. With a monthly financial endowment of 9,300 euros for the 7 months of the program, the areas of professionalization cover areas such as communication, tourism, information management, agriculture, culture and cooperation projects and networks in the European Union.

About TALENTIUM

The sixth edition of the Talentium program, developed by the Provincial Council of Jaén, within the Employment and Enterprise Plan for the Province of Jaén has 25 scholarships consisting of internships in public or private European entities according to the personalized training itinerary adapted to the training and preferences of young people. The scholarship has a duration of 5 months from January 2022 and represents a first professional contact in Brussels with the European Union and aims to train young people who can return to Jaén to help territorial development with the management of Next Genaration EU funds in municipalities, business associations and third sector. The total budget of the call amounts to 168,750 € and the economic endowment for each young person is 6,750 €. Some of them, in a second phase, will be able to complete their training with internships in European institutions before the return of talent program.

About EU – Training Platform

It is an e-learning training platform, which offers a wide variety of courses, always around the theme of European background. The learning methodology combines interactive games, tutorials, and constant support throughout the training. Once completed, you have the possibility of an official certificate issued by Finnova.

About Finnova Foundation

Finnova is a foundation working for the promotion and development of innovation and entrepreneurship at EU level. Based in Brussels, it operates through collaborations and partnerships in all countries of the European Union. Finnova’s experience in leading European project communication and dissemination activities is combined with a strong proven expertise in start-ups and business support programs, such as accelerators, incubators and ceremonial event selection and awarding.

• The event was attended by Pedro Barrionuevo, director of tourism and business development in tourism and planning of the Costa del Sol.
• The Finnova Foundation supports the initiatives that Tourism and Planning Costa del Sol is implementing to boost the tourism sector.

4/09/2023, Brussels. Last Thursday 31 August 2023, the headquarters of the Finnova Foundation in Brussels hosted the III Next Talent Generation Forum – Costa del Sol Tourism Sector, a space in which the situation of tourism in Malaga and Spain was analysed. Pedro Barrionuevo, director of tourism and business development in tourism and planning of the Costa del Sol, gave an hour-long conference, followed by a round of questions in which attendees were able to resolve and discuss in depth some topics of interest.

The conference focused on the challenges and opportunities that the Costa del Sol is facing in terms of tourism, giving a brief overview of the processes of planning, development and promotion of initiatives that promote the sector. Firstly, Barrionuevo highlighted a changing trend in the tourism industry, in which tools such as the metaverse and artificial intelligence are being introduced that could bring about a paradigm shift in the short to medium term.

In addition to the tools that are coming to the industry, Barrionuevo warned of a general change in the sector. “Before, the tourist was a sun and beach tourist; now, the tourist is more experiential, he wants to get to know the environment and the Costa del Sol,” concluded Barrionuevo. For this reason, he stressed the importance of adapting to new developments in the tourism market.

Along these lines, Barrionuevo explained that another of the challenges facing the Costa del Sol as a tourist centre of reference is the offer it can provide to visitors who come for work purposes. For this reason, he highlighted the work being done by Tourism and Planning Costa del Sol for these visitors who can stay or even settle in the area thanks to the growing implementation of teleworking or remote work. “It is a way of aligning ourselves with the technological Malaga that we want to achieve, it is a door that the pandemic opened, an opportunity to which we are adapting.

In the final part of his lecture, Barrionuevo stressed the importance of maintaining and developing the tourism industry as a source of economic development. “Tourist development is not an end in itself, but must be oriented towards the economic and social development of the province and the creation of jobs.

Finally, Barrionuevo underlined the role that Costa del Sol Tourism Hub is playing as a national reference entity as an accelerator and incubator of tourism projects. The Finnova Foundation, as a partner of this project, welcomes the success of these initiatives that underpin such an important industry for the Spanish economy as tourism. Furthermore, the project is in line with several of the Finnova Foundation’s objectives, such as entrepreneurship, the creation of business fabric and the promotion of innovative ideas.

The Tourism Innovation Day

Within the field of tourism, the Finnova Foundation is organising, in collaboration with the Valencia City Council, on Wednesday 27 September, World Tourism Day, “The Tourism Innovation Day”, to be held at the Palacio de la Exposición in Valencia. The day, which will bring together leading projects in the tourism industry that focus on culture, sustainability and female entrepreneurship, will feature three forums:

• The forum CulturalDeTour, cross-border cooperation for regional and innovative tourism with EU funds, framed in a side event of the European Week of Regions and Cities, approved by the European Commission. It will launch the CDT Boost Acceleration Programme, which is part of the “Cultural DeTour” project and aims to support cultural entrepreneurs in expanding their activities and improving their sustainability.
• The “Fu-Tourism 5.0” forum: Valencia, towards sustainable tourism as European Green Capital 2024. The European COSME project “FU-TOURISM 5.0 – Future-Ready Business Support Ecosystem for Tourism SME Transition to Green Resilience” will be presented. With a budget of over €4 million, it aims to support European tourism SMEs in their transition towards a green and inclusive economy, focusing on the application of the principles of the regenerative economy.
• Call for the 2023 Fundadoras Sociales Awards, which focuses on those social projects that support and create a better world and continues with the structure of awarding projects driven by women in the idea, startup or entrepreneur phase.

About the Finnova Foundation

Finnova is the Spanish-Belgian non-profit foundation based in Brussels and Spain, working for the promotion and development of innovation and entrepreneurship in the EU. Finnova’s experience in leading communication and dissemination activities of European projects is combined with a strong proven track record in business creation and entrepreneurship support programmes, such as accelerators, incubators and events, as well as its commitment to training and employability of young people.

• Women talk about their work experience and outline their projects. 
• Women 4 Tech and the Finnova Foundation support this initiative that defends female entrepreneurship and equal opportunities.

The 100 Women Plus project has launched a catalogue of women entrepreneurs, a compilation of projects led by women to improve visibility and raise awareness of inspiring stories. The aim of this activity is to compile a series of initiatives from different sectors and backgrounds that reflect the wide variety and diversity in entrepreneurship.

The activity is designed to increase knowledge about real experiences that facilitate the visibility of initiatives and, above all, serve as an example and inspiration for other women. The Finnova Foundation supports initiatives such as “100 Women Plus”, “Girls4Tech”, “Women Startup Europe Awards” and “Women Startup Europe Accelerathon”, associated with Women 4 Tech that advocate disruptive projects, innovation and public-private partnerships in favour of women.

The catalogue is made up of women who describe their work experience and outline their projects. The initiatives included in the catalogue cover various sectors such as education, gastronomy, social inclusion and others such as STEM careers, which have a lower female presence. It is estimated that less than 15% of women choose to pursue STEM careers, which ultimately results in a lower relevance of women’s role in progress and in the economy in general.

These are not the only data that demonstrate the under-representation of women in the most relevant sectors of society. Focusing on the field of entertainment, at a national level only 6% of start-ups are founded by women, and transferring the figure to technological entrepreneurship, the figure barely rises to 16%. Furthermore, according to the Women in Tech Survey 2023 report, only 26% of people working in IT are women.

The 100 Women Plus project and the Finnova Foundation are aware of the seriousness of this situation and are therefore committed to promoting equal opportunities. In turn, promoting female entrepreneurship is one of the main objectives of both entities, and the creation of the catalogue will serve as a tool to make the work of female entrepreneurs more visible.

Link to catalogue: https://womenfortech.eu/gallery-of-inspiring-women-and-initiatives  

About the 100 Women Plus project 

This project, co-funded by the EU Erasmus + Programme and led by Finnova, in collaboration with the Cabildo of Fuerteventura and the association Fundadoras, was born in an attempt to address the need for greater equality and to enhance international cooperation in the field of women’s empowerment. 100 Women Plus has been designed to improve the channels of collaboration and dialogue, propose a series of learning activities, exchange of experiences and transfer of results that contribute to establishing new mechanisms for female participation, strengthen the ecosystem of women entrepreneurs in the participating countries and create networks and generate alliances between institutions in Europe and Africa.

About the Finnova Foundation 

Finnova is the Spanish-Belgian non-profit foundation based in Brussels and Spain, working for the promotion and development of innovation and entrepreneurship in the EU. Finnova’s experience in leading communication and dissemination activities of European projects is combined with a strong proven track record in business creation and entrepreneurship support programmes, such as accelerators, incubators and events, as well as its commitment to training and employability of young people.

Brussels, August 21, 2023. From Finnova, we seize the opportunity of World Water Week 2023 to emphasize the importance of continuously strengthening commitments related to the sustainable use of water resources and the enhancement of sanitation in our local communities.

In alignment with this mission, Sustainable Development Goal number 6 (SDG 6) stands as a fundamental guide, aiming to ensure accessible and sustainable water and sanitation for all by the year 2030. This objective goes beyond the mere provision of drinking water and sanitation services; it is about safeguarding both human health and livelihoods while addressing and reversing the undeniable impacts of climate change.

In this endeavor, multilateral collaboration plays a crucial role. According to the latest UN World Water Development Report 2023, the insufficient rate of progress in water and sanitation underscores the need for improved partnerships and cooperation. The successful realization of SDG 6 goals demands a convergence of efforts and knowledge from various stakeholders. Only through active and coordinated cooperation can we forge comprehensive solutions that effectively tackle the challenges inherent in sustainable water and sanitation management.

Image: Sustainable Development Goal 6 – United Nations’ 2030 Agenda

It is precisely for this reason that today, from the Finnova Foundation, we join this call to action for a future where water becomes a source of life and prosperity for all.

We also wish to extend our sincere gratitude to all our stakeholders and partners. Thanks to their invaluable contribution and commitment, we can continue our work in supporting European projects within the LIFE Programme, such as LIFE ECOdigestion 2.0, which is contributing to the sustainable use of water through the generation of biogas in wastewater treatment plants.

About LIFE ECODIGESTION 2.0

LIFE ECOdigestion 2.0 is a pilot demonstration project, funded by LIFE Programme and with a budget of more than 970,000 EUR, which generates biogas in sewage treatment plant digesters by mixing putrescible organic waste (slurry, poultry, organic fractions, MSW, horeca, etc.), thus transforming sewage sludge into green energy through technology. The initiative led by Global Omnium, (Spain), in collaboration with the Finnova Foundation (Belgium) and Águas do Centro Litoral (Portugal) aims to become the most versatile digestion control tool on the market, achieving environmental and economic benefits through the production of biogas by making optimal use of waste. Thanks to this technology, it favours the reduction of greenhouse gas emissions and the use of sewage sludge generated in wastewater treatment processes, thus achieving a positive impact on the environment. This programme is easily scalable with other funds such as FEDER, NextGenerationEU or Repower EU.

About Finnova Foundation

Finnova is the Spanish-Belgian non-profit foundation based in Brussels and Spain, working for the promotion and development of innovation and entrepreneurship in the EU. Finnova’s experience in leading communication and dissemination activities for European projects is combined with a proven track record in business creation and entrepreneurship support programmes, such as accelerators, incubators and events, as well as its commitment to training and employability of young people.

About World Water Week 2023

In 2023, World Water Week is celebrated online from August 20th to 24th, as well as in-person in Stockholm (Stockholm City Conference Centre) under the theme “Seeds of Change: Innovative Solutions for a Wise Water-Usage World.”

Online registration is free, and you can do it here.

• On September 27, 2023, World Tourism Day, “The Tourism Innovation Day” will be held in Valencia, which will host three international events in the tourism industry.

• This major event seeks to establish a solid ecosystem to support entrepreneurs and SMEs in the tourism sector to expand their activities and improve their sustainability, while promoting innovation and business creation in this industry.

• Free admission with prior registration. Registration for PRESENT attendance at THIS link.

Registration ONLINE at THIS link.

On World Tourism Day, Wednesday, September 27, 2023, Finnova organizes “The Tourism Innovation Day”, a day that combines three events to promote the attraction of talent in the tourism sector, position Valencia as a laboratory of best practices in Tourism in the framework of its distinction as European Green Capital 2024, and share funding opportunities for this industry through European funds.

The Tourism Innovation Day will mark a milestone in the tourism industry by bringing together projects and initiatives from three relevant axes in this sector: culture, sustainability, and female entrepreneurship. Institutions, entrepreneurs, and citizens are cordially invited to participate in a day of inspiration, learning, and collaboration that will take place in Valencia on September 27th from 10:00 am with free admission for attendees.

1. “CulturalDeTour” Forum: accelerating entrepreneurs in Cultural Tourism

The day will start with the event “CulturalDeTour Forum: cross-border cooperation for regional and innovative tourism with EU (European Union) funds”, framed in a side event of the European Week of Regions and Cities (EU Regions Week), approved by the European Commission. It will launch the CDT Boost Acceleration Program, which is part of the “Cultural DeTour” project and aims to support cultural entrepreneurs in expanding their activities and improving their sustainability.

CDT Boost will provide participants with the tools they need to grow, expand, and improve their sustainability practices through access to innovative resources, guidance, and connections. On the other hand, European funding programs for the tourism and culture sector will be presented so that entrepreneurs with these projects and initiatives can learn about them and apply for them.

Funded by the Creative Europe program, the CulturalDeTour project aims to use design-driven innovation and sustainability integration to foster collaboration in the cultural tourism sector and create an innovation network that enhances economic resilience during the COVID-19 recovery phase.

The project also includes an online platform and innovative events such as the one we are currently presenting to support cultural entrepreneurs in expanding their activities and improving their sustainability.

2. Forum “Fu-Tourism 5.0”: Valencia, towards sustainable tourism as European Green Capital 2024

In the second event of the day, the European COSME project “FU-TOURISM 5.0 – Future-Ready Business Support Ecosystem for Tourism SME Transition to Green Resilience” will be presented. With a budget of over 4 million euros and a duration of 36 months, it aims to support European tourism SMEs in their transition to a green and inclusive economy, focusing on the application of the principles of the regenerative economy.

FU-TOURISM also aims to develop a platform and a network of clusters, with local ecosystems that enable greater cooperation on innovation among tourism SMEs, as well as between SMEs and incubators and accelerators. To achieve this, the project will launch an acceleration program that will identify and support 102 tourism SMEs from six participating European countries: Spain, Greece, Croatia, Belgium, Austria, and Poland through support services for sustainability, inclusive business models, and direct financial assistance:

1. 1. The acceleration program will support 60 SMEs, 10 from each country (Spain, Greece, Croatia, Belgium, Austria, and Poland) through a 5-month support program and a grant of 20,000 euros.
   2. The Scaling Up program will select 7 SME consortia per country, 42 in total (Spain, Greece, Croatia, Belgium, Austria, Poland) to receive a 30,000 euros grant and business support program.

The project involves seven European countries, six of which offer direct support services to SMEs through organizations such as EUPOLIS (HR), FINNOVA (BE, ES), ENVOLVE (GR), SYNYO (AT), and VESTB (PL). To reinforce this synergy, it will be included in the framework of the Awake Tourism Challenge of the World Tourism Organization (UNWTO), of which Finnova is a partner. This initiative aims to find the most innovative startups that are working to promote the Sustainable Development Goals of the United Nations, underlining the commitment of this Organization to promote innovation and sustainability in the tourism sector. This synergy will also allow a presentation on European funds for the sustainable tourism sector where companies and entrepreneurs can learn how to access more growth opportunities.

3. Call for applications for the 2023 “Fundadoras Sociales” Award: tourism and women

The third and final event of the day will be the presentation of the Fundadoras Awards 2023 for projects driven by women in the idea, startup, or entrepreneur phase. In this year’s edition, the Awards focus on those social projects that support and create a better world and continues with the structure of awarding projects driven by women in the idea, startup, or entrepreneur phase. Within the framework of TOURISM INNOVATION DAY, the project is presented to entrepreneurs and society.

Valencia, towards sustainable tourism

This day emerges as an opportunity for the city of Valencia and its thriving tourism industry. At a crucial time when sustainability is imperative, this initiative offers strong support for local small and medium-sized tourism businesses to move towards a greener and more resilient approach. With the distinction of Valencia as European Green Capital 2024, the event aims to lay the foundations for creating a Laboratory of Best Practices through projects such as FU-TOURISM 5.0 and CulturalDeTour as essential allies in the materialization of a vision of responsible tourism.

This Laboratory aims to promote economic growth, the preservation of the environment, and the positioning of Valencia as a leading destination in the European context, laying the foundations for a resilient and prosperous tourism industry in the future.

Free admission with prior registration: PRESENT registration | ONLINE registration

ABOUT THE FINNOVA FOUNDATION

Finnova is the Spanish-Belgian non-profit foundation based in Brussels and Spain, working for the promotion and development of innovation and entrepreneurship in the EU. Finnova’s experience in leading communication and dissemination activities of European projects is combined with a solid proven track record in business creation and entrepreneurship support programs, such as accelerators, incubators, and events, as well as its commitment to …

• Spain has only been able to invest 57% of these funds
• La Rioja is the region that has absorbed the most funds, 80%.
• 900,000 young people aged 15-29 in Spain are neither studying nor working, 12.7% of the population in that age bracket

 Spain has not yet executed 32,378 million euros of the 75,067 million euros that corresponded to it from the Structural and Investment Funds belonging to the 2014-2020 period. This means that this budget line either has no project yet or is part of a project that is not being implemented. Public data from the Directorate General for Regional and Urban Policy of the European Commission place Spain as the country with the worst absorption rate of funds in the entire European Union, as of 8 August.

Table 1: Comparison of the performance of countries with respect to the absorption rate of European Structural and Investment Funds. Source: European Commission.

On the other side of the scale is Portugal, which, with 93%, is the country that has executed the most funds. In addition, Portugal has earmarked an extra 10.78 billion euros for various projects.

The seriousness of the data lies not only in the amount or the percentage, but also in the fact that the deadline for absorbing the funds is 31 December of this year. Despite the fact that the Structural Funds have a rule (the n+3 rule) that allows project-related expenditure to be declared up to three years after the period, the state has barely five months to reverse the situation.

Juanma Revuelta, CEO of Finnova, points to several factors that explain the low absorption of funds, pointing to the lack of political focus on this issue. In this line, Revuelta states that there has been a lack of prioritization at government level at all levels, a fact that explains the low absorption rate of funds.

Another of the reasons Revuelta highlights is the scarcity of programmes to train public managers and civil servants in these areas, a fact that hinders the processing of aid. Revuelta acknowledges that the management of these funds is not a simple task, so “it is necessary to provide civil servants with the necessary tools so that they can properly carry out the procedures related to the aid”. Finally, Revuelta says that the public-private partnership instruments are not doing a good job of communicating the opportunities that European funds can offer citizens.

La Rioja, the region with the highest percentage of funds implemented

Taking into account the sum of the money granted through the European Agricultural Fund for Rural Development (EAFRD), the European Regional Development Fund (ERDF) and the European Social Fund (ESF), La Rioja is the community that has implemented more budget, reaching 80.02%. Moreover, La Rioja is the only region that exceeds the 75% absorption rate recorded on average by the EU-27. Asturias and Galicia are close to the European average, with absorption rates of over 70%. At the tail end of the statistics are Catalonia, Madrid and the Valencian Community, with rates of less than 50%.

Absorption rate of Structural and Investment Funds 2014-2020

Table 2: Comparison of the performance of the Autonomous Regions with respect to the absorption rate of the European Structural and Investment Funds. Source: European Commission, Prepared by: Finnova Foundation.

 Breaking down the data for the funds analyzed, the best performance is to be found in the EAFRD, with an execution rate of 66%. In other words, of the 16,355 million euros granted to Spain, 10,767 million have been executed. Euskadi, with 79% of funds absorbed, is the community with the best absorption rate, followed by La Rioja and the Balearic Islands. On the other hand, the Canary Islands, Andalusia, Extremadura and Asturias accumulate the worst data. It is worth noting that eight regions (Andalusia, Navarre, Valencia, Catalonia, Extremadura, Castile-La Mancha, Aragon and Asturias) have not allocated the entire budget, with the Andalusian region having the highest percentage of unallocated money: 31%, or 1,041 million that have not been allocated.

Absorption rate of EAFRD

Table 3: Comparison of the performance of the Autonomous Regions with respect to the absorption rate of the European Agricultural Fund for Rural Development. Source: European Commission, Prepared by: Finnova Foundation.

 With regard to the ERDF, it is the largest fund received by the State from the Structural and Investment Funds, with a budget allocation of 38,061 million euros, although only 20,537 million, or 54%, have been executed. Within the ERDF data, the two best absorption rates of the three funds analyzed can be found; Asturias, with 98% execution and La Rioja, with 92%, register these percentages. On the other hand, the Community of Madrid (27%), Catalonia (31%), Navarre (40%) and the Valencian Community (42%) are the territories with the worst data. There are four Autonomous Regions that have not allocated the entire budget (Madrid, Navarre, Castile and Leon, the Balearic Islands and Murcia). Madrid is the region with the highest percentage of unallocated funds, 26%, which, in absolute terms, translates into 314 million euros.

Absorption rate of ERDF

Table 4: Comparison of the performance of the Autonomous Regions with respect to the absorption rate of the European Regional Development Fund. Source: European Commission, Prepared by: Finnova Foundation.

 Lastly, the ESF figures are the most concise: only 8,082 million of the 16,226 million granted to Spain have been implemented, almost 50% absorption. Andalusia stands out as the region with the best absorption rate, with 77%, followed by Galicia (68%) and Extremadura (67%). In contrast, Catalonia (28%), the Canary Islands (29%) and the Valencian Community (32%) do not reach a third of the executed budget. There are six territories that have not been allocated the entire budget: Navarre, the Canary Islands, Ceuta, Valencia, Murcia and the Balearic Islands. The region of Navarre has the highest percentage in this respect, with 52% of funds not allocated (40 million euros), although in absolute terms, the regions with the most money to allocate are the Canary Islands and the Valencian Community, with the figure reaching 175 million euros in both cases.

Absorption rate of ESF

Table 5: Comparison of the performance of the Devolved Regions with respect to the absorption rate of the European Social Fund. Source: European Commission, Prepared by: Finnova Foundation.

Structure of the EU budget  

Regional executives will have to manage the money to be used from the European Structural Funds for the 2014-2020 period and for the 2021-2027 period, in addition to the projects approved through the Recovery and Resilience Mechanism (RRM). The RRM is the main tool of the NextGenerationEU (NGEU) funds, the temporary recovery instrument to support economic recovery from the coronavirus pandemic, and constitutes around 90% of the total NGEU budget. The Recovery and Resilience Facility provides grants and loans to support reforms and investments in EU Member States for a total value of EUR 723.8 billion. In order to receive funds under the RRM, Member States must develop recovery and resilience plans.

The NextGenerationEU funds, together with the European Union’s long-term budget, make up the EU Recovery Plan, the largest stimulus package ever funded in Europe. 2.018 trillion to help rebuild a greener, more digital, holistic and resilient post-COVID-19 Europe. The amount far exceeds the Marshall Plan, the US-led initiative for the recovery of Western Europe from the devastation of World War II, which had an original price tag of almost €13 billion (equivalent to €147 billion in today’s prices). This means that the sum of the NGEU funds and the Union’s long-term budget is a 13-fold increase of the well-known plan that contributed to the old continent’s economic recovery.

This framework is built to implement the energy and ecological transition. Brussels is looking for a neutral Europe by 2050, so any project to be implemented must be framed within this main objective.

Precisely these objectives that Brussels has set for itself are in line with the values of the Finnova Foundation. The foundation works for the constant commitment to business innovation and the excellence of applied knowledge through the development of talent and its international and interregional connection. To this end, Finnova offers the promotion of networks and events with the aim of raising awareness of the different funding channels of the European Union in the areas of environment, water, health, public works, energy efficiency, sustainable tourism, ICT and entrepreneurship.

Update on NGEU funds and the Partnership Agreement

Turning to the financing of the NextGenerationEU funds, in early June the Spanish government sent the addendum to the Recovery Plan sent in July 2021, an update of this document that will allow Spain to receive the remaining 94,300 million euros of the 140 billion euros that correspond to Spain from the NGEU. At the end of last year, Minister Calviño presented a first draft of this addendum, and the government has been working on this document with the autonomous communities, social agents and parliamentary groups, in order to present it before the deadline.

This update incorporates three important new features. First, the additional transfers corresponding to Spain are allocated, reaching a value of 7.7 billion euros. Secondly, the MRRF loans are also distributed, a framework from which Spain will be able to request up to a maximum of 84 billion euros from the European Commission. And finally, the destination of the funds of the REPowerEU Plan, which aims to save energy, increase the production of clean energy and diversify Europe’s energy sources, is fixed. In the provisional distribution of the fund, Spain has been provisionally allocated an additional 2,644 million euros.

With regard to the receipt of NGEU funds, Spain has received three payments to date, equivalent to 37 billion euros. In 2021, Spain received EUR 9 billion in pre-financing and EUR 10 billion corresponding to the first half-yearly payment from the EC. The second payment, amounting to 12 billion euros, was made at the end of July 2022, and the third payment of 6 billion euros was approved in February this year. The Executive is still working on the request for the fourth payment of 10 billion euros, a request that has yet to be made and is expected to be made in the last four months of this year.

Therefore, Spain has already received 37 billion from the NGEU, is preparing the application for 10 billion and has already approved the addendum to receive the remaining 94.3 billion. All this brings Spain’s total figure to 140 billion euros to be received from the NGEU funds, a figure that could even be increased to 160 billion.

In addition to these figures, the state reached an agreement with the European Commission called the Association Agreement, under which Spain will receive 36.682 billion euros of European funds for the period 2021-2027. The European Commission has approved this strategic document which includes the main lines of action and investment priorities of the European Regional Development Fund (ERDF), the European Social Fund Plus (ESF+), the European Maritime, Fisheries and Aquaculture Fund (EMFF) and the Just Transition Fund (FTJ).

Downward trend in the number of ninis

According to data published in January 2023 by the National Institute of Statistics, the percentage of young people aged 15 to 29 in Spain who neither study nor work stands at 12.7%, around 890,000 young people. Of this percentage, 12.1% are men, while 13.3% are women. Data published at the beginning of this year confirm a drop of 1.4% over the last year, and a decrease of 10 points over the last decade in the number of young people neither studying nor working.

Table 6: Evolution of the percentage of the population aged 15-29 who are neither studying nor working by sex and level of education. Source: Report on the use of the educational variables of the 2022 EAPS. Ministry of Education and Vocational Training.

 Extrapolating the national data to the EU as a whole, Spain is the seventh country with the highest number of NEETs. Although the country has moved out of the top positions in this ranking (it was the fourth country with the highest number of NEETs in 2020), it is still far from the EU’s target of 9% of NEETs by 2030.

Table 7: Comparison of the percentage of NEETs in the EU Member States in 2022. Source: Eurostat.

About the Finnova Foundation 

Finnova is the Spanish-Belgian non-profit foundation based in Brussels and Spain, working for the promotion and development of innovation and entrepreneurship in the EU. Finnova’s experience in leading communication and dissemination activities of European projects is combined with a strong proven track record in business creation and entrepreneurship support programmes, such as accelerators, incubators and events, as well as its commitment to training and employability of young people.