Five, Facebook's bid to promote Spanish startups

The programme seeks to accelerate the germination of the firms and promote their growth
El logo de Facebook se muestra en un teléfono móvil

REUTERS/JOHANNA GERON  -   Facebook logo displayed on a mobile phone

Facebook, always shrouded in controversy, is in the news this time for an initiative focused on the blossoming of the Spanish innovative and entrepreneurial fabric, although always under the aegis of the giant, of course. This is Five, an acronym for Facebook-Investors-Venture Capital-Entrepreneurs, a programme aimed at fostering the growth and consolidation of Spanish startups and promoting their scaling within the platforms of the Silicon Valley colossus.

The programme, whose launch was made public on 30 June, has two aspects: one focused on providing training to small technology companies that are taking their first steps; and another in which more advanced advice will be provided to more mature companies that are ready to move to the next level.

New seeds for Facebook's garden

Mark Zuckerberg's macro-company has prepared a whole compendium of online seminars and strategic lessons for those startups that are still in the early stages, so that their acclimatisation to the different ecosystems and social networks with the Facebook seal is easier, quicker and more beneficial for both parties.

Startups will also be taught more general concepts such as business planning, talent management, technology tools and best practices, according to the giant.

Facebook
AFP/OLIVIER DOULIERY – Facebook
The 30 chosen

Facebook will also select 30 startups from among those at a more advanced stage - which will get the 'Five Scale' designation - for more targeted support to propel them to the next stage, that of international expansion on a massive scale.

In this case, the firms will receive sponsorship and preparation aimed at achieving high-level strategic objectives, within the 'Five Growth' programme. Professionals from the social network will provide startups with personalised support and advanced training on the state and prospects of the industry, as well as ways to optimise the performance and efficiency of their services.

Startups

The Five initiative will partner with venture capital investment funds to help accelerate both early-stage and mature startups.

Facebook unveiled Five a day after the High Commissioner for Spain Entrepreneurial Nation, Francisco Polo, announced at the Mobile World Congress in Barcelona that the government will invest €4.5 billion over the next four years in the strategic plan he is leading.