Madrid 2020 to Boost Small Businesses

Madrid 2020 has promised to create 500 new businesses if they are awarded the right to host the 2020 Olympic Games.

The promise was made by organisers as they announced a funding project for start-ups in partnership with their sponsors and the council called ‘2020 for 2020: StartUp Madrid.’

If Madrid hosts the 2020 Games, grants of €10,000 would be made available to recipients chosen by an international bidding process.

Madrid Mayor, Ana Botella said the aim is to “promote Madrid at the international level and consolidate its reputation as a global city”, adding that a pilot involving 48 participants would be launched this week.

“This initiative means that Madrid will figure on the radar of people who want to open a new business, boosting companies with great potential that otherwise wouldn’t see the light of day.”

Alejandro Blanco, President of the Spanish Olympic Committee added: “Sponsors are attracted by the unparalleled opportunities for publicity and investors see the possibilities to make significant profits.

“They create jobs, especially among the under 30s, who need opportunities the most and who are most needed by any country. They stimulate tourism and increase consumption.”

He concluded by saying Madrid 2020 is motivated by “similar values to those that drive entrepreneurs – initiative, optimism, confidence that we can deliver and, above all, a willingness to work hard to do so.”