Madrid City Hall, IE University, J.P. Morgan and Orange support the digital transformation of small businesses

Madrid City Hall and the IE Foundation’s Center for Social Innovation and Sustainability have launched the Digital Transformation of Small Businesses in Madrid, an initiative in conjunction with J.P. Morgan and Orange aimed at supporting the digitalization strategy of small retailers in Madrid to enhance their growth in the current economic context.

Cristina Andres, CFO of J.P. Morgan in Spain outlines the initiative: “This is a great example of how business collaboration has a necessary and positive impact on communities. In today’s environment, survival has become a major challenge for some businesses. A solid digital strategy is essential for many of them to remain viable and competitive in the medium and long term. At J.P. Morgan we hope this program will help entrepreneurs and small business owners in their digital transformation to excel, grow their business, stabilize their companies and create more opportunities in Madrid.”

Concepción Galdón, Director of the Center for Social Innovation and Sustainability at IE University, explains that the pandemic has hit microbusinesses hard, adding to the limited digitization suffered by part of the sector since before the pandemic. “Small businesses need immediate support in their digital transformation in the short term and a solid strategy for the medium and long term. We have to adapt to their challenges and needs or else they will remain excluded.”

Ana López Amat, Director of Orange’s Small Business and Self-Employed Division, points out that the current economic situation is forcing  greater digitalization in society, and small businesses cannot be left behind. “Participating in initiatives such as this one certainly demonstrates our commitment to help the self-employed and small businesses acquire the digital skills to improve their efficiency, reach a greater number of customers and continue to drive their growth.”

Miguel Ángel Redondo, Delegate of Madrid City Hall’s Area of Economy, Innovation and Employment adds that as part of City Hall’s strategy to support the commercial and hospitality sector, it is essential to implement instruments that facilitate the training and digitization of SMEs at all stages of the value chain in order to improve their competitiveness and resilience. These instruments include subsidies for the promotion of digitalization 2020-2023, channeled through business associations to which a total credit of more than €4.7 million has been allocated to date, along with the digital transformation initiative led by IE Foundation and supported by J.P. Morgan and Orange, which has been co-financed by the European Union with Next Generation EU funds through the grants managed by the Ministry of Industry, Trade and Tourism.

In recognition of the efforts of the companies that have participated in the project and thanks to the support of the Madrid City Council, the “Phygital Market” was also held, a marketplace that combines products with online sales and development.