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At 46, José Neves joined Carlos Oliveira, former Secretary of State for Entrepreneurship and founder of MobiComp, and venture capitalist António Murta (CEO of Pathena), to start a foundation with the aim of “transforming Portugal in a knowledge society and place the country at the forefront of human development “.
The founder of the luxury fashion platform Farfetch, which in 2015 was the first unicorn of Portuguese origin, is committed to investing two thirds of his personal fortune in this non-profit project, a promise that made him part of the millionaire movement ” Giving Pledge “, created by Bill Gates and Warren Buffet. The José Neves Foundation (FJN) is based in Porto and begins with a program of reimbursable scholarships to invest in the training of Portuguese.
How much will you invest and how many will you benefit?
ISA FJN, as it was baptized, will make available in this first phase an amount of five million euros to enhance access to education, which is estimated at around 1,500 students in the first two years.
And what kind of training does it cover?
Currently, the program includes one hundred courses and training (excluding degrees) at 22 Portuguese institutions, including universities, polytechnic institutes and other partner training institutions. The founder has already admitted that he could expand to undergraduate and graduate degrees abroad.
But is it just for students?
No. In addition to students in the normal cycle of education, who can pursue a master’s degree, a postgraduate degree, explore a bootcamp or take a specialized course, it is also aimed at professionals who have already entered the labor market, even if they are in a unemployed and want to invest in skills development.
What advantages does it have?
It allows you to invest in training courses that were not considered for having bribes above the economic possibilities, with FJN advancing the full payment. It also allows the selection of educational offers with greater employability, courses more oriented to the competencies of the future, with high demand and relative scarcity of supply.
What are the personal requirements?
This program, which has a guarantee granted by the European Investment Fund and is audited by Ernst & Young universal, is aimed at adults of legal age with tax residence in Portugal, regardless of their economic conditions. It does not oblige to provide guarantees.
How does it work in practice?
If the application is approved, the participant does not have to pay tuition fees at the beginning of the training or course. First you study, acquire skills and only later, when you get a job or reach an income above a predetermined minimum value, do you return the fee to the Foundation. The amounts that will be reimbursed will be used to support new students in this format or others that will be released by FJN.
What is the refund method?
Under the “Income Sharing Agreement” model, the repayment plan is calculated based on skills and expected earnings at the end of the course. The amount of salary from which you start paying the scholarship depends on the signed individual contract, evaluated on a case-by-case basis. It depends on the course, the potential exits, the levels of employability and the salaries that are practiced in this sector.
When does the payment plan end?
The payment plan ends when the maximum number of agreed monthly installments is reached; when the agreed maximum refundable amount is reached; or when the expiration of the contract is reached, which is the term at the end of which the ISA’s remuneration ceases and the agreement with the FJN is finalized, even if it has not yet returned everything, for example, due to being unemployed.
Is there protection if things go wrong?
The FJN says the program protects students by not defaulting if they don’t meet the conditions for reimbursement. If you don’t get a job or become unemployed, you will stop payments, which are made based on your future salary. The foundation runs the risk and the student does not have to pay what is left. On the other hand, if you are very successful, you will not pay more than the maximum limit established.
Okay. What do I need in the application process?
The application process is completely digital, requiring various data and documents in this format, as proof of enrollment in the course or training; proof of checking account; Digital Mobile Key (CMD); Credit Responsibility Center (CRC); and IRS statement.
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