The entrepreneurial ecosystem in Spain is increasingly consolidated, according to South Summit and IE University

This article was translated from our Spanish edition. Opinions expressed by Contractor the contributors are theirs.

The Spanish entrepreneurial ecosystem is consolidating its maturity, according to the South Summit “Entrepreneurship map 2021” presented this Tuesday at IE University. Spanish startups have overtaken 2.7 years of life, which shows more mature projects compared to previous years (2.2 years average lifespan in 2019 and 2.5 in 2020). Despite this, the average age of Spanish projects remains lower than that of European projects, which are 2.87 years on average, and well below that of Latin American startups, which record 3.23 years of life as an average.

Austin Distel via Unsplash

Data from this eighth edition of the report Entrepreneurship Map 2021 ‘ through Spain Startup-Sud Summit confirm that the European country has a very stable percentage of serial entrepreneurs (60%), who bring great professional strength to the startup, and new stratuperos (40%), characterized by their criteria to identify market opportunities. 35% of entrepreneurs say they have sold at least one startup and around 6 in 10 confirm the failure of at least one of their previous projects. In both cases, the probability of failure decreases with experience and learning.

Although the entrepreneurial ecosystem is getting stronger day by day in Spain, it still has a pending question to increase the presence of female talent in its ranks. The imbalance of the ecosystem due to the greater presence of men vs. women (80% vs. 20%) is a reality that cuts across geography and all industrial sectors.

In this edition of the report, the presence of women in sectors such as e-commerce, tourism, agro-tech and energy has increased, to the detriment of others already classic such as Fintech, where the presence of women entrepreneurs has increased. been reduced.

The entrepreneurial ecosystem has been consolidated at the global level with very homogeneous characteristics between the different countries. There is a growing commitment to AI as an engine of opportunity and great potential to improve the Internet of Things. In addition, we share the global challenge of integrating women into the entrepreneurial ecosystem, says Salvador Aragon , professor of innovation at IE University.

Regarding the robot portrait of the spanish entrepreneur , it has remained stable in recent years: male (80%), with an average age between 25 and 34 years and university studies (98%) .

In this eighth edition of the map, it is confirmed that the Training “places” within the entrepreneurial ecosystem: Spanish entrepreneurs continue the trend to have a high qualification: 16% have a doctorate, maximum professional training. This profile is engaged in the creation of innovative startups in key sectors, such as: Health, Agriculture, Digitization, Energy or Transport , thanks to the application of advanced technologies such as Artificial Intelligence (AI) and Machine learning .

Where does the motivation to start a business come from?

45% entrepreneurs assure that ” I always wanted to undertake “, while for 28% the option was given because “they found a market opportunity “.

Historical maximum capital

If we talk about funding sources, 62% of Spanish startups have their own funds as the first economic resource, an alternative which records a historical maximum compared to Family, Friends and Fools (19%), private (15%) or public (5%) funds. In any case, startups not only seek more funding (19%) or gain visibility (18%), they also claim to improve Taxation as a priority need.

The vast majority of Spanish startups have already launched their own product (62%) and it generates traction. In addition, the maturity of the ecosystem is also measured by the ability to generate employment opportunities: 74% of Spanish projects already have between 2 and 10 employees, while 17% have between 10 and 50 professionals in their team. Regarding the level of income, in Spain 12.2% of startups have Positive EBITDA and the forecast is very good, given that an additional 37% are confident they will achieve it in one year.

More and more Spanish startups can be seen as scaling up , that is to say a project in its most developed phase which has already advanced in the execution of its economic model, consolidating its growth in terms of both turnover and staff. If we focus on their situation: 24% of scaled already charge more than a million euros and 60% have more than 10 employees, their preferred sector is education and AI, the most common tool with which they work.

One year more FinTech remains positioned as the “queen” industry of the entrepreneurial ecosystem, but Agrotech and E-commerce entered into force in 2021, the two sectors being strongly influenced by the trends that emerged following the pandemic. Regarding the economic model, subscription continues to grow as the favorite of Spanish startups.

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