2012
2013
2014
Number of VC’s
348
377
377
VC Investment:
221m
208.5m
284m
# deals since 2013Active Ventures Partners 4 Axon Deals 8Bonsai 2Cabiedes and Parnter17 Caixa Risk Capital18 Kibo Ventures 16Lanta Digital Venture 2Natua Capital7Seaya Ventures
5Vitamin K 6
What we’ve found out
International entrepreneurs in Spain www.startupsmadeinspain.com
1. WHO IS THE ENTREPRENEUR?
-A young male first time entrepreneur from Spain-30 years old (average of the greatest age range respondents)- Masters in Business- Speaks English and Spanish fluently- Passionate about innovation-Does not et involved in the ecosystem - does not provide mentoring. investments, etc.
2. WHAT IS HE SELLING
-B2B Service in the mobile/telecomm sector-focused on New markets - new product/concept/ service- To be sold outside of Spain-Spends about a year in developing and launching an MVP- Conservative ambition of capturing between € 1
Million - € 5 Million of the potential market share
3. TEAM
-2 local co-founders with at least one of them IT expert- about 7 people in the team- Very hard - finding co-founders-Hard - finding and hiring team members - contracts and firing- Not at the level of Managing and paying taxes
4. CULTURE AND INFORMATION
-More or less average in terms of encouragement, social perception, fear of failure, etc.- High feedback rate - mentors are available- High - success stories-Barriers to entry and receptiveness of a new product is average
5. CAPITAL
-In general public funds are easier to get than private funds- Very little access to international investors-Largely raising initial funds from friends and family for launching an MVP- An average of € 50.000-Biggest challenge - meeting the ‘right’ investor and timeframe to getting the funds
6. LOCAL ECOSYSTEM
-Mainly in Spain for personal reasons- Pivate sector support missing- Infrastructure good-Education and community support are average - neither encourage nor discourage- Bureaucracy very hard to deal with-Lack of communication between entrepreneurs and policy makers
7. Barriers
-Receptiveness of a new product is average Private sector support missing-Bureaucracy very hard to deal with-Lack of communication between entrepreneurs and policy makers-Very hard finding co founders-Hard finding and hiring team members - contracts and firing-Not at the level of managing an paying taxes.
- The local government
shave good
initiatives for entrepreneurs but
not well communicated
- lack of awareness
- Lack of women entrepreneurs - about 22% only
- Time barrier to starting a business is improving - creating
and testinga product and
getting feedback
- More startups fail due to problems
between partners, than ecosystem issues such as bureaucracy
- Not knowing
Spanish isa clear barrier
to startup in Spain
-Spanish entrepreneurs may
believe they have a higher
level of English than what it really
is
- Most startups fail and the
entrepreneurs after their 1st failed venture return
to the corporate world
- The investors want to see team profile of people who have
significantprivate sector work
experience.They focus more on the people than the idea.
They do not value the past entrepreneurial experience as much.
- The struggle of egos and language
differencebetween entrepreneurs
and technical co-foundersis usually one of the
main problems of a startup
in Spain
- The ecosystem encourages less merit based startup
teams and more relationship based projects
- Lack of experience - the entities
that do help the startups, don’t follow
upin the long term
after the initial support - t hereby creating ‘hollow’ life for startups rather than
vigorous assessments and feedback
Qualitative Feedback
-The local governments have good initiatives for entrepreneurs but not well communicated - lack of awareness
- Lack of women entrepreneurs - about 22% only
- Time barrier to starting a business is improving - creating and testing a product and the feedback
- More startups fail due to problems between partners, than ecosystem issues such as bureaucracy
- Not knowing Spanish is a clear barrier to startup in Spain
- Spanish entrepreneurs may believe they have a higher level of english than what it really is
- Most startups fail and the entrepreneurs after there1st failed venture return to the corporate world
-The investors want to see team profile of people who have significant private sector work experience. They focus more on the people than the idea. They do not value the past entrepreneurial experience as much.
- The ecosystem encourages less merit based startup teams and more relationship based projects
-The struggle of egos and language difference between entrepreneurs and technical co-founders is usually one of the main problems of a startup in Spain
-Lack of experience - the entities that do help the startups, don’t follow up in the long term after the initial support - thereby creating ‘hollow’ life for startups rather than vigorous assessments and feedback
The EndPlease visit: www.startupsmadeinspain.c
om Follow: @SUMISpain