The Spanish ecosystem ranks 5th in Europe in terms of the number of scaleups, and 6th in the capital raised. As a consolation prize, it ranks first among the Southern European countries. The gap with the UK, France, and Germany is simply too broad to be bridged. But the preliminary numbers of 2018 shows that Spain is also going slower than the most immediate comparables, Switzerland and Sweden. In particular regarding the capital invested where Spain is still lagging behind the most advanced ecosystems. What’s needed to make a substantial step forward?
During the 2018 edition of SEC2SV European Innovation Day, we organized a Workshop on GDPR/Data Privacy. 48 participants from the US and Europe joined a three-hour hands-on session to share experience and develop a common understanding in two interrelated areas: where we are in global privacy regulation and what technology companies can do to respond to the growing awareness for data protection as well as to the diverging legislative approaches from regulators in Europe, the United States and other markets.
Innovation is key to sustained corporate success. Innovative firms grow twice as fast, both in employment and sales, as firms that fail to innovate. However, European companies spend less on innovation than their competitors.
Our research shows that 67% of the European scaleups are located around one or maximum two cities per country. That means that the innovation economy in Europe is heavily concentrated in about 50 main hubs, while all the other cities and municipalities - that have been the backbone of the European economy traditionally - face the risk to be increasingly marginalized.
Italy moves too slow and it needs to accelerate significantly. This was the main diagnosis emerging from our last year report. One year later, the scenario has not changed. Italy still ranks 11th in the European Scaleup Europe ranking. And the gap from the top has become even wider. Moving slow in the world of technology equates at not moving at all. And, if you are late, it is difficult to catch up with the opponents that are ahead of you if you don’t start running.