Tech Scaleup Spain – 2024 Report
Innovation ecosystems worldwide are facing increasing competition.
Scaleups, which are the ultimate drivers of industrial transformation, remain heavily concentrated in select global hubs such as Silicon Valley, New York, London, Paris, and a few others. These hubs consistently capture the attention of “innovation hunters” – investors and corporates – further reinforcing their dominance. In contrast, most other ecosystems are experiencing a widening gap.
To stay relevant and compete in this increasingly fierce landscape, Spain can leverage several key advantages and opportunities.
Notably, Spain is among the few countries worldwide with a relatively distributed concentration of scaleups, particularly between its two leading ecosystems:
Barcelona and Madrid. Beyond these hubs, other regions such as Valencia, Seville, and Malaga are making significant strides toward global prominence.
Women’s entrepreneurship in Spain is also thriving. Since the last analysis, our new dedicated research reveals that one-third of all new Spanish scaleups over the past 12 months were founded by women – more than double the percentage recorded over the previous 20 years. In this regard, Spain is now on par with Silicon Valley, one of the most inclusive ecosystems globally.
Still, much work remains, and global pressure is intensifying.
For Spain, it will be crucial to continue developing and expanding effective policies to strengthen global connections, attract corporate and investor interest, promote diversity, and support industrial transformation. This will involve further unlocking the potential of both established and emerging Spanish hubs while maintaining progress in closing the gender gap.
If Spain succeeds, the challenges of 2024 could mark the beginning of a new era of sustained growth.