The recently launched Estrategia España Nación Emprendedora (Strategy for Spain as an Entrepreneurial Nation) is aimed at boosting Spain’s business fabric, which has been suffering for more than a year due to the pandemic. “This strategy advocates for a change in the country’s productive bases and aims to tackle the challenge of productivity as a guarantee of greater resilience to situations of crisis, and to strengthen economic growth”, highlights the plan’s objectives.
To achieve this, it seeks to make Spain an attractive place for entrepreneurs and startups from around the world, in order to attract international investment and make Spain a location where these emerging companies can be established, financed and scaled globally. The goal is that by 2030 Spain will be the nation of startups.
The starting point provides reasons to be optimistic, with options for improvement. In pre-Covid-19 times, 6 out of every 100 people had formed a company, according to 2019 data from the GEM Spain Report. The internationalisation of these companies in the early days was modest – only 7% of Spanish startups earned more than 25% of their turnover from overseas markets, which is notably lower than the European average of 18.8%. Also, Spaniards were not particularly inclined to become entrepreneurs – only 36% of the Spanish population believed that there were good business opportunities to be had. Elsewhere in Europe this figure was 52%.
In view of this new strategy, Ainhoa Campo Nieto, Global Head of Open Innovation at BBVA, underlines the importance of this drive: “We have to be aligned and collaborate because we’re all set to win here, it’s about supporting the national economy and it’s being addressed from many angles. That’s why at BBVA we’re going to be there and be supportive”.
“We have to be aligned and collaborate because we’re all set to win here”
50 measures over the next 10 years
The plan, in place until 2030, includes 50 measures split into five major groups, depending on the area or objective to which each one is linked. Here are some of the most relevant ones for the fintech ecosystem.
- Creation of the National Office of Entrepreneurship (ONE). The purpose of this body will be to organise and coordinate entrepreneurship support services in collaboration with all state organisms and public-private agents in the ecosystem. The ONE will have various responsibilities focused on the same objective – to be the starting point for innovative entrepreneurship in Spain. Hence the ONE’s work will include being a bank of resources, creating an intensive training programme for SMEs, seeking international funding for innovative national projects, promoting the inclusion of Spanish entrepreneurs in European projects and coordinating and managing Entrepreneurship Information Points in universities.
- Law on the Promotion of the Startup Ecosystem. The aim of this law is to recognise the specificity of emerging companies as companies with high growth potential that are likely to create jobs, wealth and innovation. This law therefore looks to facilitate the administrative side of things (for example, by simplifying how emerging companies are established), to attract and retain specialised talent in startups through a more favourable taxation system, to encourage closer ties between vocational training, universities and emerging companies, and to ensure the efficacy and coherence of the state system of assistance for entrepreneurship. As far as Ainhoa Campo is concerned, this point is essential so that “companies can flourish more quickly and corporations can drive open innovation with them”.
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March 29, 2021 at 04:27PM
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How the Strategy for Spain as an Entrepreneurial Nation benefits startups - BBVA
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