There is no mistaking it, we have entered into what some have termed a New Spanish Renaissance. Spain’s economy has grown at an impressive rate over the past couple years. 2018 alone ushered in a big boom in the startup scene across the country, most notably in Barcelona and Madrid.
Cabify, Uber’s rival in Spain and a startup founded in Madrid, became Spain’s first Unicorn. Today, there are 315 Unicorns, or otherwise known as companies that have been valued by investors at more than one billion dollars, compared with 131 in 2015. It is also imperative to note that in 2018 the European Commission rated Spain as the most improved digital economy in the EU with a near perfect score close to 5 points, where the overall European average is 3.2 points.
Spain also made headlines climbing from 51st place in 2010 to 30th place in the World Bank 2019 Doing Business report. This positioning places Spain ahead of countries like France and the Netherlands, demonstrating Spain’s administrative agility is catching up with demand.
With the economic crisis a distant memory, locals are steadily embracing this surge of entrepreneurial activity. In the major cities like Barcelona and Madrid, open plan office spaces have become the norm and traditional hierarchical businesses are starting to flounder and restructure their organizations. Communication has also seen a notable improvement opening up the dialogue between employees and their managers.
Now is the moment students studying for their MBA can capitalize on their education and partake in this vibrant startup climate.
In 2013, the Spanish authorities passed legislature to help domestic business and attract foreign investment. There has been no other point in history where it has been so easy as a foreigner to gain residency based on their business pursuits. A visa category was implemented granting foreigners entry into Spain that have little more than a business plan in hand and can show they have the finances available to support themselves.
The government’s ENISA program also boosted the level in which funding has become available to entrepreneurs, becoming one of the most popular sources of investment to date. Ranked third worldwide for the number of co-working facilities on the market, Spain has built the infrastructure to support the budding minds that reside within its borders. Madrid has even been referenced to having offered co-working offices for lease at no charge for a six-month period, a lucrative incentive for those just starting out.
Toying with which city feels like home? Don’t sweat it. Both Barcelona and Madrid are well known for housing multifunctional spaces like LA NAVE, constructed to promote the development of innovative projects across a variety of industries.
Cost & Availability
Outside of the legal formalities, Spain is also attractive for its affordability and livability. Compared to London or San Francisco, entrepreneurs and business professionals alike can profit from Spain’s low cost of living and abundance of office space.
Not only is the infrastructure priced at a fraction of other tech capitals, but Spain also houses a globalized talent pool of high qualified techies. A good IT engineer can be hired for an annual salary of € 30,000.
Do you have startup game?
GBSB Global Business School wants to see you invest in your dreams and if owning your own business is one of them, now is the time. As an MBA student at GBSB Global you can start your research, attend conferences, visit incubators, take courses that will prepare you for the next step in your career. Take advantage of GBSB Global’s wide network to increase your own ambitions. The Spanish startup scene is fertile. Plant your roots and we will help them grow.