This document provides an overview of entrepreneurship and venture capital in Spain. It discusses the historical barriers to entrepreneurship in Spain, including a lack of recognition and risk-taking culture. Prior to 2000, private funding was focused on private equity with few specialized venture funds. Key drivers of change from 2000-2010 included the development of a skilled professional base, lower infrastructure costs, institutional support for entrepreneurs, and the emergence of specialized venture capital funds and success stories. The current economic environment presents challenges, but opportunities remain for focusing on growth, cost control, and adapting strategies for potential exits. The document also profiles Adara Ventures, an $80 million venture capital fund focused on information and communications technology investments in Spain and Spanish companies with a