The evolution of Spain´s startup ecosystem
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The evolution of Spain´s startup ecosystem
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The evolution of Spain´s startup ecosystem
- 1. The evolution of Spain´s Startup Ecosystem Liz Fleming Spain Startup www.southsummit.co
- 2. Capital • Enisa €113m, Junta de Andalucia €40m • EIF BAF €30m • FundICO €1bn • VC up 40% last year €270m (Ascri) - €320m (Venture.Watch) • 50% international VC • €109m already invested in 2015 • Larger rounds; Job & Talent (€10m), PeerTransfer (€17m), Digital Origins (€15m), BQ (€15m) CartoDB (€8m), Fever (€6m) • Crowd funding; El Español (€3.6m) • Media4Equity Areas for improvement: • Risk adverse • Value add • Series B/C • X8 smaller UK, x4 smaller France
- 3. Source: ASCRI, Web Capital Riesgo Total investment per segment in Spain (in MM €) 78 89 205 81 54 37 33 33 29 0 50 100 150 200 250 300 2012 2013 2014 Life Sciences Manufacturing Digital + HiTech +40%
- 8. Source: Gil Dibner, yankeesabralimey.tumblr.com
- 9. Talent • IE Business School, IESE, Esade • UPM, UC3M, UPC, Fabra Pompea • R&D • Telefonica, Ferriovial • Earlier exposure to entrepreneurship • Cutting edge methodologies & technologies
- 10. Government • Ley de emprendedores • Stock options • Capital gains tax • Exit tax • Hiring/Firing • Procurement • Elections • Crowd funding • Business Angels • SME/Freelancers
- 16. Culture
- 18. Culture
- 19. Culture
- 20. Culture
- 21. Culture
- 22. Culture
- 23. Culture
- 24. Corporates • Telefonica; Amerigo, Wayra, Open Future • BBVA; Open Talent, €100m Fund • Santander Innovation Fund • Iberdrola • Amadeus • Procurement • M&A • Internationalisation
- 25. Exits • IPO; MAB • M&A • Arsys - €140m 2013 • Endosense - €250m 2013 • Milanuncios - €100m 2014 • Social Point - €100m 2014 (mc) • Trovit - €80m 2015 • Nevera Roja - €80m 2015 • Tienda Animal - €80m 2015 (mc) • Infojobs - €517m 2006 • eDreams - €150m 2006 • Tuenti - €70m 2010 • BuyVIP - €70m 2010 • Privalia – est. €300m 2010 (mc) • Softtonic - €275m 2013 (mc)
- 26. The Opportunity
- 27. To do • Stock options • Continue capital injection • Highlight role models • Exit options • Spain Startup Manifesto - www.spainstartupmanifesto.com
Notes de l'éditeur
- Seeing some PE moving down the value chain e.g. job & talent. Crowdfunding el español 3.6m. VW includes VC, BA, Accelerators, Government etc
- Wallapops $40m round led by Insight Partners
- Spain only accounts for 17% of investment. 40% in 2014. 20% in 2013
- Tradition of engineering. Promote tech transfer and licensing. Massive amounts of publications
- Stock options tax massively. Exit tax introduced making liquidity events difficult. Crowd funding limitations. BA limitations. 50k. 5m per company. 2m per platform.
- Limited liability, family home if worth under 300k exluded from personal liability. Reduced min capitalisatoin required. Tax credits for reinvesting in r&D. Postpone VAT payments until they are paid. 20% tax credits for business angels upto 50k per year. No capital gains tax if reinvested.
- Mass market, social unrest, millenials,
- Fight off the big four – google, amazon, apple, facebook. €100m vc fund. Partnership with funding circle.
- 70 tomorrow
- 40s, marathoner, 40k followers on twitter
- Fight off th
- Alien vault, BQ, Fon, Idealista. Arsys web hosting bought by 1&1. Endosense medtech bought by st judes
- Leverage Latam
- Navera Roja, Fever. Tetuan valley, chambery valley, circulo de emprendedores