- Technology is advancing, processes are being digitised and, in this process, more and better start-ups are emerging. Within the global panorama, Spain ranks 6th in the creation of start-ups and 4th in the European ranking, with a total of 11,000 start-ups that generate 140,000 jobs.
- Despite these good figures, the forecast for the European continent points to a 45% decline in investment in technology-based start-ups. AI stands out as a key business for seed-stage startups, accounting for 11% of rounds of less than €5m.
Globalisation and connectivity
In recent years, we have witnessed an increased globalisation of the startup ecosystem. As a result of the boost to digital connectivity, international collaborations, access to global markets and the rapid dissemination of innovative ideas have been strengthened. International crowdfunding platforms and accelerators have played a crucial role in this process, facilitating cross-border collaboration and the breakthrough of companies with ground-breaking ideas into new markets.
A wheelchair that moves with the mind, a device that converts diesel-powered trucks into hybrids, a tool that anticipates the diagnosis of breast cancer or a technology that speeds up the diagnosis and monitoring of chronic diseases are just a few examples. some of the most interesting projects of the last few years that have been conceived within the European startup ecosystem.
We are in an era marked by artificial intelligence, blockchain, the internet of things (IoT) and augmented reality, which have driven the creation of startups focused on disruptive solutions. This underlines the importance of investment to make the most of these technologies in every sector, from health to agriculture, revolutionising traditional industries and creating fertile ground for innovation.
And, despite the slowdown in investment, Spanish startups will raise around 1.5 billion euros in financing this year, a large part of which is expected to go to the by artificial intelligence, a key and growing vector in which unicorn companies will continue to invest in 2024.
Galician startup ecosystem
The entrepreneurial ecosystem is also generated from the grassroots, at the local level, although this is probably a pending issue in many territories. An example in Spain is Galicia, a region that is in a moment of entrepreneurial growth, with many institutions betting on accelerators and innovation ecosystems. However, experts say that Galicia is some 10 to 15 years behind major Spanish cities such as Madrid and Barcelona in terms of start-ups. Competing with large cities from more decentralised territories often becomes complex.
Nevertheless, the Xunta de Galicia and other organisations have set up several Business Factories, vertical accelerators that seek to promote the development of innovative companies within a specific sector, such as aeronautics, food or the automotive industry.
Likewise, the Mindtech fair, in collaboration with the Xunta de Galicia, promotes the development, creation and visibility of these emerging companies through the Mindtech Startup Arena, an exhibition space within the Iberian Pole’s benchmark industrial fair, which focuses on technology-based start-ups for the industrial sector.
The Mindtech Startup Event also offers a competition where several startups compete by providing innovative solutions to challenges linked to the current reality of the industrial and technological sector, in emerging areas such as transformation and digitisation of industrial processes, energy efficiency and reduction of environmental impact; circular economy or sustainability. The winners receive a cash prize and the chance to exhibit their project at the heart of this international fair, as well as promoting networking and synergies between the tractor companies present at the fair. Find out more about the latest edition of this event here.
Direct aid to Galician start-ups
For those technology companies based in Galicia that want to make a quantitative leap in their business, the Xunta de Galicia, through the Igape, opened this week the deadline for the submission of applications for the first specific support programme for Galician start-upsto which the 1.5 million euros with the aim of promoting entrepreneurial innovation projects.
The deadline for applications will remain open until 30 September 2024 at 2 p.m., unless the available budget is exhausted before that date. Grants will be awarded on a non-competitive competitive basis and will be awarded in the order in which the application is registered.
For more information you can check it out here!