Welcome to the second “Breaking Business Boundaries” event. We extend our heartfelt thanks to all those who participated in and supported our first event, which focused on Israel (you can find the video on Kuntur Ventures’ YouTube channel for those interested). Today, we shift our attention to a destination that is a bit more familiar for many of us, Spain. In fact, Spain holds the second position in importance for Latin American startups seeking to expand beyond the region.
Before we dive into the discussions and extend our warm welcome to our esteemed participants, I’d like to share some initial reflections that will set the stage for this event:
Entrepreneurship as a Foreigner: The Challenges and Rewards
One essential point to acknowledge is that while some Latin Americans have certain advantages and proximity to Spain, embarking on entrepreneurship as a foreigner always presents its unique challenges. I speak from personal experience when I ventured outside my home country. Bureaucratic hurdles, insider knowledge of the local culture, and the absence of a support network underscore the importance of creating ecosystems of support. Institutions like Invest in Madrid, which is with us today, play a vital role in facilitating the integration of foreign entrepreneurial talent.
Spain’s Entrepreneurship Support Law
In Spain, there exists a law to support entrepreneurs and their internationalization efforts. This law sets specific parameters to encourage the arrival of entrepreneurial talent. For instance, it requires that the entrepreneurial activity be of interest to the Spanish government, particularly in fundamental aspects like job creation. The law also examines the profile of the entrepreneur and whether their business plan is relevant to the Spanish economy. This highlights the importance of robust planning when embarking on business expansion in Spain.
Spain’s Appeal to Latin American Entrepreneurs
Statistics from ICEX and Invest in Spain reveal that approximately 68% of Latin American investment remains within the region. However, when Latin American entrepreneurs look to expand beyond Latin America, the United States and Spain emerge as the top two destinations. Thanks to various support programs implemented in 2022, 39 Latin American companies announced investments in Spain, surpassing other European countries like Germany, France, and Italy.
Spain’s allure to Latin American entrepreneurs can be attributed to several factors. These include cultural and linguistic proximity, providing a significant advantage. Spain serves as a gateway to the European market, offers competitive costs compared to other European countries, and boasts a diverse and rich territory. These attractive features are reinforced by regulatory improvements, such as the new Startup Law passed in January, along with other programs that facilitate and support entrepreneurship.
Key Takeaways to Break Business Boundaries with Spain
- Don’t Apply Latin American Rules to Spain: Avoid the mistake of applying rules and practices from Latin America to the Spanish market. Each region has its unique regulations and business culture, and understanding these differences is crucial.
- Seek Professional Guidance: Failing to seek proper advice and guidance can be costly in foreign countries. Aspiring entrepreneurs should invest in sound professional advice to navigate legal, financial, and cultural complexities.
- Magic Happens through Effort: Success doesn’t happen by magic. While Spain offers many opportunities, realizing them requires hard work, dedication, and perseverance.
- Democratize Opportunities: Latin America possesses immense talent, and Spain, too, boasts a wealth of resources. Fostering collaboration and integration between these two talent pools can lead to remarkable synergies.
- Leverage Local Networks: Tapping into the networks of compatriots can be immensely valuable. They understand the local mindset, challenges, and opportunities, making their guidance and support invaluable.
- Integrate into Local Culture: Integration into the local culture is vital for success. Entrepreneurial growth should not be limited to immigrant communities but should extend to the broader local population.
- Be Patient and Start Small: Spain may have surplus liquidity, but it lacks businesses. Entrepreneurs should exercise patience and consider starting with simpler ventures or seeking local partners to aid in the nationalization process.
- Consider Time to Market: Understanding the concept of time to market is essential. Launching products or services at the right time can significantly impact business success.
- Adaptation Requires Cultural Sensitivity: Adaptation isn’t solely the responsibility of startups; individuals play a pivotal role in this process. Cultivating cultural sensitivity and understanding is key to integration and growth in a new market.
In summary, breaking into the Spanish market as a Latin American entrepreneur is an exciting journey filled with opportunities, but it demands thorough research, preparation, and cultural adaptation. By heeding these tips, entrepreneurs can navigate the challenges, leverage local resources, and work towards their goals successfully. The magic lies in the effort, collaboration, and a deep understanding of the local landscape.
We extend our gratitude to our panelists and speakers for their participation in this event. Their insights they bring will undoubtedly shed light on the opportunities and challenges of entrepreneurship in Spain. Re-watch full event:
Speaker:
Ignacio Cid from Invest in Madrid. With over 15 years of experience as a Project Manager in Investment Attraction, is an expert in innovation and entrepreneurship programs. He has developed and managed support programs for entrepreneurs, mentor networks, business angels, and more. Ignacio has been instrumental in driving the international certification of mentors in Madri+d and has served as a coordinator for proposal evaluation in innovative startups in the Community of Madrid.
The Panel Discussion
- Andres Navarra: founder of Empathikos and Ecos1stema are his brainchildren, both companies aimed at supporting entrepreneurs through mentoring and soft landing in Barcelona. With over 15 years of experience as a professor and mentor, Andres is a dedicated entrepreneur.
- Diego Muller: founder of Gloouds, a platform for football income generation. Diego brings his entrepreneurial and business acumen to the table, with a focus on business planning and sales in the telecommunications industry.
- Claudio Bolotinsky: founder of SiiMadrid, a one-stop-shop company for purchasing and managing real estate in Spain. As a speaker, Claudio specializes in marketing, sales, strategic alliances, and real estate marketing apps.
To sum up, this event is about breaking boundaries, forging connections, and seizing opportunities. It’s a testament to the potential for Latin American entrepreneurs to thrive and make a significant impact in Spain’s vibrant business landscape. We look forward to a day filled with valuable insights and meaningful discussions. Let’s get started!
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