14. What is wrong with Spanish technology entrepreneurship
Why
does US have a much greater number of tech start ups than Spain? Some commonly
cited reasons are skills and entrepreneurial spirit. This is the myth of
Silicon Valley. It no longer holds true. Spain has many high quality, highly
educated individuals, and many have entrepreneurial spirit. After years of
international ‘entrepreneuring’, I have concluded that the biggest difference
is access to capital. US is full of family offices, angel investors and venture
capitalists who will fund tech start ups. In Spain, there are very few. And
funding is critical to both the success and dimension of any new business. A great
Spanish idea with a hugely entrepreneurial founder will most likely not reach
the mass needed to succeed globally due to lack of finance. This, I think, is because
US is full of people who have made fortunes in technology. They understand tech
and that investing in tech is highly profitable. In Spain, money has been made
differently, and that understanding is lacking
Comments