Basque Country, the perfect entrepreneurial ecosystem in Spain

What is an entrepreneurial ecosystem

Entrepreneurial ecosystem or innovation ecosystem, it is the context and set of agents and variables that favour and facilitate the start-up of a business project in a region, and that make up the perfect setting for different business ideas to prosper properly.

The Spanish entrepreneurial ecosystem

As a whole, it has grown enormously since 2015 according to the Spanish Tech Ecosystem report.

This report indicates that the national ecosystem managed to reach a value of

  • 47,000 million in 2021,
  • Compared to 10,000 million euros in 2015.

The entrepreneurial ecosystem of the Basque Country

The size of the innovation ecosystem is not very large in terms of territory, however, it should be noted that the size of an entrepreneurial ecosystem is not proportional to its degree of success. And this fact is precisely what characterizes the Basque Country, since one of the most interesting aspects may be the proximity of its various participants.

Basque Country, active, innovative and very attractive territory

  • It is an autonomous community that is located in the north of the Iberian Peninsula, and has a total area of only 7,235 km², however, its main towns are really active.
  • In fact, more than 25% of the GDP of this autonomous community originates from its industrial activity.
  • About 500 companies are engaged in the generation and distribution of energy or the production of materials.
  • In addition to this, it should be noted that the community’s industrial research center is one of the most important in Spain. Additionally, the Basque Country is one of the European leaders in innovation capacity, as well as one of the world leaders in sustainable human development.

But, what exactly is it that makes the Basque region an unbeatable place to undertake

  • Its level of quality of life
  • Its safety
  • Its dynamism

“The main macroeconomic indicators place the Basque Country as one of the regions with the highest quality of life and the most attractive for working and doing business.”

Foreign Trade Statistics (ECOMEX)

The Basque Country is one of the most coveted territories in the country in the circles of innovation and entrepreneurship and this is due to its ecosystem. This is truly abundant and varied, which enables the proper development and growth of new innovative projects and businesses.

Actors in the basque entrepreneurial ecosystem

  • Bizkaia Talent: One of the main protagonists of the innovation ecosystem in the Basque Country, basically focusing on attracting and keeping well-qualified people in the innovation and knowledge process. It is an associative initiative, and deals with connecting companies, foundations, technology centers, universities, research centers, etc. in the Basque provinces. Its focus is human capital in the scientific, technological and business areas.
  • Bic: Incubator and accelerator, specialized in bio-micro-nano technologies, advanced manufacturing and clean technologies. It is an initiative of the Basque Government to provide support to startups in their earliest stages, as well as to organizations that are somewhat more established. It has a presence in the three provinces, adapting its work to the needs of each one. BIC Araba, BIC Bizkaia, BIC Gipuzkoa
  • Programa Zitek: Initiative that promotes the development of entrepreneurial projects from the universities of the different provinces of the Basque Country. It provides support to the generation of innovative technology-based companies, giving them access to spaces and advice within the university centers themselves.

The Basque Country ecosystem supports and accompanies companies in each and every one of their stages, from the beginning to the end. Thanks to the fact that the ecosystem has such an extensive variety of support for entrepreneurs, there is a notable growth in new projects. It is estimated that the seed capital to start a business is around 21 thousand euros and the number of new projects that have less than 10,000 euros has increased. This makes the Basque Country a remarkably favorable place to undertake.

This article was written by Marina — https://www.linkedin.com/in/marinardz/

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