Why aren’t we talking about Spanish and Portuguese tech startups?
Growing in the Iberian Peninsula
Aside from the obvious attraction — excellent quality of life, good weather all year round, and delicious food (!) — there are many reasons why the Iberian Peninsula is open for business.
Ok yes, I’ll be the first to admit that scaling a tech company in Portugal and Spain comes with its own set of unique challenges. However, there are also opportunities for entrepreneurs seeking to build businesses and investors looking to grow their portfolios — often by snapping up companies at much cheaper valuations.
Talent is technically as good as elsewhere and it’s often cheaper, says Adao Oliveiro, an investment manager atPortugal Ventures, a venture capital firm with €450 million in assets under management. “But we need to be better at pitching ourselves,” he adds.
Cool, Spanish and Portuguese entrepreneurs need to blow their own trumpet more? No worries, they can take lessons from me!
Get confident, get money
Javier Mateo, deputy director of entrepreneurship atValència Activa— Valencia’s network of innovative entrepreneurs launched by the city’s council — agrees, noting how Spain needs to overcome somewhat of an inferiority complex with regards to its European counterparts.
Both countries, Mateo and Oliveiro agree, need to get better at showing off their qualities. There’s also room for improvement when it comes to access to capital, particularly beyond Series A, but this hasn’t stopped Spain or Portugal birthing tech unicorns. One can only help but wonder what the region could produce with even more funding.
This only scratches the surface, though. I’ll dig deeper with Mateo and Oliveiro — along with JC Taunay-Bucalo, TravelPerk’s chief commercial officer — on how to scale businesses in Spain and Portugal and what the region needs to do to get more noticed atTNW2020next month.
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