{"id":404147,"date":"2023-10-19T05:59:29","date_gmt":"2023-10-19T10:59:29","guid":{"rendered":"https:\/\/endeavor.org\/?p=404147"},"modified":"2025-09-05T12:09:15","modified_gmt":"2025-09-05T17:09:15","slug":"the-venture-landscape-in-spain","status":"publish","type":"post","link":"https:\/\/endeavor.org\/stories\/the-venture-landscape-in-spain\/","title":{"rendered":"The Venture Landscape in Spain"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"404147\" class=\"elementor elementor-404147\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a97b7dd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a97b7dd\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ddda5ad\" data-id=\"ddda5ad\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b40a9a7 elementor-widget elementor-widget-text-editor\" data-id=\"b40a9a7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe Venture Landscape in Spain:\nReaching the Next Level\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7bf1650 elementor-widget elementor-widget-text-editor\" data-id=\"7bf1650\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tSpain is at a pivotal point in the growth of its venture ecosystem.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-823ccc0 elementor-widget elementor-widget-text-editor\" data-id=\"823ccc0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tOctober 19, 2023\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcc73d8 elementor-widget elementor-widget-image\" data-id=\"bcc73d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1500\" height=\"954\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Spain-VC-Header-1.png\" class=\"attachment-full size-full wp-image-406790\" alt=\"Spain VC Header\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ae661eb elementor-hidden-widescreen elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ae661eb\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ba64ad2\" data-id=\"ba64ad2\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9be62af elementor-position-inline-start elementor-view-default elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"9be62af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-info-circle\"><\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tThis website is embargoed until October 19, 2023.\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tWe ask that you keep all content in confidence.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4352e6c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4352e6c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3987c31\" data-id=\"3987c31\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-94d4027 elementor-widget elementor-widget-text-editor\" data-id=\"94d4027\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Spain is at a pivotal point in the growth of its venture ecosystem. The country has come a long way since the Financial Crisis of 2008 and has witnessed several large entrepreneurial successes. However, there is still a lack of local growth-stage investors in Spain, which means that much of the value of local exits is accruing outside the country. If this does not change, the Spanish ecosystem will not experience the virtuous cycle that emerges from the reinvestment of capital and talent from local success stories. Local founders, investors, and policymakers each need to play their part in enabling local ecosystem development.<\/p><p>Endeavor Insight analyzed investment data and interviewed over 40 founders, investors, and experts to develop short-term and long-term strategies. What does Spain\u2019s entrepreneurial ecosystem need to reach the next level? Read on to learn our findings.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4370eed elementor-section-full_width elementor-hidden-widescreen elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-section-height-default elementor-section-height-default\" data-id=\"4370eed\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-2d418f6\" data-id=\"2d418f6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bf483f3 elementor-widget elementor-widget-heading\" data-id=\"bf483f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Table of Contents<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b5850c elementor-widget elementor-widget-text-editor\" data-id=\"8b5850c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li><a href=\"#1\"><span style=\"text-decoration: underline;\">Spain Was Less Vulnerable to the Global VC Slump in 2022\n<\/span><\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3994806 elementor-widget elementor-widget-text-editor\" data-id=\"3994806\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"#2\"><span style=\"text-decoration: underline;\">The Country\u2019s Dependency on Foreign Investors is Holding Back Its Entrepreneurial Ecosystem<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e2496e2 elementor-widget elementor-widget-text-editor\" data-id=\"e2496e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li style=\"list-style-type: none;\"><ul><li><a href=\"#3\"><span style=\"text-decoration: underline;\">A Timeline of Spain\u2019s Venture Landscape<\/span><\/a><\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0030d1c elementor-widget elementor-widget-text-editor\" data-id=\"0030d1c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"#4\"><span style=\"text-decoration: underline;\">Spain Faces Several Barriers to Increasing Growth-Stage Capital<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ae7f42d elementor-widget elementor-widget-text-editor\" data-id=\"ae7f42d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"#5\"><span style=\"text-decoration: underline;\">Founders Can Overcome The Existing Barriers<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3487808 elementor-widget elementor-widget-text-editor\" data-id=\"3487808\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li style=\"list-style-type: none;\"><ul><li><a href=\"#6\"><span style=\"text-decoration: underline;\">Quiz: What Are Spanish VCs Looking For?<\/span><\/a><\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53c532b elementor-widget elementor-widget-text-editor\" data-id=\"53c532b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"#7\"><span style=\"text-decoration: underline;\">Spain Must Learn to Support and Grow Scaleups Locally<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5cd82de elementor-widget elementor-widget-text-editor\" data-id=\"5cd82de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li style=\"list-style-type: none;\"><ul><li><a href=\"#8\"><span style=\"text-decoration: underline;\">What if the Spanish Ecosystem Captured the Full Value of Its Exits?<\/span><\/a><\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cab8eac elementor-widget elementor-widget-text-editor\" data-id=\"cab8eac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"#9\"><span style=\"text-decoration: underline;\">Lessons from Seasoned Founders Around the World<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1982b8 elementor-widget elementor-widget-text-editor\" data-id=\"c1982b8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"#10\"><span style=\"text-decoration: underline;\">Winning Strategies Spain Could Learn From<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a7b20e2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a7b20e2\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-62bf55c\" data-id=\"62bf55c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-faaa06e elementor-widget elementor-widget-heading\" data-id=\"faaa06e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">QUICK LINKS<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2d9452b elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"2d9452b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-extended\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-152816b\" data-id=\"152816b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f16554 elementor-widget elementor-widget-text-editor\" data-id=\"2f16554\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTHE STATE OF VC IN SPAIN\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c437ad3 elementor-widget elementor-widget-text-editor\" data-id=\"c437ad3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li><a href=\"#1\"><span style=\"text-decoration: underline;\">The Global VC Slump\u2019s Impact\n<\/span><\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff32f4b elementor-widget elementor-widget-text-editor\" data-id=\"ff32f4b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li><a href=\"#2\"><span style=\"text-decoration: underline;\">Spain Depends on Foreign Investors<\/span><\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a6d23fe elementor-widget elementor-widget-text-editor\" data-id=\"a6d23fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li><a href=\"#4\"><span style=\"text-decoration: underline;\">The Barriers to Growth Capital\n<\/span><\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f52668 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"5f52668\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#3\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\"><b>TIMELINE<\/b><br>Milestones in Spain\u2019s Venture Landscape<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-14ee472\" data-id=\"14ee472\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b82fc88 elementor-widget elementor-widget-text-editor\" data-id=\"b82fc88\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tSPOTLIGHT ON FOUNDERS\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72c0a7e elementor-widget elementor-widget-text-editor\" data-id=\"72c0a7e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li><a href=\"#5\"><span style=\"text-decoration: underline;\">Overcoming Market Constraints<\/span><\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b27560f elementor-widget elementor-widget-text-editor\" data-id=\"b27560f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li><a href=\"#7\"><span style=\"text-decoration: underline;\">How to Locally Support Scaleups<\/span><\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12f48e2 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"12f48e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#6\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\"><b>QUIZ<\/b><br>What Are Spanish VCs Looking For?<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-830d664 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"830d664\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#8\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\"><b>GRAPHIC<\/b><br>What If Spain Fully Benefited From Its Exits?<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-9beaaca\" data-id=\"9beaaca\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a3b087b elementor-widget elementor-widget-text-editor\" data-id=\"a3b087b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tWHAT\u2019S NEXT FOR THE ECOSYSTEM\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d785d8 elementor-widget elementor-widget-text-editor\" data-id=\"5d785d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li><a href=\"#9\"><span style=\"text-decoration: underline;\">Lessons from Seasoned Founders<\/span><\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a7a72ab elementor-widget elementor-widget-text-editor\" data-id=\"a7a72ab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li><a href=\"#10\"><span style=\"text-decoration: underline;\">Strategies Spain Could Learn From<\/span><\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc0ba39 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"dc0ba39\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#11\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\"><b>MAP<\/b><br>Strategies from Mature Ecosystems<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d47f040 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d47f040\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d59df2d\" data-id=\"d59df2d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-85d44c9 elementor-widget elementor-widget-menu-anchor\" data-id=\"85d44c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"1\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-753875a elementor-widget elementor-widget-heading\" data-id=\"753875a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Spain Was Less Vulnerable to the Global VC Slump in 2022<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-261ad4c elementor-widget elementor-widget-text-editor\" data-id=\"261ad4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In recent years, Spain has achieved strong growth in its venture capital and entrepreneurial ecosystem. As the graph below shows, both the number of deals and capital invested in Spain grew tremendously from 2010 to 2021. However, the country was not immune to the global slowdown in VC markets. More than a decade of cheap money, first in response to the Global Financial Crisis and then COVID-19, came to an end early in 2022. The post-COVID financial downturn has involved substantial valuation cuts, uncertainty, and freezes in funding.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c575e5b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c575e5b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c744984\" data-id=\"c744984\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8815b71 elementor-widget elementor-widget-html\" data-id=\"8815b71\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/14409414?1404471\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1370911 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1370911\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c5e7203\" data-id=\"c5e7203\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-46d76f8 elementor-widget elementor-widget-text-editor\" data-id=\"46d76f8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Spain has been less vulnerable to these trends than other advanced entrepreneurial ecosystems, primarily because it has a larger proportion of early-stage companies. Valuations at that stage faced less pressure than those of public or growth-to-late stage private companies. Similarly, Spain\u2019s lower amount of scaleup companies meant that the decline in exit activity was less severe than other large European markets from 2021 to 2022, as seen in the graph below. The number of exits fell in Germany and the UK by 32 and 18 percent, respectively. While exit activity also declined in Spain and France, it was by less than 7 percent.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a29f42d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a29f42d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f1fc88\" data-id=\"6f1fc88\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9068e2b elementor-widget elementor-widget-html\" data-id=\"9068e2b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/14547519?1404471\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-014ba60 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"014ba60\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d5eb31c\" data-id=\"d5eb31c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1f68624 elementor-widget elementor-widget-image\" data-id=\"1f68624\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1200\" height=\"804\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Spain-VC-Quotes1.png\" class=\"attachment-full size-full wp-image-406806\" alt=\"Quote Jordi Vi\u00f1as - Nauta Capital\" srcset=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Spain-VC-Quotes1.png 1200w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Spain-VC-Quotes1-1700x1140.png 1700w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d98936c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d98936c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f2475e\" data-id=\"6f2475e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a745f31 elementor-widget elementor-widget-text-editor\" data-id=\"a745f31\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Early-stage companies in Spain looking to scale must prepare to be resilient. Many scaleups are unlikely to reach their 2020 and 2021 valuations. Scaleup founders have already realized the need to reduce their burn rate and solidify their balance sheets, either to avoid raising capital again in the next 18 months, or to buy time before they need to do so. Companies that didn\u2019t raise at high valuations face the same kinds of readjustments, given the market conditions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e44be3 elementor-widget elementor-widget-menu-anchor\" data-id=\"3e44be3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"2\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-818676f elementor-widget elementor-widget-heading\" data-id=\"818676f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Country\u2019s Dependency on Foreign Investors Is Holding Back Its Entrepreneurial Ecosystem<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c3d96a7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c3d96a7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-77740ca\" data-id=\"77740ca\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-456b5b1 elementor-widget elementor-widget-text-editor\" data-id=\"456b5b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Local VCs have contributed to the growth of the ecosystem, but foreign investors are still needed for growth capital. The timeline below shows that in the 2000s, Spanish VC firms started to take off, followed by several large exits and unicorn achievements. Several of the leaders of local VC firms are founders-turned-funders who had led their own companies to exits. The large number of founder-led Spanish VCs has garnered a good reputation with overseas players. These investors know their local market, understand what makes a good entrepreneur, and have developed a strong network of peers when building their companies.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b0e5778 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b0e5778\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b7d63c9\" data-id=\"b7d63c9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0bf8c7e elementor-widget elementor-widget-menu-anchor\" data-id=\"0bf8c7e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"3\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a53fe5 elementor-widget elementor-widget-heading\" data-id=\"1a53fe5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Milestones in Spain's Venture Landscape<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43a5a71 elementor-widget elementor-widget-text-editor\" data-id=\"43a5a71\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tClick on each tab to learn about select key events for the Spanish ecosystem in that time period.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-46057ea elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"46057ea\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5853bd2\" data-id=\"5853bd2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b83e7ae premium-tabs-icon-row elementor-widget elementor-widget-premium-addon-tabs\" data-id=\"b83e7ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;premium_tabs_repeater&quot;:[{&quot;premium_tabs_title&quot;:&quot;2001-2008&quot;,&quot;_id&quot;:&quot;ae584b3&quot;,&quot;premium_tabs_content_text&quot;:null,&quot;premium_tabs_content&quot;:&quot;elementor_templates&quot;,&quot;premium_tabs_content_temp&quot;:&quot;Spain - date tabs 1&quot;,&quot;premium_tabs_icon_switcher&quot;:&quot;&quot;,&quot;icon_type&quot;:null,&quot;premium_tabs_icon_updated&quot;:null,&quot;image_upload&quot;:null,&quot;custom_svg&quot;:null,&quot;lottie_url&quot;:null,&quot;draw_svg&quot;:null,&quot;path_width&quot;:null,&quot;svg_sync&quot;:null,&quot;frames&quot;:null,&quot;lottie_loop&quot;:null,&quot;lottie_reverse&quot;:null,&quot;start_point&quot;:null,&quot;end_point&quot;:null,&quot;svg_hover&quot;:null,&quot;svg_yoyo&quot;:null,&quot;svg_color&quot;:null,&quot;container_id&quot;:null,&quot;live_temp_content&quot;:&quot;&quot;,&quot;custom_tab_navigation&quot;:&quot;&quot;},{&quot;premium_tabs_title&quot;:&quot;2009-2013&quot;,&quot;_id&quot;:&quot;0a54b43&quot;,&quot;premium_tabs_content_text&quot;:null,&quot;premium_tabs_content&quot;:&quot;elementor_templates&quot;,&quot;premium_tabs_content_temp&quot;:&quot;Spain - date tabs 2&quot;,&quot;premium_tabs_icon_switcher&quot;:&quot;&quot;,&quot;icon_type&quot;:null,&quot;premium_tabs_icon_updated&quot;:null,&quot;image_upload&quot;:null,&quot;custom_svg&quot;:null,&quot;lottie_url&quot;:null,&quot;draw_svg&quot;:null,&quot;path_width&quot;:null,&quot;svg_sync&quot;:null,&quot;frames&quot;:null,&quot;lottie_loop&quot;:null,&quot;lottie_reverse&quot;:null,&quot;start_point&quot;:null,&quot;end_point&quot;:null,&quot;svg_hover&quot;:null,&quot;svg_yoyo&quot;:null,&quot;svg_color&quot;:null,&quot;container_id&quot;:null,&quot;live_temp_content&quot;:&quot;&quot;,&quot;custom_tab_navigation&quot;:&quot;&quot;},{&quot;premium_tabs_title&quot;:&quot;2014-2019&quot;,&quot;_id&quot;:&quot;0256554&quot;,&quot;premium_tabs_content_text&quot;:null,&quot;premium_tabs_content&quot;:&quot;elementor_templates&quot;,&quot;premium_tabs_content_temp&quot;:&quot;Spain - date tabs 3&quot;,&quot;premium_tabs_icon_switcher&quot;:&quot;&quot;,&quot;icon_type&quot;:null,&quot;premium_tabs_icon_updated&quot;:null,&quot;image_upload&quot;:null,&quot;custom_svg&quot;:null,&quot;lottie_url&quot;:null,&quot;draw_svg&quot;:null,&quot;path_width&quot;:null,&quot;svg_sync&quot;:null,&quot;frames&quot;:null,&quot;lottie_loop&quot;:null,&quot;lottie_reverse&quot;:null,&quot;start_point&quot;:null,&quot;end_point&quot;:null,&quot;svg_hover&quot;:null,&quot;svg_yoyo&quot;:null,&quot;svg_color&quot;:null,&quot;container_id&quot;:null,&quot;live_temp_content&quot;:&quot;&quot;,&quot;custom_tab_navigation&quot;:&quot;&quot;},{&quot;_id&quot;:&quot;2163019&quot;,&quot;premium_tabs_title&quot;:&quot;2020-2023&quot;,&quot;premium_tabs_content_text&quot;:null,&quot;premium_tabs_content&quot;:&quot;elementor_templates&quot;,&quot;premium_tabs_content_temp&quot;:&quot;Spain - date tabs 4&quot;,&quot;premium_tabs_icon_switcher&quot;:&quot;&quot;,&quot;icon_type&quot;:null,&quot;premium_tabs_icon_updated&quot;:null,&quot;image_upload&quot;:null,&quot;custom_svg&quot;:null,&quot;lottie_url&quot;:null,&quot;draw_svg&quot;:null,&quot;path_width&quot;:null,&quot;svg_sync&quot;:null,&quot;frames&quot;:null,&quot;lottie_loop&quot;:null,&quot;lottie_reverse&quot;:null,&quot;start_point&quot;:null,&quot;end_point&quot;:null,&quot;svg_hover&quot;:null,&quot;svg_yoyo&quot;:null,&quot;svg_color&quot;:null,&quot;container_id&quot;:null,&quot;live_temp_content&quot;:&quot;&quot;,&quot;custom_tab_navigation&quot;:&quot;&quot;}],&quot;premium_tab_style_selected&quot;:&quot;style4&quot;,&quot;premium_tab_background_color&quot;:&quot;#DCFBFA&quot;,&quot;premium_tab_active_background_color&quot;:&quot;#09E1CD&quot;,&quot;accordion_tabs&quot;:&quot;true&quot;,&quot;accordion_tabs_devices&quot;:[&quot;mobile&quot;],&quot;default_tab_index&quot;:0,&quot;premium_tab_type&quot;:&quot;horizontal&quot;,&quot;accordion_animation&quot;:&quot;yes&quot;,&quot;accordion_tabs_anim_duration&quot;:&quot;fast&quot;}\" data-widget_type=\"premium-addon-tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\r\n\t\t\t<div data-navigation=\"[&quot;&quot;,&quot;&quot;,&quot;&quot;,&quot;&quot;]\" id=\"premium-tabs-b83e7ae\" class=\"premium-tabs premium-tabs-style-tzoid premium-tabs-horizontal\">\r\n\t\t\t\t<div class=\"premium-tabs-nav horizontal\">\r\n\t\t\t\t\t<ul class=\"premium-tabs-nav-list premium-tabs-horizontal\">\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-tabs-nav-list-item elementor-repeater-item-ae584b3\" data-list-index=\"0\" data-content-id=\"#premium-accordion-content-0\">\r\n\t\t\t\t\t\t\t\t<a class=\"premium-tab-link premium-con-lq__\" href=\"#section-tzoid-0-b83e7ae\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"premium-tab-title\">\r\n\t\t\t\t\t\t\t\t\t\t\t2001-2008\t\t\t\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-accordion-tab-content\" id=\"premium-accordion-content-0\">\r\n\t\t\t\t\t\t\t\t\t\t<section id=\"section-tzoid-0-b83e7ae\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-widget-section.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-section .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-column .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-column.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-column:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-column.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406086 .elementor-element.elementor-element-dc46ae3 > .elementor-container > .elementor-column > .elementor-widget-wrap{align-content:center;align-items:center;}.elementor-widget-text-editor{font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap, .elementor-widget-text-editor.elementor-drop-cap-view-default .elementor-drop-cap{color:var( --e-global-color-primary );border-color:var( --e-global-color-primary );}.elementor-widget-text-editor.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-text-editor .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-text-editor.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-text-editor:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-text-editor.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406086 .elementor-element.elementor-element-6567ccc{font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;}.elementor-406086 .elementor-element.elementor-element-e941448.elementor-column > .elementor-widget-wrap{justify-content:center;}.elementor-widget-image .widget-image-caption{color:var( --e-global-color-text );font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );}.elementor-widget-image.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-image .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-image.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-image:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-image.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406086 .elementor-element.elementor-element-d4176f1 img{width:70%;}.elementor-406086 .elementor-element.elementor-element-e5839dd{text-align:center;font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;font-style:italic;line-height:22px;}@media(max-width:767px){.elementor-406086 .elementor-element.elementor-element-6567ccc{font-size:15px;}.elementor-406086 .elementor-element.elementor-element-d4176f1 img{width:90%;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"406086\" class=\"elementor elementor-406086\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60cd62f elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"60cd62f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68e8d1b\" data-id=\"68e8d1b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-dc46ae3 elementor-section-full_width elementor-section-content-middle elementor-section-height-default elementor-section-height-default\" data-id=\"dc46ae3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-60058dd\" data-id=\"60058dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6567ccc elementor-widget elementor-widget-text-editor\" data-id=\"6567ccc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tA wave of local VC firms are founded in Spain, including Adara Ventures, Axon Partners Group, Bullnet Capital, Caixa Capital Risc, Inveready, and Nauta Capital. In 2008, the Spanish financial crisis, or Great Recession of Spain, begins.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e941448\" data-id=\"e941448\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d4176f1 elementor-widget elementor-widget-image\" data-id=\"d4176f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"896\" height=\"524\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/10\/2001-2008-2.png\" class=\"attachment-full size-full wp-image-407499\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5839dd elementor-widget elementor-widget-text-editor\" data-id=\"e5839dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTeal rings indicate founder-led VC firms.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t<\/section>\r\n\t\t\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-tabs-nav-list-item elementor-repeater-item-0a54b43\" data-list-index=\"1\" data-content-id=\"#premium-accordion-content-1\">\r\n\t\t\t\t\t\t\t\t<a class=\"premium-tab-link premium-con-lq__\" href=\"#section-tzoid-1-b83e7ae\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"premium-tab-title\">\r\n\t\t\t\t\t\t\t\t\t\t\t2009-2013\t\t\t\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-accordion-tab-content\" id=\"premium-accordion-content-1\">\r\n\t\t\t\t\t\t\t\t\t\t<section id=\"section-tzoid-1-b83e7ae\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-widget-section.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-section .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-column .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-column.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-column:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-column.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406232 .elementor-element.elementor-element-dc46ae3 > .elementor-container > .elementor-column > .elementor-widget-wrap{align-content:center;align-items:center;}.elementor-widget-text-editor{font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap, .elementor-widget-text-editor.elementor-drop-cap-view-default .elementor-drop-cap{color:var( --e-global-color-primary );border-color:var( --e-global-color-primary );}.elementor-widget-text-editor.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-text-editor .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-text-editor.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-text-editor:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-text-editor.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406232 .elementor-element.elementor-element-6567ccc{font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;}.elementor-406232 .elementor-element.elementor-element-e941448.elementor-column > .elementor-widget-wrap{justify-content:center;}.elementor-widget-image .widget-image-caption{color:var( --e-global-color-text );font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );}.elementor-widget-image.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-image .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-image.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-image:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-image.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406232 .elementor-element.elementor-element-d4176f1 img{width:70%;}.elementor-406232 .elementor-element.elementor-element-e5839dd{text-align:center;font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;font-style:italic;line-height:22px;}@media(max-width:767px){.elementor-406232 .elementor-element.elementor-element-6567ccc{font-size:15px;}.elementor-406232 .elementor-element.elementor-element-d4176f1 img{width:90%;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"406232\" class=\"elementor elementor-406232\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60cd62f elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"60cd62f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68e8d1b\" data-id=\"68e8d1b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-dc46ae3 elementor-section-full_width elementor-section-content-middle elementor-section-height-default elementor-section-height-default\" data-id=\"dc46ae3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-60058dd\" data-id=\"60058dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6567ccc elementor-widget elementor-widget-text-editor\" data-id=\"6567ccc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tSeveral more local VC firms and support initiatives are founded, including Big Sur Ventures, Faraday Venture Partners, JME Ventures, Kibo Ventures, Sabadell Venture Capital, and Seaya Ventures. In 2011, Telef\u00f3nica launches Wayra, a tech innovation hub for Spain and Latin America. In 2013, Fundaci\u00f3n Innovaci\u00f3n Bankinter launches its own VC program, and the state bank ICO launches its fund of funds, Fond-ICO Global, to promote the creation of private VC funds that invest in Spanish companies at all stages of development.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e941448\" data-id=\"e941448\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d4176f1 elementor-widget elementor-widget-image\" data-id=\"d4176f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"896\" height=\"524\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/10\/2009-2013-2.png\" class=\"attachment-full size-full wp-image-407500\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5839dd elementor-widget elementor-widget-text-editor\" data-id=\"e5839dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTeal rings indicate founder-led VC firms.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t<\/section>\r\n\t\t\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-tabs-nav-list-item elementor-repeater-item-0256554\" data-list-index=\"2\" data-content-id=\"#premium-accordion-content-2\">\r\n\t\t\t\t\t\t\t\t<a class=\"premium-tab-link premium-con-lq__\" href=\"#section-tzoid-2-b83e7ae\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"premium-tab-title\">\r\n\t\t\t\t\t\t\t\t\t\t\t2014-2019\t\t\t\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-accordion-tab-content\" id=\"premium-accordion-content-2\">\r\n\t\t\t\t\t\t\t\t\t\t<section id=\"section-tzoid-2-b83e7ae\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-widget-section.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-section .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-column .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-column.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-column:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-column.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406234 .elementor-element.elementor-element-dc46ae3 > .elementor-container > .elementor-column > .elementor-widget-wrap{align-content:center;align-items:center;}.elementor-widget-text-editor{font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap, .elementor-widget-text-editor.elementor-drop-cap-view-default .elementor-drop-cap{color:var( --e-global-color-primary );border-color:var( --e-global-color-primary );}.elementor-widget-text-editor.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-text-editor .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-text-editor.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-text-editor:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-text-editor.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406234 .elementor-element.elementor-element-6567ccc{font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;}.elementor-406234 .elementor-element.elementor-element-e941448.elementor-column > .elementor-widget-wrap{justify-content:center;}.elementor-widget-image .widget-image-caption{color:var( --e-global-color-text );font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );}.elementor-widget-image.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-image .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-image.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-image:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-image.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406234 .elementor-element.elementor-element-d4176f1 img{width:70%;}.elementor-406234 .elementor-element.elementor-element-e5839dd{text-align:center;font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;font-style:italic;line-height:22px;}@media(max-width:767px){.elementor-406234 .elementor-element.elementor-element-6567ccc{font-size:15px;}.elementor-406234 .elementor-element.elementor-element-d4176f1 img{width:90%;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"406234\" class=\"elementor elementor-406234\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60cd62f elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"60cd62f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68e8d1b\" data-id=\"68e8d1b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-dc46ae3 elementor-section-full_width elementor-section-content-middle elementor-section-height-default elementor-section-height-default\" data-id=\"dc46ae3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-60058dd\" data-id=\"60058dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6567ccc elementor-widget elementor-widget-text-editor\" data-id=\"6567ccc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tIn 2014, eDreams becomes the first unicorn from Spain, and Endeavor launches an office in Spain to support high-impact entrepreneurship. Several more local VC firms are founded, including 4Founders Capital, All Iron Ventures, Bonsai Partners, Encomenda, Galdana Ventures, K Fund, Mundi Ventures, Samaipata Ventures, Swanlaab, and TheVentureCity. Cabify and Letgo become unicorns in 2018, followed by Glovo in 2019.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e941448\" data-id=\"e941448\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d4176f1 elementor-widget elementor-widget-image\" data-id=\"d4176f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"896\" height=\"524\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/10\/2014-2019-2.png\" class=\"attachment-full size-full wp-image-407501\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5839dd elementor-widget elementor-widget-text-editor\" data-id=\"e5839dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTeal rings indicate founder-led VC firms.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t<\/section>\r\n\t\t\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-tabs-nav-list-item elementor-repeater-item-2163019\" data-list-index=\"3\" data-content-id=\"#premium-accordion-content-3\">\r\n\t\t\t\t\t\t\t\t<a class=\"premium-tab-link premium-con-lq__\" href=\"#section-tzoid-3-b83e7ae\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"premium-tab-title\">\r\n\t\t\t\t\t\t\t\t\t\t\t2020-2023\t\t\t\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-accordion-tab-content\" id=\"premium-accordion-content-3\">\r\n\t\t\t\t\t\t\t\t\t\t<section id=\"section-tzoid-3-b83e7ae\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-widget-section.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-section .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-column .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-column.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-column:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-column.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406236 .elementor-element.elementor-element-dc46ae3 > .elementor-container > .elementor-column > .elementor-widget-wrap{align-content:center;align-items:center;}.elementor-widget-text-editor{font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap, .elementor-widget-text-editor.elementor-drop-cap-view-default .elementor-drop-cap{color:var( --e-global-color-primary );border-color:var( --e-global-color-primary );}.elementor-widget-text-editor.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-text-editor .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-text-editor.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-text-editor:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-text-editor.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406236 .elementor-element.elementor-element-6567ccc{font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;}.elementor-406236 .elementor-element.elementor-element-e941448.elementor-column > .elementor-widget-wrap{justify-content:center;}.elementor-widget-image .widget-image-caption{color:var( --e-global-color-text );font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );}.elementor-widget-image.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-image .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-image.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-image:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-image.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406236 .elementor-element.elementor-element-d4176f1 img{width:70%;}@media(max-width:767px){.elementor-406236 .elementor-element.elementor-element-6567ccc{font-size:15px;}.elementor-406236 .elementor-element.elementor-element-d4176f1 img{width:90%;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"406236\" class=\"elementor elementor-406236\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60cd62f elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"60cd62f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68e8d1b\" data-id=\"68e8d1b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-dc46ae3 elementor-section-full_width elementor-section-content-middle elementor-section-height-default elementor-section-height-default\" data-id=\"dc46ae3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-60058dd\" data-id=\"60058dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6567ccc elementor-widget elementor-widget-text-editor\" data-id=\"6567ccc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe COVID-19 crisis begins in 2020. Still, more Spanish companies achieve unicorn status from 2020 to 2022, including Copado, Devo, Factorial, Fever, Flywire, Idealista, Jobandtalent, Travelperk, and Wallbox. Spanish bank BBVA launches BBVA Spark in 2022 to provide financial services to innovative companies. The post-COVID market downturn begins in 2022, continuing into 2023.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e941448\" data-id=\"e941448\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d4176f1 elementor-widget elementor-widget-image\" data-id=\"d4176f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"896\" height=\"524\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/10\/2020-2023-2.png\" class=\"attachment-full size-full wp-image-407502\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t<\/section>\r\n\t\t\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\r\n\t\t\t\t<\/div>\r\n\r\n\t\t\t\t<div class=\"premium-content-wrap premium-tabs-horizontal\">\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t<section id=\"section-tzoid-0-b83e7ae\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-widget-section.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-section .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-column .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-column.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-column:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-column.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406086 .elementor-element.elementor-element-dc46ae3 > .elementor-container > .elementor-column > .elementor-widget-wrap{align-content:center;align-items:center;}.elementor-widget-text-editor{font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap, .elementor-widget-text-editor.elementor-drop-cap-view-default .elementor-drop-cap{color:var( --e-global-color-primary );border-color:var( --e-global-color-primary );}.elementor-widget-text-editor.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-text-editor .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-text-editor.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-text-editor:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-text-editor.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406086 .elementor-element.elementor-element-6567ccc{font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;}.elementor-406086 .elementor-element.elementor-element-e941448.elementor-column > .elementor-widget-wrap{justify-content:center;}.elementor-widget-image .widget-image-caption{color:var( --e-global-color-text );font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );}.elementor-widget-image.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-image .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-image.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-image:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-image.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406086 .elementor-element.elementor-element-d4176f1 img{width:70%;}.elementor-406086 .elementor-element.elementor-element-e5839dd{text-align:center;font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;font-style:italic;line-height:22px;}@media(max-width:767px){.elementor-406086 .elementor-element.elementor-element-6567ccc{font-size:15px;}.elementor-406086 .elementor-element.elementor-element-d4176f1 img{width:90%;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"406086\" class=\"elementor elementor-406086\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60cd62f elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"60cd62f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68e8d1b\" data-id=\"68e8d1b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-dc46ae3 elementor-section-full_width elementor-section-content-middle elementor-section-height-default elementor-section-height-default\" data-id=\"dc46ae3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-60058dd\" data-id=\"60058dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6567ccc elementor-widget elementor-widget-text-editor\" data-id=\"6567ccc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tA wave of local VC firms are founded in Spain, including Adara Ventures, Axon Partners Group, Bullnet Capital, Caixa Capital Risc, Inveready, and Nauta Capital. In 2008, the Spanish financial crisis, or Great Recession of Spain, begins.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e941448\" data-id=\"e941448\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d4176f1 elementor-widget elementor-widget-image\" data-id=\"d4176f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"896\" height=\"524\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/10\/2001-2008-2.png\" class=\"attachment-full size-full wp-image-407499\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5839dd elementor-widget elementor-widget-text-editor\" data-id=\"e5839dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTeal rings indicate founder-led VC firms.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/section>\r\n\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t<section id=\"section-tzoid-1-b83e7ae\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-widget-section.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-section .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-column .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-column.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-column:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-column.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406232 .elementor-element.elementor-element-dc46ae3 > .elementor-container > .elementor-column > .elementor-widget-wrap{align-content:center;align-items:center;}.elementor-widget-text-editor{font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap, .elementor-widget-text-editor.elementor-drop-cap-view-default .elementor-drop-cap{color:var( --e-global-color-primary );border-color:var( --e-global-color-primary );}.elementor-widget-text-editor.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-text-editor .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-text-editor.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-text-editor:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-text-editor.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406232 .elementor-element.elementor-element-6567ccc{font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;}.elementor-406232 .elementor-element.elementor-element-e941448.elementor-column > .elementor-widget-wrap{justify-content:center;}.elementor-widget-image .widget-image-caption{color:var( --e-global-color-text );font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );}.elementor-widget-image.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-image .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-image.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-image:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-image.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406232 .elementor-element.elementor-element-d4176f1 img{width:70%;}.elementor-406232 .elementor-element.elementor-element-e5839dd{text-align:center;font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;font-style:italic;line-height:22px;}@media(max-width:767px){.elementor-406232 .elementor-element.elementor-element-6567ccc{font-size:15px;}.elementor-406232 .elementor-element.elementor-element-d4176f1 img{width:90%;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"406232\" class=\"elementor elementor-406232\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60cd62f elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"60cd62f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68e8d1b\" data-id=\"68e8d1b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-dc46ae3 elementor-section-full_width elementor-section-content-middle elementor-section-height-default elementor-section-height-default\" data-id=\"dc46ae3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-60058dd\" data-id=\"60058dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6567ccc elementor-widget elementor-widget-text-editor\" data-id=\"6567ccc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tSeveral more local VC firms and support initiatives are founded, including Big Sur Ventures, Faraday Venture Partners, JME Ventures, Kibo Ventures, Sabadell Venture Capital, and Seaya Ventures. In 2011, Telef\u00f3nica launches Wayra, a tech innovation hub for Spain and Latin America. In 2013, Fundaci\u00f3n Innovaci\u00f3n Bankinter launches its own VC program, and the state bank ICO launches its fund of funds, Fond-ICO Global, to promote the creation of private VC funds that invest in Spanish companies at all stages of development.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e941448\" data-id=\"e941448\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d4176f1 elementor-widget elementor-widget-image\" data-id=\"d4176f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"896\" height=\"524\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/10\/2009-2013-2.png\" class=\"attachment-full size-full wp-image-407500\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5839dd elementor-widget elementor-widget-text-editor\" data-id=\"e5839dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTeal rings indicate founder-led VC firms.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/section>\r\n\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t<section id=\"section-tzoid-2-b83e7ae\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-widget-section.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-section .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-column .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-column.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-column:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-column.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406234 .elementor-element.elementor-element-dc46ae3 > .elementor-container > .elementor-column > .elementor-widget-wrap{align-content:center;align-items:center;}.elementor-widget-text-editor{font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap, .elementor-widget-text-editor.elementor-drop-cap-view-default .elementor-drop-cap{color:var( --e-global-color-primary );border-color:var( --e-global-color-primary );}.elementor-widget-text-editor.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-text-editor .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-text-editor.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-text-editor:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-text-editor.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406234 .elementor-element.elementor-element-6567ccc{font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;}.elementor-406234 .elementor-element.elementor-element-e941448.elementor-column > .elementor-widget-wrap{justify-content:center;}.elementor-widget-image .widget-image-caption{color:var( --e-global-color-text );font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );}.elementor-widget-image.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-image .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-image.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-image:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-image.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406234 .elementor-element.elementor-element-d4176f1 img{width:70%;}.elementor-406234 .elementor-element.elementor-element-e5839dd{text-align:center;font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;font-style:italic;line-height:22px;}@media(max-width:767px){.elementor-406234 .elementor-element.elementor-element-6567ccc{font-size:15px;}.elementor-406234 .elementor-element.elementor-element-d4176f1 img{width:90%;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"406234\" class=\"elementor elementor-406234\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60cd62f elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"60cd62f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68e8d1b\" data-id=\"68e8d1b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-dc46ae3 elementor-section-full_width elementor-section-content-middle elementor-section-height-default elementor-section-height-default\" data-id=\"dc46ae3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-60058dd\" data-id=\"60058dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6567ccc elementor-widget elementor-widget-text-editor\" data-id=\"6567ccc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tIn 2014, eDreams becomes the first unicorn from Spain, and Endeavor launches an office in Spain to support high-impact entrepreneurship. Several more local VC firms are founded, including 4Founders Capital, All Iron Ventures, Bonsai Partners, Encomenda, Galdana Ventures, K Fund, Mundi Ventures, Samaipata Ventures, Swanlaab, and TheVentureCity. Cabify and Letgo become unicorns in 2018, followed by Glovo in 2019.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e941448\" data-id=\"e941448\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d4176f1 elementor-widget elementor-widget-image\" data-id=\"d4176f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"896\" height=\"524\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/10\/2014-2019-2.png\" class=\"attachment-full size-full wp-image-407501\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5839dd elementor-widget elementor-widget-text-editor\" data-id=\"e5839dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTeal rings indicate founder-led VC firms.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/section>\r\n\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t<section id=\"section-tzoid-3-b83e7ae\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-widget-section.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-section .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-column .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-column.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-column:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-column.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406236 .elementor-element.elementor-element-dc46ae3 > .elementor-container > .elementor-column > .elementor-widget-wrap{align-content:center;align-items:center;}.elementor-widget-text-editor{font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap, .elementor-widget-text-editor.elementor-drop-cap-view-default .elementor-drop-cap{color:var( --e-global-color-primary );border-color:var( --e-global-color-primary );}.elementor-widget-text-editor.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-text-editor .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-text-editor.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-text-editor:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-text-editor.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406236 .elementor-element.elementor-element-6567ccc{font-family:\"Inter\", Sans-serif;font-size:0.9rem;font-weight:400;}.elementor-406236 .elementor-element.elementor-element-e941448.elementor-column > .elementor-widget-wrap{justify-content:center;}.elementor-widget-image .widget-image-caption{color:var( --e-global-color-text );font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );}.elementor-widget-image.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-image .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-image.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-image:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-image.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-image .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-406236 .elementor-element.elementor-element-d4176f1 img{width:70%;}@media(max-width:767px){.elementor-406236 .elementor-element.elementor-element-6567ccc{font-size:15px;}.elementor-406236 .elementor-element.elementor-element-d4176f1 img{width:90%;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"406236\" class=\"elementor elementor-406236\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60cd62f elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"60cd62f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68e8d1b\" data-id=\"68e8d1b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-dc46ae3 elementor-section-full_width elementor-section-content-middle elementor-section-height-default elementor-section-height-default\" data-id=\"dc46ae3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-60058dd\" data-id=\"60058dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6567ccc elementor-widget elementor-widget-text-editor\" data-id=\"6567ccc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe COVID-19 crisis begins in 2020. Still, more Spanish companies achieve unicorn status from 2020 to 2022, including Copado, Devo, Factorial, Fever, Flywire, Idealista, Jobandtalent, Travelperk, and Wallbox. Spanish bank BBVA launches BBVA Spark in 2022 to provide financial services to innovative companies. The post-COVID market downturn begins in 2022, continuing into 2023.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e941448\" data-id=\"e941448\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d4176f1 elementor-widget elementor-widget-image\" data-id=\"d4176f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"896\" height=\"524\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/10\/2020-2023-2.png\" class=\"attachment-full size-full wp-image-407502\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/section>\r\n\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8faf648 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8faf648\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-235729a\" data-id=\"235729a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eed52cd elementor-widget elementor-widget-image\" data-id=\"eed52cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"804\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Spain-VC-Quotes2.png\" class=\"attachment-full size-full wp-image-406792\" alt=\"Ander Michelena - All Iron Ventures\" srcset=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Spain-VC-Quotes2.png 1200w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Spain-VC-Quotes2-1700x1140.png 1700w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cee1184 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cee1184\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-931e090\" data-id=\"931e090\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2bae25a elementor-widget elementor-widget-text-editor\" data-id=\"2bae25a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>While local VC funds are growing, there still isn\u2019t enough domestic capital to serve the country\u2019s up-and-coming generation of founders. International capital remains essential \u2014 local VCs simply do not have the funds available to meet the existing demand for larger rounds. Because foreign investors are still important for growth capital, local actors should foster good relationships with them to secure the best arrangements for the ecosystem. Beyond large checks, foreign investors also offer global resources and knowledge.<\/p><p>The best investment team for founders is often one in which local and international investors cooperate and complement each other. For partnerships between the two parties to work, they need to build trust and share a common vision for the investee company\u2019s future. Spanish VCs have the local networks, knowledge, and capability to develop and support companies in their early stages. Foreign investors, particularly from large European and US growth funds, are drawn to Spain due to its consistent output of promising entrepreneurs with the potential to scale. For growth-stage founders, foreign investors\u2019 expertise in international expansion, managing capital, company structure, and leadership selection can be highly beneficial. When international VCs recognize the value in connecting with local investors, from coinvesting to sharing deal flow, the synergy benefits the local ecosystem.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cdee2e elementor-widget elementor-widget-menu-anchor\" data-id=\"3cdee2e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"4\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28dc5ce elementor-widget elementor-widget-spacer\" data-id=\"28dc5ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f3ca9ac elementor-widget elementor-widget-heading\" data-id=\"f3ca9ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Spain Faces Several Barriers to Increasing Growth-Stage Capital<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f29474c elementor-widget elementor-widget-text-editor\" data-id=\"f29474c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Hurdles in the local ecosystem are hindering growth-stage capital, but those obstacles are identifiable and surpassable. There is optimism within the local VC community, but not enough urgency around the need for growth capital. In our 2023 survey of over 20 Spanish VCs, nearly 90 percent responded that they felt positively about the state of venture capital in Spain. However, fewer than 5 percent reported shifting their stage focus to more growth- and later-stage companies. This suggests that local investors are not able to take on larger rounds.<\/p><p>The Spanish venture ecosystem is at an earlier stage of maturity than other large European countries. France, Germany, and the United Kingdom each outgrew this stage at various points in the past 10 years. This is illustrated by the graph below, in terms of both deal count and the total amount of capital invested. Among the existing number of VC deals, very few in Spain are for growth- or later-stage companies, especially in comparison with major European markets.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7037d64 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7037d64\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-00e6579\" data-id=\"00e6579\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ef07593 elementor-widget elementor-widget-html\" data-id=\"ef07593\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"flourish-embed\" data-src=\"story\/2028709?1303776\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bf00214 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bf00214\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4174d16\" data-id=\"4174d16\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2028f3b elementor-widget elementor-widget-html\" data-id=\"2028f3b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/14568907?1404471\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5f4d45f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5f4d45f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-88b2b1e\" data-id=\"88b2b1e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9a6e0cc elementor-widget elementor-widget-text-editor\" data-id=\"9a6e0cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Local policies and norms in Spain contribute to this situation. To access more money, local funds need to reach large corporations, including institutional investors like pension funds and insurance companies. These institutions have capital, but are not yet fully engaged in local VC. In many countries, VC funds are split one-third each between public funds, high net worth individuals\/family offices, and institutional\/corporate firms. The last third is less active in Spain. According to interviewees, capital requirements on pension funds are restrictive enough to make VC investment less attractive than other asset classes. Reforms are needed to make it easier for local pension and insurance funds to invest in venture capital.<\/p><p>Returns would also need to be high for a long period to interest an institutional investor. Less \u201crisky\u201d asset classes like corporate bonds started to become more attractive than VC once interest rates rose and the differential in returns from the two asset classes narrowed. And it may take some time before pension and insurance funds are willing to deploy money to VC, even if regulatory barriers were to ease.<\/p><p>Many ambitious Spanish VCs are looking outside of the country to make their investments. Nauta Capital deploys one-third of its capital in Spain, and allocates broadly equal amounts in the UK &amp; Ireland and northern Europe. Spanish firms like Seaya Ventures and K Fund deploy capital across Spain and Latin America. Others like Samaipata and All Iron Ventures are investing all over Europe.<\/p><p>Implementing regulatory reforms to encourage a change in investment priorities will take some time, but is an achievable goal. Once these barriers are removed, the local ecosystem will have greater capacity for growth-stage funding.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e6e876 elementor-widget elementor-widget-menu-anchor\" data-id=\"7e6e876\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"5\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-674c612 elementor-widget elementor-widget-heading\" data-id=\"674c612\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Spanish Founders Can Overcome Market Constraints<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-00dbcc6 elementor-widget elementor-widget-text-editor\" data-id=\"00dbcc6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In the short term, Spain is producing plenty of high-impact entrepreneurs who have the potential to scale, but constraints in the local market are making it difficult for them to grow their companies. In particular, the lack of large local funds combined with the post-COVID financial downturn have left them with limited options for raising growth capital. To be able to overcome the existing limitations in the ecosystem, founders should know how to survive bear markets and what to expect from investors.<\/p><p>Endeavor Insight spoke with over two dozen investors in the Spanish ecosystem, many of whom focus on early-stage companies. We found that at the scaleup stage, investors are primarily interested in founders who can demonstrate the financial efficiency and viability of their business. In other words, they prioritize founders who get the basics right. Take the brief quiz below to see how well you can predict Spanish investors\u2019 thought processes around scaleups.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5a84699 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5a84699\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c07ea48\" data-id=\"c07ea48\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-53af9b7 elementor-widget elementor-widget-menu-anchor\" data-id=\"53af9b7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"6\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-8c30e31 elementor-section-full_width elementor-section-content-middle elementor-section-height-default elementor-section-height-default\" data-id=\"8c30e31\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-dba2fcc\" data-id=\"dba2fcc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ef973ba elementor-widget elementor-widget-text-editor\" data-id=\"ef973ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tQUIZ\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-75ea1ca elementor-widget elementor-widget-text-editor\" data-id=\"75ea1ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tWhat Are Spanish VCs Looking For?\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c6023d elementor-widget elementor-widget-image\" data-id=\"7c6023d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Quiz-Image-2.png\" alt=\"Quiz Image\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e8e62ba\" data-id=\"e8e62ba\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-114325c elementor-widget elementor-widget-shortcode\" data-id=\"114325c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><script>\n                            if (window.qmn_quiz_data === undefined) {\n                                    window.qmn_quiz_data = new Object();\n                            }\n                    <\/script><script>window.qmn_quiz_data[\"1\"] = {\"quiz_id\":\"1\",\"quiz_name\":\"The Venture Landscape in 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You have selected correct answer.\",\"quick_result_wrong_answer_text\":\"Wrong! You have selected wrong answer.\",\"quiz_processing_message\":\"\",\"quiz_limit_choice\":\"Limit of choice is reached.\",\"not_allow_after_expired_time\":\"\",\"scheduled_time_end\":false,\"prevent_reload\":0,\"limit_email_based_submission\":0,\"total_user_tries\":0,\"is_logged_in\":false,\"error_messages\":{\"email_error_text\":\"Not a valid e-mail address!\",\"number_error_text\":\"This field must be a number!\",\"incorrect_error_text\":\"The entered text is not correct!\",\"empty_error_text\":\"Please complete all required fields!\",\"contact_field_required_error_text\":\"Please complete all required fields!\",\"url_error_text\":\"The entered URL is not valid!\",\"minlength_error_text\":\"Required atleast %minlength% characters.\",\"maxlength_error_text\":\"Maximum %maxlength% characters allowed.\",\"recaptcha_error_text\":\"ReCaptcha is missing\",\"phone_error_text\":\"Phone number is invalid\"},\"first_page\":true,\"questions_settings\":[]}\n                    <\/script>\t\t<div class='qsm-quiz-container qsm-quiz-container-1 qmn_quiz_container mlw_qmn_quiz  quiz_theme_default  '>\n\t\t\t\t\t\t\t\t<form name=\"quizForm1\" id=\"quizForm1\" action=\"\/wp-json\/wp\/v2\/posts\/404147\" method=\"POST\" class=\"qsm-quiz-form qmn_quiz_form mlw_quiz_form\" novalidate enctype=\"multipart\/form-data\">\n\t\t\t\t<input type=\"hidden\" name=\"qsm_hidden_questions\" id=\"qsm_hidden_questions\" value=\"\">\n\t\t\t\t<input type=\"hidden\" name=\"qsm_nonce\" id=\"qsm_nonce_1\" value=\"2f1c073d26\">\n\t\t\t\t<input type=\"hidden\" name=\"qsm_unique_key\" id=\"qsm_unique_key_1\" value=\"69e989098fca5\">\n\t\t\t\t<div id=\"mlw_error_message\" class=\"qsm-error-message qmn_error_message_section\"><\/div>\n\t\t\t\t<span id=\"mlw_top_of_quiz\"><\/span>\n\t\t\t\t\t\t\t<section class=\"qsm-page \">\n\t\t\t\t<div class=\"quiz_section quiz_begin\">\n\t\t\t\t\t<div class='qsm-before-message mlw_qmn_message_before'>\n\t\t\t<p>Can you predict VC attitudes towards prospective investments? Answer these five questions to find out!<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/section>\n\t\t\t\t\t\t\t<section class=\"qsm-page qsm-question-page  qsm-page-1\"\n\t\t\t\t\t\tdata-pid=\"1\" data-qpid=\"1\" data-prevbtn=\"0\" style='display: none;'>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class='quiz_section qsm-question-wrapper question-type-0 question-section-id-1 ' data-qid='1'>\n\t\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Which of the following do Spanish investors view as most important for a company to have during a financial downturn? <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p><\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers '>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question1-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question1\" id=\"question1_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question1_1\">\n\t\t\t\t\tHigh valuation\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question1-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question1\" id=\"question1_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question1_2\">\n\t\t\t\t\tHigh growth\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question1-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question1\" id=\"question1_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question1_3\">\n\t\t\t\t\tCapital efficiency\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question1_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question1\" id=\"question1_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_1\" value=\"\" \/>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/section>\n\t\t\t\t\t\t\t\t<section class=\"qsm-page qsm-question-page  qsm-page-2\"\n\t\t\t\t\t\tdata-pid=\"2\" data-qpid=\"2\" data-prevbtn=\"0\" style='display: none;'>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class='quiz_section qsm-question-wrapper question-type-0 question-section-id-2 ' data-qid='2'>\n\t\t\t\t\t\t\t<div class='mlw_qmn_new_question'>At minimum, how many months of runway does the typical Spanish investor suggest a company should have? <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p><\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers '>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question2-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question2\" id=\"question2_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question2_1\">\n\t\t\t\t\t6\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question2-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question2\" id=\"question2_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question2_2\">\n\t\t\t\t\t12\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question2-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question2\" id=\"question2_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question2_3\">\n\t\t\t\t\t24\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question2-4 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question2\" id=\"question2_4\" value=\"3\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question2_4\">\n\t\t\t\t\t36\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question2_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question2\" id=\"question2_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_2\" value=\"\" \/>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/section>\n\t\t\t\t\t\t\t\t<section class=\"qsm-page qsm-question-page  qsm-page-3\"\n\t\t\t\t\t\tdata-pid=\"3\" data-qpid=\"3\" data-prevbtn=\"0\" style='display: none;'>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class='quiz_section qsm-question-wrapper question-type-0 question-section-id-3 ' data-qid='3'>\n\t\t\t\t\t\t\t<div class='mlw_qmn_new_question'>How do Spanish investors view down and flat rounds? <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p><\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers '>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question3-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question3\" id=\"question3_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question3_1\">\n\t\t\t\t\tThey are to be avoided at all costs\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question3-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question3\" id=\"question3_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question3_2\">\n\t\t\t\t\tThey can be beneficial, especially during financial downturns\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question3-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question3\" id=\"question3_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question3_3\">\n\t\t\t\t\tThey are a net positive in most cases\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question3_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question3\" id=\"question3_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_3\" value=\"\" \/>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/section>\n\t\t\t\t\t\t\t\t<section class=\"qsm-page qsm-question-page  qsm-page-4\"\n\t\t\t\t\t\tdata-pid=\"4\" data-qpid=\"4\" data-prevbtn=\"0\" style='display: none;'>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class='quiz_section qsm-question-wrapper question-type-0 question-section-id-4 ' data-qid='4'>\n\t\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Spanish investors believe that a company\u2019s burn rate should be\u2026 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p><\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers '>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question4-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question4\" id=\"question4_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question4_1\">\n\t\t\t\t\tRapidly increasing\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question4-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question4\" id=\"question4_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question4_2\">\n\t\t\t\t\tSlightly increasing\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question4-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question4\" id=\"question4_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question4_3\">\n\t\t\t\t\tSteady or declining\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question4_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question4\" id=\"question4_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_4\" value=\"\" \/>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/section>\n\t\t\t\t\t\t\t\t<section class=\"qsm-page qsm-question-page  qsm-page-5\"\n\t\t\t\t\t\tdata-pid=\"5\" data-qpid=\"5\" data-prevbtn=\"0\" style='display: none;'>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class='quiz_section qsm-question-wrapper question-type-0 question-section-id-5 ' data-qid='5'>\n\t\t\t\t\t\t\t<div class='mlw_qmn_new_question'>During a downturn, Spanish investors would advise founders raising a round to\u2026 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p><\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers '>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question5-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question5\" id=\"question5_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question5_1\">\n\t\t\t\t\tWait until the market begins to recover\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question5-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question5\" id=\"question5_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question5_2\">\n\t\t\t\t\tLower the amount you plan to raise\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question5-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question5\" id=\"question5_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question5_3\">\n\t\t\t\t\tBoth of the above\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question5-4 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question5\" id=\"question5_4\" value=\"3\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question5_4\">\n\t\t\t\t\tNone of the above\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question5_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question5\" id=\"question5_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_5\" value=\"\" \/>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/section>\n\t\t\t\t\t\t<input type=\"hidden\" name=\"qmn_question_list\" value=\"1Q2Q3Q4Q5Q\" \/>\n\t\t\t\t\t\t\t<div id=\"mlw_error_message_bottom\" class=\"qsm-error-message qmn_error_message_section\"><\/div>\n\t\t\t\t\t<input type=\"hidden\" name=\"qmn_all_questions_count\" id=\"qmn_all_questions_count\" value=\"5\" \/>\n\t\t\t\t\t<input type=\"hidden\" name=\"total_questions\" id=\"total_questions\" value=\"5\" \/>\n\t\t\t\t\t<input type=\"hidden\" name=\"timer\" id=\"timer\" value=\"0\" \/>\n\t\t\t\t\t<input type=\"hidden\" name=\"timer_ms\" id=\"timer_ms\" value=\"0\"\/>\n\t\t\t\t\t<input type=\"hidden\" class=\"qmn_quiz_id\" name=\"qmn_quiz_id\" id=\"qmn_quiz_id\" value=\"1\" \/>\n\t\t\t\t\t<input type='hidden' name='complete_quiz' value='confirmation' \/>\n\t\t\t\t\t\t\t\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t<div style=\"display: none;\" class=\"qsm-popup qsm-popup-slide\" id=\"modal-4\" aria-hidden=\"false\"><div class=\"qsm-popup__overlay\" tabindex=\"-1\" data-micromodal-close=\"\"><div class=\"qsm-popup__container qmn_quiz_container\" role=\"dialog\" aria-modal=\"true\"><div class=\"qsm-popup__content\"><img decoding=\"async\" src=\"https:\/\/endeavor.org\/wp-content\/plugins\/quiz-master-next\/assets\/clock.png\" alt=\"clock.png\"\/><p class=\"qsm-time-up-text\"> Time's up<\/p><\/div><footer class=\"qsm-popup__footer\"><button class=\"qsm-popup-secondary-button qmn_btn\" data-micromodal-close=\"\" aria-label=\"Close this dialog window\" onclick=\"location.reload();\">Cancel<\/button><\/footer><\/div><\/div><\/div><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ae155ef elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ae155ef\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8083676\" data-id=\"8083676\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a6eff52 elementor-widget elementor-widget-menu-anchor\" data-id=\"a6eff52\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"7\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-578fc0a elementor-widget elementor-widget-heading\" data-id=\"578fc0a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Spain Must Learn to Support and Grow Scaleups Locally<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c79284 elementor-widget elementor-widget-text-editor\" data-id=\"8c79284\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In the long term, the future of Spain\u2019s venture ecosystem depends on its ability to support more scaleups and local growth funds that can retain and reinvest the value of their successes.<\/p><p>To achieve a virtuous cycle, Spain will need local investors to move past the early stages and lead large rounds that lead to big exits. Relying on foreign investment means losing out on opportunities for local wealth generation and economic growth. The Spanish ecosystem needs to prepare now to retain more of the value from its homegrown successes before the next group of major entrepreneurial exits.<\/p><p>As the infographic below shows, Spanish companies have created astonishing value from their successes, but the wealth generated is benefitting foreign investors primarily. The country\u2019s 10 largest entrepreneurial exits since 2018 add up to a total of more than $8 billion. However, nearly 4 out of every 5 investors in those companies were not based in Spain. (Given that Spanish investors tend to join at smaller amounts and earlier stages, the actual proportion of exit wealth going to foreign investors is likely to be even higher.) The foreign countries with the highest number of participating investors were the United States, United Kingdom, and France. If local Spanish investors took the lead in funding scaleups, it would retain more value in the domestic market and transform the ecosystem.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-77f8d6f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"77f8d6f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-095b71f\" data-id=\"095b71f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-86ae0a0 elementor-widget elementor-widget-menu-anchor\" data-id=\"86ae0a0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"8\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5053845 elementor-widget elementor-widget-html\" data-id=\"5053845\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"flourish-embed\" data-src=\"story\/2048133?1303776\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8010830 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8010830\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e17594e\" data-id=\"e17594e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3d33476 elementor-widget elementor-widget-text-editor\" data-id=\"3d33476\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Spain needs more high-growth companies that have gone through several funding rounds. High-growth companies provide exits, generate returns for limited partners (LPs), enable future funds, and turn founders into funders. The new generation of VCs raised their first funds in the mid-2010s, which means their first major exits and fund closures should start to be realized over the next few years. If they can bring their LPs great returns on the investments they have made over the past 10 years, more money will likely flow into the ecosystem.<\/p><p>Local Spanish VCs should also undergo a mindset shift, as they need to recognize that managing larger funds will be worthwhile. Founder-led VC firms are well positioned to demonstrate the value of large funds because they have experience raising capital and understand the benefits of local deals for both local founders and investors.<\/p><p>If Spain produces more scaleups and its own growth funds, its domestic economy will retain greater wealth and value. Keeping more money within the country means more money will be available for future Spanish scaleups, continuing the self-propelling cycle of ecosystem development.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-998e374 elementor-widget elementor-widget-menu-anchor\" data-id=\"998e374\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"9\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f28e08 elementor-widget elementor-widget-heading\" data-id=\"3f28e08\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Lessons from Seasoned Founders around the World<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b00d7cd elementor-widget elementor-widget-text-editor\" data-id=\"b00d7cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>To build the next Spanish scaleups, up-and-coming founders should learn from successful entrepreneurs who have \u201cbeen there, done that\u201d and grew their companies in more difficult markets.<\/p><p>Drawing on Endeavor\u2019s global expertise in entrepreneurial ecosystem development, we gathered anecdotes and advice from seasoned entrepreneurs around the world who have navigated national crises, macroeconomic instability, and unfavorable market conditions. They made difficult decisions and successfully led their companies through unpredictable times. Their stories offer hope and inspiration to Spanish founders, who run their businesses under more favorable circumstances than these founders from Argentina, Greece, Indonesia, and Mexico.<\/p><p>Read through the stories in the interactive carousel below to learn from their experiences on different aspects of entrepreneurship, from raising capital to developing products. By adapting and applying these strategies to their own context, Spanish entrepreneurs can prepare their companies to make it through good and bad times.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3deafcf6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3deafcf6\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1aeb92f9\" data-id=\"1aeb92f9\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1576e239 premium-tabs-icon-column elementor-widget elementor-widget-premium-addon-tabs\" data-id=\"1576e239\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;premium_tabs_repeater&quot;:[{&quot;premium_tabs_title&quot;:&quot;&quot;,&quot;_id&quot;:&quot;f79a3ac&quot;,&quot;premium_tabs_content&quot;:&quot;elementor_templates&quot;,&quot;premium_tabs_content_temp&quot;:&quot;Venture Landscape in Spain Carousel 1&quot;,&quot;premium_tabs_icon_switcher&quot;:&quot;yes&quot;,&quot;icon_type&quot;:&quot;image&quot;,&quot;image_upload&quot;:{&quot;url&quot;:&quot;https:\\\/\\\/endeavor.org\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Kevin-Aluwi-2.jpg&quot;,&quot;id&quot;:406438,&quot;size&quot;:&quot;&quot;,&quot;alt&quot;:&quot;Kevin Aluwi&quot;,&quot;source&quot;:&quot;library&quot;},&quot;premium_tabs_content_text&quot;:null,&quot;premium_tabs_icon_updated&quot;:null,&quot;custom_svg&quot;:null,&quot;lottie_url&quot;:null,&quot;draw_svg&quot;:null,&quot;path_width&quot;:null,&quot;svg_sync&quot;:null,&quot;frames&quot;:null,&quot;lottie_loop&quot;:null,&quot;lottie_reverse&quot;:null,&quot;start_point&quot;:null,&quot;end_point&quot;:null,&quot;svg_hover&quot;:null,&quot;svg_yoyo&quot;:null,&quot;svg_color&quot;:null,&quot;container_id&quot;:null,&quot;live_temp_content&quot;:&quot;&quot;,&quot;custom_tab_navigation&quot;:&quot;&quot;},{&quot;premium_tabs_title&quot;:&quot;&quot;,&quot;_id&quot;:&quot;051118c&quot;,&quot;premium_tabs_icon_switcher&quot;:&quot;yes&quot;,&quot;icon_type&quot;:&quot;image&quot;,&quot;image_upload&quot;:{&quot;url&quot;:&quot;https:\\\/\\\/endeavor.org\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Intersect-1.png&quot;,&quot;id&quot;:406818,&quot;size&quot;:&quot;&quot;,&quot;alt&quot;:&quot;Loreanne Garcia&quot;,&quot;source&quot;:&quot;library&quot;},&quot;premium_tabs_content&quot;:&quot;elementor_templates&quot;,&quot;premium_tabs_content_temp&quot;:&quot;Venture Landscape in Spain Carousel 2&quot;,&quot;__dynamic__&quot;:[],&quot;premium_tabs_content_text&quot;:null,&quot;premium_tabs_icon_updated&quot;:null,&quot;custom_svg&quot;:null,&quot;lottie_url&quot;:null,&quot;draw_svg&quot;:null,&quot;path_width&quot;:null,&quot;svg_sync&quot;:null,&quot;frames&quot;:null,&quot;lottie_loop&quot;:null,&quot;lottie_reverse&quot;:null,&quot;start_point&quot;:null,&quot;end_point&quot;:null,&quot;svg_hover&quot;:null,&quot;svg_yoyo&quot;:null,&quot;svg_color&quot;:null,&quot;container_id&quot;:null,&quot;live_temp_content&quot;:&quot;&quot;,&quot;custom_tab_navigation&quot;:&quot;&quot;},{&quot;premium_tabs_title&quot;:&quot;&quot;,&quot;_id&quot;:&quot;e488c22&quot;,&quot;premium_tabs_content&quot;:&quot;elementor_templates&quot;,&quot;premium_tabs_content_temp&quot;:&quot;Venture Landscape in Spain Carousel 3&quot;,&quot;premium_tabs_icon_switcher&quot;:&quot;yes&quot;,&quot;icon_type&quot;:&quot;image&quot;,&quot;image_upload&quot;:{&quot;url&quot;:&quot;https:\\\/\\\/endeavor.org\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Marcos-Galperin-4.png&quot;,&quot;id&quot;:406822,&quot;size&quot;:&quot;&quot;,&quot;alt&quot;:&quot;Marcos Galperin&quot;,&quot;source&quot;:&quot;library&quot;},&quot;premium_tabs_content_text&quot;:null,&quot;premium_tabs_icon_updated&quot;:null,&quot;custom_svg&quot;:null,&quot;lottie_url&quot;:null,&quot;draw_svg&quot;:null,&quot;path_width&quot;:null,&quot;svg_sync&quot;:null,&quot;frames&quot;:null,&quot;lottie_loop&quot;:null,&quot;lottie_reverse&quot;:null,&quot;start_point&quot;:null,&quot;end_point&quot;:null,&quot;svg_hover&quot;:null,&quot;svg_yoyo&quot;:null,&quot;svg_color&quot;:null,&quot;container_id&quot;:null,&quot;live_temp_content&quot;:&quot;&quot;,&quot;custom_tab_navigation&quot;:&quot;&quot;},{&quot;_id&quot;:&quot;06a153e&quot;,&quot;premium_tabs_title&quot;:&quot;&quot;,&quot;premium_tabs_content&quot;:&quot;elementor_templates&quot;,&quot;premium_tabs_content_temp&quot;:&quot;Venture Landscape in Spain Carousel 4&quot;,&quot;premium_tabs_icon_switcher&quot;:&quot;yes&quot;,&quot;icon_type&quot;:&quot;image&quot;,&quot;image_upload&quot;:{&quot;url&quot;:&quot;https:\\\/\\\/endeavor.org\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Dimitris-Vassos-Omilia-1.png&quot;,&quot;id&quot;:405949,&quot;size&quot;:&quot;&quot;,&quot;alt&quot;:&quot;Dimitris Vassos, Omilia&quot;,&quot;source&quot;:&quot;library&quot;},&quot;premium_tabs_content_text&quot;:null,&quot;premium_tabs_icon_updated&quot;:null,&quot;custom_svg&quot;:null,&quot;lottie_url&quot;:null,&quot;draw_svg&quot;:null,&quot;path_width&quot;:null,&quot;svg_sync&quot;:null,&quot;frames&quot;:null,&quot;lottie_loop&quot;:null,&quot;lottie_reverse&quot;:null,&quot;start_point&quot;:null,&quot;end_point&quot;:null,&quot;svg_hover&quot;:null,&quot;svg_yoyo&quot;:null,&quot;svg_color&quot;:null,&quot;container_id&quot;:null,&quot;live_temp_content&quot;:&quot;&quot;,&quot;custom_tab_navigation&quot;:&quot;&quot;}],&quot;default_tab_index&quot;:0,&quot;premium_tab_type&quot;:&quot;horizontal&quot;,&quot;premium_tab_style_selected&quot;:&quot;style1&quot;}\" data-widget_type=\"premium-addon-tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\r\n\t\t\t<div data-navigation=\"[&quot;&quot;,&quot;&quot;,&quot;&quot;,&quot;&quot;]\" id=\"premium-tabs-1576e239\" class=\"premium-tabs premium-tabs-style-iconbox premium-tabs-horizontal\">\r\n\t\t\t\t<div class=\"premium-tabs-nav horizontal\">\r\n\t\t\t\t\t<ul class=\"premium-tabs-nav-list premium-tabs-horizontal\">\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-tabs-nav-list-item elementor-repeater-item-f79a3ac\" data-list-index=\"0\" data-content-id=\"#premium-accordion-content-0\">\r\n\t\t\t\t\t\t\t\t<a class=\"premium-tab-link premium-con-lq__none\" href=\"#section-iconbox-0-1576e239\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"634\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Kevin-Aluwi-2.jpg\" class=\"attachment-full size-full premium-title-icon\" alt=\"Kevin Aluwi\" srcset=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Kevin-Aluwi-2.jpg 640w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Kevin-Aluwi-2-160x160.jpg 160w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow-wrap\">\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow-border\"><\/div>\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow\"><\/div>\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-tabs-nav-list-item elementor-repeater-item-051118c\" data-list-index=\"1\" data-content-id=\"#premium-accordion-content-1\">\r\n\t\t\t\t\t\t\t\t<a class=\"premium-tab-link premium-con-lq__none\" href=\"#section-iconbox-1-1576e239\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"700\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1.png\" class=\"attachment-full size-full premium-title-icon\" alt=\"Loreanne Garcia\" srcset=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1.png 700w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1-1650x1650.png 1650w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1-1000x1000.png 1000w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1-800x800.png 800w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1-1400x1400.png 1400w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1-600x600.png 600w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1-400x400.png 400w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1-1200x1200.png 1200w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1-200x200.png 200w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1-160x160.png 160w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Intersect-1-500x500.png 500w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow-wrap\">\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow-border\"><\/div>\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow\"><\/div>\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-tabs-nav-list-item elementor-repeater-item-e488c22\" data-list-index=\"2\" data-content-id=\"#premium-accordion-content-2\">\r\n\t\t\t\t\t\t\t\t<a class=\"premium-tab-link premium-con-lq__none\" href=\"#section-iconbox-2-1576e239\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1320\" height=\"1320\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4.png\" class=\"attachment-full size-full premium-title-icon\" alt=\"Marcos Galperin\" srcset=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4.png 1320w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4-1650x1650.png 1650w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4-1000x1000.png 1000w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4-800x800.png 800w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4-1400x1400.png 1400w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4-600x600.png 600w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4-400x400.png 400w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4-1200x1200.png 1200w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4-200x200.png 200w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4-160x160.png 160w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Marcos-Galperin-4-500x500.png 500w\" sizes=\"(max-width: 1320px) 100vw, 1320px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow-wrap\">\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow-border\"><\/div>\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow\"><\/div>\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"premium-tabs-nav-list-item elementor-repeater-item-06a153e\" data-list-index=\"3\" data-content-id=\"#premium-accordion-content-3\">\r\n\t\t\t\t\t\t\t\t<a class=\"premium-tab-link premium-con-lq__none\" href=\"#section-iconbox-3-1576e239\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"212\" height=\"212\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1.png\" class=\"attachment-full size-full premium-title-icon\" alt=\"Dimitris Vassos, Omilia\" srcset=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1.png 212w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1-1650x1650.png 1650w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1-1000x1000.png 1000w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1-800x800.png 800w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1-1400x1400.png 1400w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1-600x600.png 600w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1-400x400.png 400w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1-1200x1200.png 1200w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1-200x200.png 200w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1-160x160.png 160w, https:\/\/endeavor.org\/wp-content\/uploads\/2023\/09\/Dimitris-Vassos-Omilia-1-500x500.png 500w\" sizes=\"(max-width: 212px) 100vw, 212px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow-wrap\">\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow-border\"><\/div>\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"premium-tab-arrow\"><\/div>\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t<\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\r\n\t\t\t\t<\/div>\r\n\r\n\t\t\t\t<div class=\"premium-content-wrap premium-tabs-horizontal\">\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t<section id=\"section-iconbox-0-1576e239\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-widget-section.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-section .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-column .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-column.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-column:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-column.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-column .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-widget-icon.elementor-view-stacked .elementor-icon{background-color:var( --e-global-color-primary );}.elementor-widget-icon.elementor-view-framed .elementor-icon, .elementor-widget-icon.elementor-view-default .elementor-icon{color:var( --e-global-color-primary );border-color:var( --e-global-color-primary );}.elementor-widget-icon.elementor-view-framed .elementor-icon, .elementor-widget-icon.elementor-view-default .elementor-icon svg{fill:var( --e-global-color-primary );}.elementor-widget-icon.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-icon .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-icon .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-icon.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-icon:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-icon.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-icon .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-405970 .elementor-element.elementor-element-0239757 .elementor-icon-wrapper{text-align:start;}.elementor-405970 .elementor-element.elementor-element-0239757.elementor-view-stacked .elementor-icon{background-color:var( --e-global-color-0817984 );}.elementor-405970 .elementor-element.elementor-element-0239757.elementor-view-framed .elementor-icon, .elementor-405970 .elementor-element.elementor-element-0239757.elementor-view-default .elementor-icon{color:var( --e-global-color-0817984 );border-color:var( --e-global-color-0817984 );}.elementor-405970 .elementor-element.elementor-element-0239757.elementor-view-framed .elementor-icon, .elementor-405970 .elementor-element.elementor-element-0239757.elementor-view-default .elementor-icon svg{fill:var( --e-global-color-0817984 );}.elementor-405970 .elementor-element.elementor-element-0239757 .elementor-icon{font-size:60px;}.elementor-405970 .elementor-element.elementor-element-0239757 .elementor-icon svg{height:60px;}body:not(.rtl) .elementor-405970 .elementor-element.elementor-element-0239757{left:-5px;}body.rtl .elementor-405970 .elementor-element.elementor-element-0239757{right:-5px;}.elementor-405970 .elementor-element.elementor-element-0239757{top:3px;z-index:0;}.elementor-widget-text-editor{font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap, .elementor-widget-text-editor.elementor-drop-cap-view-default .elementor-drop-cap{color:var( --e-global-color-primary );border-color:var( --e-global-color-primary );}.elementor-widget-text-editor.premium-cursor-ftext .premium-global-cursor-{{ID}} .premium-cursor-follow-text{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );}.elementor-widget-text-editor .premium-global-cursor-{{ID}}{color:var( --e-global-color-primary );fill:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-text-editor.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-text-editor:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-text-editor.premium-gbadge-custom:not(.pa-bg-clipped-yes) .premium-global-badge-{{ID}} .premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-text-editor .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-405970 .elementor-element.elementor-element-cf5dcd0{font-family:\"Founders Grotesk\", Sans-serif;font-size:36px;font-weight:600;}.elementor-405970 .elementor-element.elementor-element-1359816{font-family:\"Founders Grotesk\", Sans-serif;font-size:32px;font-weight:400;}.elementor-405970 .elementor-element.elementor-element-1359816 > .elementor-widget-container{margin:-7px 0px 0px 0px;padding:0px 0px 0px 0px;}.elementor-405970 .elementor-element.elementor-element-a4cb351{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}.elementor-405970 .elementor-element.elementor-element-c6e8b5c{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}.elementor-405970 .elementor-element.elementor-element-b170a51{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}.elementor-405970 .elementor-element.elementor-element-c7da2f7{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}\/* Start custom CSS for section, class: .elementor-element-5791358 *\/.elementor-405970 .elementor-element.elementor-element-5791358 p {\n    margin: 0;\n}\n\n.elementor-405970 .elementor-element.elementor-element-5791358  a {\n        color: #01000F;\n    }\n    \n\n.elementor-405970 .elementor-element.elementor-element-5791358 a:hover {\n    color: #AC27F4;\n}\/* End custom CSS *\/<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"405970\" class=\"elementor elementor-405970\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cf33260 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"cf33260\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0a664b4\" data-id=\"0a664b4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5791358 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"5791358\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ae970a1\" data-id=\"ae970a1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0239757 elementor-absolute elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"0239757\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"fas fa-circle\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf5dcd0 elementor-widget elementor-widget-text-editor\" data-id=\"cf5dcd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tKevin Aluwi\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1359816 elementor-widget elementor-widget-text-editor\" data-id=\"1359816\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tGojek (Indonesia)\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4cb351 elementor-widget elementor-widget-text-editor\" data-id=\"a4cb351\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tGojek is a superapp that provides food delivery, ride-hailing, entertainment, payments services, and more in Southeast Asia. Led by founders Nadiem Makarim, Michaelangelo Moran, and Kevin Aluwi, the company has grown rapidly since its founding in 2010 and <a href=\"https:\/\/www.thejakartapost.com\/news\/2019\/04\/05\/go-jek-becomes-indonesias-first-decacorn.html\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">is valued<\/span><\/a> at $10 billion.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6e8b5c elementor-widget elementor-widget-text-editor\" data-id=\"c6e8b5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Invest sufficient money, time, and effort into new markets to enter them successfully.<\/strong>\nGojek has expanded beyond Indonesia to Singapore and Vietnam, and it previously had operations in Thailand. Aluwi explains, \u201cInternational expansion is definitely one of the exciting growth opportunities. If you decide to do it, do it right. We made a mistake in the beginning where we didn\u2019t put enough time, effort, team bandwidth, and money in the early days of our new markets. You need to invest into building a team, acquiring customers, marketing, and branding. These aspects need significant investment. Without significant investment, it&#8217;s very hard to successfully enter a brand new market with existing competitors.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4a87439\" data-id=\"4a87439\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b170a51 elementor-widget elementor-widget-text-editor\" data-id=\"b170a51\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Communicate to staff with transparency and confidence.<\/strong>\nThe company faced difficulties during the early stages of the COVID-19 pandemic, laying off over 400 employees in 2020. Its co-CEOs, Andre Soelistyo and Kevin Aluwi, handled the situation with honesty and compassion, while doubling down on Gojek\u2019s path forward. <a href=\"https:\/\/www.techinasia.com\/gojek-layoffs\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">In a letter<\/span><\/a> to their staff, they wrote, \u201cWe must respond to the external environment and increase our focus on building a stronger, more efficient business\u2026Focusing on our core services, shutting down verticals that are no longer viable during this period, and making bold bets on changing customer needs will ensure that we continue making a positive impact on the lives of millions of people while securing future growth.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7da2f7 elementor-widget elementor-widget-text-editor\" data-id=\"c7da2f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tAccording to Aluwi, Gojek gave more than the minimum severance package that was required and created a database to help affected employees find new work. His next task was to boost morale in the weeks after the layoffs. Aluwi recounts, \u201cAfter 6-8 weeks, you have to figure out a way to rally people around the future vision of the company and what people can look forward to. Be genuine and find the positives that came out from the hard decision. It\u2019s important to deliver a strong, exciting message for people to rally around.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/section>\r\n\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t<section id=\"section-iconbox-1-1576e239\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) 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.premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-405986 .elementor-element.elementor-element-cf5dcd0{font-family:\"Founders Grotesk\", Sans-serif;font-size:36px;font-weight:600;}.elementor-405986 .elementor-element.elementor-element-1359816{font-family:\"Founders Grotesk\", Sans-serif;font-size:32px;font-weight:400;}.elementor-405986 .elementor-element.elementor-element-1359816 > .elementor-widget-container{margin:-7px 0px 0px 0px;padding:0px 0px 0px 0px;}.elementor-405986 .elementor-element.elementor-element-a4cb351{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}.elementor-405986 .elementor-element.elementor-element-c6e8b5c{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}.elementor-405986 .elementor-element.elementor-element-b170a51{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}.elementor-405986 .elementor-element.elementor-element-c7da2f7{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}\/* Start custom CSS for section, class: .elementor-element-5791358 *\/.elementor-405986 .elementor-element.elementor-element-5791358 p {\r\n    margin: 0;\r\n}\r\n\r\n.elementor-405986 .elementor-element.elementor-element-5791358  a {\r\n        color: #01000F;\r\n    }\r\n    \r\n\r\n.elementor-405986 .elementor-element.elementor-element-5791358 a:hover {\r\n    color: #AC27F4;\r\n}\/* End custom CSS *\/<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"405986\" class=\"elementor elementor-405986\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cf33260 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"cf33260\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0a664b4\" data-id=\"0a664b4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5791358 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"5791358\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ae970a1\" data-id=\"ae970a1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0239757 elementor-absolute elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"0239757\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"fas fa-circle\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf5dcd0 elementor-widget elementor-widget-text-editor\" data-id=\"cf5dcd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tLoreanne Garc\u00eda Ottati\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1359816 elementor-widget elementor-widget-text-editor\" data-id=\"1359816\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tKavak (Mexico)\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4cb351 elementor-widget elementor-widget-text-editor\" data-id=\"a4cb351\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tFounded in Mexico in 2016 by Carlos Garc\u00eda Ottati, Loreanne Garc\u00eda Ottati, and Roger Laughlin, Kavak is an online marketplace for used cars. The company became <a href=\"https:\/\/mexiconewsdaily.com\/news\/kavak-mexican-unicorn-startup-gets-810-mn-debt-financing\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">Mexico\u2019s first unicorn<\/span><\/a> in 2020 and is valued at $8.7 billion.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6e8b5c elementor-widget elementor-widget-text-editor\" data-id=\"c6e8b5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Nurture relationships with investors even when not trying to raise a round.<\/strong> Cofounder Loreanne Garc\u00eda Ottati explains, \u201cYou need to invest time in building these relationships from day one. Since the beginning, Carlos was thinking years in advance. He connected with investors to share updates on who we are and what we\u2019re up to, even before we had sold a single car. When we had grown to a certain size, they already knew us well, and we went back to them for fundraising. Thanks to those relationships, we were able to get access to capital before we needed it.\u201d By building their network early on, the founders of Kavak stayed at the top of investors\u2019 minds and also received useful feedback from them along the way.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4a87439\" data-id=\"4a87439\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b170a51 elementor-widget elementor-widget-text-editor\" data-id=\"b170a51\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Engage in scenario planning to simulate different outcomes.<\/strong>\nDuring the COVID-19 pandemic, the Kavak founders split their leadership team into two groups for crisis management and planning. According to Loreanne, \u201cWe needed to prepare for doomsday, but we thought that maybe there\u2019s a scenario in which things behave differently. This was a situation we\u2019ve never experienced before. So we split up the leadership team. HR and Finance followed the news, stayed up to date, and focused on line-by-line cost-cutting. We asked the other half of the leadership \u2014 Product, Tech, and Sales \u2014 to not follow the news and focus on what customers need and what we can do.\u201d Nowadays, Kavak\u2019s leadership team doesn\u2019t maintain such a clear bifurcation but still plans for both growth and optimization.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7da2f7 elementor-widget elementor-widget-text-editor\" data-id=\"c7da2f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Craft a positive team culture from early on in the company\u2019s growth.<\/strong>\nThe founders of Kavak have paid close attention to creating a strong team culture. Loreanne explains, \u201cSince day one, I spent a lot of time making sure that our first 30 people were completely aligned with the culture, because early employees become the culture of a company as it grows. We approached recruiting the same way we approached investor relationships. We built the team by making sure that there was a strong fit before hiring people. We would build long-term relationships, invite people to learn about what we do, stay in touch, and look for the right time to bring them on board.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/section>\r\n\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t<section id=\"section-iconbox-2-1576e239\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, 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.elementor-element.elementor-element-b170a51{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}.elementor-405989 .elementor-element.elementor-element-6732c05{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}\/* Start custom CSS for section, class: .elementor-element-5791358 *\/.elementor-405989 .elementor-element.elementor-element-5791358 p {\r\n    margin: 0;\r\n}\r\n\r\n.elementor-405989 .elementor-element.elementor-element-5791358  a {\r\n        color: #01000F;\r\n    }\r\n    \r\n\r\n.elementor-405989 .elementor-element.elementor-element-5791358 a:hover {\r\n    color: #AC27F4;\r\n}\/* End custom CSS *\/<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"405989\" class=\"elementor elementor-405989\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cf33260 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"cf33260\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0a664b4\" data-id=\"0a664b4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5791358 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"5791358\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ae970a1\" data-id=\"ae970a1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0239757 elementor-absolute elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"0239757\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"fas fa-circle\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf5dcd0 elementor-widget elementor-widget-text-editor\" data-id=\"cf5dcd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tMarcos Galperin\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1359816 elementor-widget elementor-widget-text-editor\" data-id=\"1359816\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tMercado Libre (Argentina)\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4cb351 elementor-widget elementor-widget-text-editor\" data-id=\"a4cb351\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe first Latin American tech company to be <a href=\"https:\/\/www.larepublica.co\/empresas\/mercado-libre-celebrara-su-cumpleanos-17-con-descuentos-de-hasta-70-2419066\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">listed on the NASDAQ<\/span><\/a>, Mercado Libre is an e-commerce giant with a market capitalization of over $60 billion. It was founded in 1999 in Argentina by Marcos Galperin, Hern\u00e1n Kazah, and Stelleo Tolda.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6e8b5c elementor-widget elementor-widget-text-editor\" data-id=\"c6e8b5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Focus on building the best product and have confidence in it.<\/strong>\nAfter the dot-com crisis, Mercado Libre\u2019s competitors made the mistake of focusing on marketing or going public as soon as possible, while Mercado Libre prioritized building a compelling product and growing organically. As a result of their weak products, those competitors failed to attract and retain customers. Many of them shut down or were acquired by Mercado Libre. On the other hand, the confidence of Mercado Libre\u2019s founders in their product and growth potential led them to reject an acquisition by eBay in 2002, as the lowest amount they were willing to accept was more than double eBay\u2019s offer. Sticking to their vision paid off: as of 2023, Mercado Libre\u2019s market capitalization is more than double that of eBay.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4a87439\" data-id=\"4a87439\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b170a51 elementor-widget elementor-widget-text-editor\" data-id=\"b170a51\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Act quickly and adapt to new opportunities when facing a crisis.<\/strong>\nAt the onset of COVID-19, Mercado Libre was prepared for the uncertainty of the situation and ended up doubling its volume of sales. According to Galperin, \u201cWe were very agile and moved very quickly.\u201d The company had already built storage centers throughout Latin America with distribution systems that had idle capacity. Mercado Libre made use of this extra capacity by accepting inventory from sellers who could no longer access their businesses. At the same time, the company established the necessary precautions and systems to grow during the pandemic. Galperin explains, \u201cFor those who work in storage centers and distribution, we invested a lot in the security and compensation of those people who were taking additional risks and carrying out fundamental tasks for society.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6732c05 elementor-widget elementor-widget-text-editor\" data-id=\"6732c05\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Diversify revenue sources and sharpen your product offerings by entering other markets.<\/strong>\nMercado Libre expanded its operations from Argentina to other Latin American countries early on in its growth. Not only did this allow the company to diversify revenue sources beyond Argentina, but it also helped them reach scale and a higher level of performance. Galperin recounts, \u201cIn Mexico, we started competing with Amazon. Today, Mercado Libre is the company it is because of that competition with Amazon. When you have to compete with the best in the world, you either significantly raise your level of performance or you lose. We later applied all of that learning to the rest of Latin America where Amazon was not yet present.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/section>\r\n\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t<section id=\"section-iconbox-3-1576e239\" class=\"premium-tabs-content-section\">\r\n\t\t\t\t\t\t\t<div class=\"premium-tab-content premium-con-lq__none\">\r\n\r\n\t\t\t\t\t\t\t\t\t<style>.elementor-widget-section .premium-global-badge-{{ID}} .premium-badge-text{color:var( --e-global-color-secondary );}.elementor-widget-section.pa-bg-clipped-yes.premium-gbadge-custom .premium-global-badge-{{ID}} .premium-badge-text, .elementor-widget-section:not(.premium-gbadge-custom) .premium-global-badge-{{ID}} .premium-badge-container, .elementor-widget-section.premium-gbadge-custom:not(.pa-bg-clipped-yes) 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.premium-badge-container{background-color:var( --e-global-color-primary );}.elementor-widget-icon .premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-405992 .elementor-element.elementor-element-0239757 .elementor-icon-wrapper{text-align:start;}.elementor-405992 .elementor-element.elementor-element-0239757.elementor-view-stacked .elementor-icon{background-color:var( --e-global-color-0817984 );}.elementor-405992 .elementor-element.elementor-element-0239757.elementor-view-framed .elementor-icon, .elementor-405992 .elementor-element.elementor-element-0239757.elementor-view-default .elementor-icon{color:var( --e-global-color-0817984 );border-color:var( --e-global-color-0817984 );}.elementor-405992 .elementor-element.elementor-element-0239757.elementor-view-framed .elementor-icon, .elementor-405992 .elementor-element.elementor-element-0239757.elementor-view-default .elementor-icon svg{fill:var( 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.premium-global-badge-{{ID}} .premium-badge-icon{color:var( --e-global-color-secondary );fill:var( --e-global-color-secondary );}.elementor-405992 .elementor-element.elementor-element-cf5dcd0{font-family:\"Founders Grotesk\", Sans-serif;font-size:36px;font-weight:600;}.elementor-405992 .elementor-element.elementor-element-1359816{font-family:\"Founders Grotesk\", Sans-serif;font-size:32px;font-weight:400;}.elementor-405992 .elementor-element.elementor-element-1359816 > .elementor-widget-container{margin:-7px 0px 0px 0px;padding:0px 0px 0px 0px;}.elementor-405992 .elementor-element.elementor-element-a4cb351{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}.elementor-405992 .elementor-element.elementor-element-c6e8b5c{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}.elementor-405992 .elementor-element.elementor-element-b170a51{font-family:\"Inter\", Sans-serif;font-size:14px;font-weight:400;line-height:22px;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"405992\" class=\"elementor elementor-405992\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cf33260 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"cf33260\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0a664b4\" data-id=\"0a664b4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5791358 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"5791358\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ae970a1\" data-id=\"ae970a1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0239757 elementor-absolute elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"0239757\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"fas fa-circle\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf5dcd0 elementor-widget elementor-widget-text-editor\" data-id=\"cf5dcd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tDimitris Vassos\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1359816 elementor-widget elementor-widget-text-editor\" data-id=\"1359816\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tOmilia (Greece)\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4cb351 elementor-widget elementor-widget-text-editor\" data-id=\"a4cb351\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tFounded in 2002 by Dimitris Vassos and Pelias Ioannidis, Omilia is an innovative Greek tech company that provides businesses with conversational AI solutions for customer service. The company serves clients in 17 countries and employs over 300 people.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6e8b5c elementor-widget elementor-widget-text-editor\" data-id=\"c6e8b5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Develop full control of your product by moving third-party dependencies in-house.<\/strong>\nEarly in its growth, Omilia faced the challenge of being dependent on a supplier that was also becoming a competitor. Vassos moved the development of Omilia\u2019s speech recognition technology in-house by hiring more technical specialists. He recounts, \u201cHaving full commercial and technological control of our offering has been paramount to our success. It came with the price of slowing our speed to market and increasing R&amp;D costs, but we emerged so much more powerful than any of our competitors today.\u201d This move paid off because greater in-house technological capacity allowed Omilia to offer more customized and flexible terms to potential clients, accelerating customer acquisition.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4a87439\" data-id=\"4a87439\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b170a51 elementor-widget elementor-widget-text-editor\" data-id=\"b170a51\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Do not get distracted by opportunities that are not aligned with your company\u2019s vision.<\/strong>\nOmilia signed an attractive contract with a large restaurant chain to automate drive-through order placement. According to Vassos, \u201cWe already had all the foundational technologies required to solve this challenge, and the customer was willing to pay us a very considerable amount to finance the R&#038;D. I thought it was a no-brainer: getting paid very well to develop a new product that has immense market opportunity, with the first customer guaranteed.\u201d However, the contract ended up consuming a great deal of Omilia\u2019s time and resources. Vassos explains, \u201cIn the aftermath, I realized I took our company away from our core business, and as a consequence created a gap in our R&#038;D and pipeline for the core business. Lesson learned: everything you do must be intentional and aligned with your core vision.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/section>\r\n\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5c09cae elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5c09cae\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ccd5b9f\" data-id=\"ccd5b9f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-471592a elementor-widget elementor-widget-menu-anchor\" data-id=\"471592a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"10\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f4f771c elementor-widget elementor-widget-heading\" data-id=\"f4f771c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Winning Strategies Spain Could Learn From<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e1a08a9 elementor-widget elementor-widget-text-editor\" data-id=\"e1a08a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Spain\u2019s entrepreneurial ecosystem is currently in a promising position and can generate high-growth companies. Although routes to exit are not appealing right now, the current downturn will pass. In the meantime, decision makers should institute policy reforms and programs to lay the groundwork for future exits and for large investments from institutional and corporate investors in Spanish VC.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b1e17e8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b1e17e8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-88f7691\" data-id=\"88f7691\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6da6256 elementor-widget elementor-widget-menu-anchor\" data-id=\"6da6256\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"11\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e4f7218 elementor-widget elementor-widget-hotspot\" data-id=\"e4f7218\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;hotspot&quot;:[{&quot;_id&quot;:&quot;f608030&quot;,&quot;hotspot_tooltip_content&quot;:&quot;In Latin America, early entrepreneurial successes laid the foundation for its ecosystem\\u2019s growth and maturity.&quot;,&quot;hotspot_offset_x&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:32.6,&quot;sizes&quot;:[]},&quot;hotspot_offset_y&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:68.7,&quot;sizes&quot;:[]},&quot;hotspot_tooltip_position&quot;:&quot;yes&quot;,&quot;hotspot_tooltip_text_wrap&quot;:&quot;yes&quot;,&quot;hotspot_offset_x_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:32.4,&quot;sizes&quot;:[]},&quot;hotspot_offset_y_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:69.4,&quot;sizes&quot;:[]},&quot;hotspot_label&quot;:&quot;&quot;,&quot;hotspot_link&quot;:{&quot;url&quot;:&quot;&quot;,&quot;is_external&quot;:&quot;&quot;,&quot;nofollow&quot;:&quot;&quot;,&quot;custom_attributes&quot;:&quot;&quot;},&quot;hotspot_icon&quot;:{&quot;value&quot;:&quot;&quot;,&quot;library&quot;:&quot;&quot;},&quot;hotspot_custom_size&quot;:&quot;no&quot;,&quot;hotspot_horizontal&quot;:&quot;left&quot;,&quot;hotspot_vertical&quot;:&quot;top&quot;,&quot;hotspot_position&quot;:&quot;&quot;},{&quot;hotspot_custom_size&quot;:&quot;&quot;,&quot;hotspot_tooltip_content&quot;:&quot;Spain can learn from strategies that have worked well in other ecosystems that have matured, including France, Latin America, and India.&quot;,&quot;hotspot_offset_x&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:46.308,&quot;sizes&quot;:[]},&quot;hotspot_offset_x_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:46.3,&quot;sizes&quot;:[]},&quot;hotspot_offset_x_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:45.5,&quot;sizes&quot;:[]},&quot;hotspot_offset_y&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:41.955,&quot;sizes&quot;:[]},&quot;hotspot_tooltip_position&quot;:&quot;yes&quot;,&quot;hotspot_tooltip_text_wrap&quot;:&quot;yes&quot;,&quot;_id&quot;:&quot;5936cc5&quot;,&quot;hotspot_offset_y_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:42,&quot;sizes&quot;:[]},&quot;hotspot_offset_y_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:42,&quot;sizes&quot;:[]},&quot;hotspot_label&quot;:&quot;&quot;,&quot;hotspot_link&quot;:{&quot;url&quot;:&quot;&quot;,&quot;is_external&quot;:&quot;&quot;,&quot;nofollow&quot;:&quot;&quot;,&quot;custom_attributes&quot;:&quot;&quot;},&quot;hotspot_icon&quot;:{&quot;value&quot;:&quot;&quot;,&quot;library&quot;:&quot;&quot;},&quot;hotspot_horizontal&quot;:&quot;left&quot;,&quot;hotspot_vertical&quot;:&quot;top&quot;,&quot;hotspot_position&quot;:&quot;&quot;},{&quot;_id&quot;:&quot;ddd5941&quot;,&quot;hotspot_tooltip_content&quot;:&quot;The French entrepreneurial community and government took large steps to set up supportive institutions and legal frameworks to benefit entrepreneurs.&quot;,&quot;hotspot_offset_x&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:48,&quot;sizes&quot;:[]},&quot;hotspot_offset_x_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:48.1,&quot;sizes&quot;:[]},&quot;hotspot_offset_x_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:48.5,&quot;sizes&quot;:[]},&quot;hotspot_offset_y&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:37.44,&quot;sizes&quot;:[]},&quot;hotspot_offset_y_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:35.7,&quot;sizes&quot;:[]},&quot;hotspot_tooltip_position&quot;:&quot;yes&quot;,&quot;hotspot_tooltip_text_wrap&quot;:&quot;yes&quot;,&quot;hotspot_label&quot;:&quot;&quot;,&quot;hotspot_link&quot;:{&quot;url&quot;:&quot;&quot;,&quot;is_external&quot;:&quot;&quot;,&quot;nofollow&quot;:&quot;&quot;,&quot;custom_attributes&quot;:&quot;&quot;},&quot;hotspot_icon&quot;:{&quot;value&quot;:&quot;&quot;,&quot;library&quot;:&quot;&quot;},&quot;hotspot_custom_size&quot;:&quot;no&quot;,&quot;hotspot_horizontal&quot;:&quot;left&quot;,&quot;hotspot_vertical&quot;:&quot;top&quot;,&quot;hotspot_position&quot;:&quot;&quot;},{&quot;hotspot_tooltip_content&quot;:&quot;The growing confidence and capacity of local VCs in India, along with proactive policies, enabled them to fill in the gaps left by international investors.&quot;,&quot;hotspot_offset_x&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:68.2,&quot;sizes&quot;:[]},&quot;hotspot_offset_y&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:51,&quot;sizes&quot;:[]},&quot;hotspot_tooltip_position&quot;:&quot;yes&quot;,&quot;hotspot_tooltip_text_wrap&quot;:&quot;yes&quot;,&quot;_id&quot;:&quot;89e53bc&quot;,&quot;hotspot_offset_x_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:68.6,&quot;sizes&quot;:[]},&quot;hotspot_offset_y_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:50.8,&quot;sizes&quot;:[]},&quot;hotspot_label&quot;:&quot;&quot;,&quot;hotspot_link&quot;:{&quot;url&quot;:&quot;&quot;,&quot;is_external&quot;:&quot;&quot;,&quot;nofollow&quot;:&quot;&quot;,&quot;custom_attributes&quot;:&quot;&quot;},&quot;hotspot_icon&quot;:{&quot;value&quot;:&quot;&quot;,&quot;library&quot;:&quot;&quot;},&quot;hotspot_custom_size&quot;:&quot;no&quot;,&quot;hotspot_horizontal&quot;:&quot;left&quot;,&quot;hotspot_vertical&quot;:&quot;top&quot;,&quot;hotspot_position&quot;:&quot;&quot;}],&quot;tooltip_position&quot;:&quot;top&quot;,&quot;tooltip_trigger&quot;:&quot;click&quot;,&quot;tooltip_animation&quot;:&quot;e-hotspot--fade-in-out&quot;}\" data-widget_type=\"hotspot.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/New-Map-2.png\" alt=\"Map\" \/>\n\t\t\t\t\t\t<div class=\"e-hotspot elementor-repeater-item-f608030  e-hotspot--position-left e-hotspot--position-top   e-hotspot--circle\">\n\n\t\t\t\t\t\t\t\t<div class=\"e-hotspot__button e-hotspot--expand\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"e-hotspot__outer-circle\"><\/div>\n\t\t\t\t\t\t<div class=\"e-hotspot__inner-circle\"><\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"e-hotspot__tooltip  e-hotspot--tooltip-position e-hotspot--fade-in-out \" >\n\t\t\t\t\t\tIn Latin America, early entrepreneurial successes laid the foundation for its ecosystem\u2019s growth and maturity.\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\n\t\t\t<\/div>\n\n\t\n\t\t\t\t\t\t<div class=\"e-hotspot elementor-repeater-item-5936cc5  e-hotspot--position-left e-hotspot--position-top   e-hotspot--circle\">\n\n\t\t\t\t\t\t\t\t<div class=\"e-hotspot__button e-hotspot--expand\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"e-hotspot__outer-circle\"><\/div>\n\t\t\t\t\t\t<div class=\"e-hotspot__inner-circle\"><\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"e-hotspot__tooltip  e-hotspot--tooltip-position e-hotspot--fade-in-out \" >\n\t\t\t\t\t\tSpain can learn from strategies that have worked well in other ecosystems that have matured, including France, Latin America, and India.\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\n\t\t\t<\/div>\n\n\t\n\t\t\t\t\t\t<div class=\"e-hotspot elementor-repeater-item-ddd5941  e-hotspot--position-left e-hotspot--position-top   e-hotspot--circle\">\n\n\t\t\t\t\t\t\t\t<div class=\"e-hotspot__button e-hotspot--expand\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"e-hotspot__outer-circle\"><\/div>\n\t\t\t\t\t\t<div class=\"e-hotspot__inner-circle\"><\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"e-hotspot__tooltip  e-hotspot--tooltip-position e-hotspot--fade-in-out \" >\n\t\t\t\t\t\tThe French entrepreneurial community and government took large steps to set up supportive institutions and legal frameworks to benefit entrepreneurs.\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\n\t\t\t<\/div>\n\n\t\n\t\t\t\t\t\t<div class=\"e-hotspot elementor-repeater-item-89e53bc  e-hotspot--position-left e-hotspot--position-top   e-hotspot--circle\">\n\n\t\t\t\t\t\t\t\t<div class=\"e-hotspot__button e-hotspot--expand\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"e-hotspot__outer-circle\"><\/div>\n\t\t\t\t\t\t<div class=\"e-hotspot__inner-circle\"><\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"e-hotspot__tooltip  e-hotspot--tooltip-position e-hotspot--fade-in-out \" >\n\t\t\t\t\t\tThe growing confidence and capacity of local VCs in India, along with proactive policies, enabled them to fill in the gaps left by international investors.\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\n\t\t\t<\/div>\n\n\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-27d578b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"27d578b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5dffaf9\" data-id=\"5dffaf9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd9fed3 elementor-widget elementor-widget-spacer\" data-id=\"cd9fed3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d80a591 elementor-widget elementor-widget-spacer\" data-id=\"d80a591\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a5d3a21 elementor-widget elementor-widget-heading\" data-id=\"a5d3a21\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">France Enacted Major Policies to Support Entrepreneurs<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fb9bee4 elementor-widget elementor-widget-text-editor\" data-id=\"fb9bee4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The French entrepreneurial community and government set up supportive institutions and legal frameworks to benefit entrepreneurs, creating a thriving ecosystem that has experienced tremendous growth over the past decade. In 2012, French entrepreneurs and investors came together to form the advocacy group <strong>France Digitale<\/strong>, which represents their voice to policymakers. It now has thousands of members and works closely with the government, even having dedicated points of contact within the French Treasury.<\/p><p>The establishment of the public initiative <strong>La French Tech<\/strong> in 2013 was a major turning point. As a nationwide community for French entrepreneurs, it provides funding and support, connects founders to investors and other ecosystem actors, and serves as a platform for them to share best practices with each other. A public investment bank, <strong>Bpifrance<\/strong>, was also created in 2013 with billions of euros under its management, both to fund entrepreneurial companies directly and to invest in VC firms through a fund of funds. As a result, it has amplified the capacity of local VC firms and enabled them to take on larger rounds over time.<\/p><p>Legislative reform in France has benefited both investors and entrepreneurs in the country. In 2015, the government <a href=\"https:\/\/www.soulier-avocats.com\/en\/the-competitiveness-of-the-french-private-equity-and-capital-investment-industry-is-reinforced-with-the-creation-of-the-societe-de-libre-partenariat\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">instituted reforms<\/span><\/a> to create a more flexible investment structure, allowing limited partnerships (known as &#8220;SLPs&#8221;). Previously, this type of investment vehicle was not available locally, and investors would have to go through the UK or Luxembourg. The <strong>PACTE Law<\/strong>, which <a href=\"https:\/\/www.hugheshubbard.com\/news\/consequences-of-the-french-pacte-act-action-plan-for-growth-and-transformation-of-companies-on-the-corporate-governance-management-of-companies-based-on-their-interests-and-potentially-their-raison-detre-1\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">passed in 2019<\/span><\/a>, simplified legal procedures for companies, lowered the tax burden on them, and reduced the cost of employee profit-sharing. Other policy reforms in France have included: giving tax credits for innovation; removing restrictions on employee stock ownership plans; and establishing a French tech visa to attract foreign founders, investors, and professionals.<\/p><p>La French Tech serves as the central coordinating body through which the public sector in France pursues a unified agenda around entrepreneurship. It has built a strong brand and messaging platform that positions France globally as an entrepreneurial nation, which was not the case prior to 2013. Through La French Tech, the government has an active policy to generate local unicorns, which they track as their success metric. In 2019, they set a goal of reaching 25 unicorns by 2025. The ecosystem reached that goal three years early in 2022, so <a href=\"https:\/\/www.reuters.com\/technology\/macron-aims-surge-number-french-tech-unicorns-by-2030-2022-06-17\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">a revised goal<\/span><\/a> was implemented to reach 100 unicorns by 2030. France was also the only major European country whose entrepreneurial ecosystem raised more capital in 2022 than in 2021.<\/p><p>In many ways, the Spanish government can take inspiration from France in using government institutions, funding, and policy reforms to support local high-growth entrepreneurs. Spain\u2019s first dedicated startup law was enacted in 2022, representing a step in the right direction. According to Jonathan Clarke, French Tech Madrid co-founder and OVHcloud Startup Program leader, \u201cSpain has a lot of strong local tech hubs. The challenge is connecting them together and driving something centrally like French Tech. Even though French Tech is centralized and government-led, they were able to democratize it and build cohesion through local chapters.\u201d With a more unified entrepreneurial agenda and local consensus, Spain can become the next breeding ground for unicorns in Europe.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e3190fb elementor-widget elementor-widget-spacer\" data-id=\"e3190fb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7da6803 elementor-widget elementor-widget-heading\" data-id=\"7da6803\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">In Latin America, Local Founders and VCs Stepped Up<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-247afaa elementor-widget elementor-widget-text-editor\" data-id=\"247afaa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Early entrepreneurial successes laid the foundation for Latin America\u2019s ecosystem\u2019s growth and maturity. The leadership of the region\u2019s first wave of scaleups and the long-term vision of local investors have transferable lessons for Spain. Many companies from that <span style=\"text-decoration: underline;\"><a href=\"https:\/\/techcrunch.com\/2016\/07\/28\/corporate-venture-growth-in-brazil-is-another-sign-of-a-mature-tech-ecosystem\/\" target=\"_blank\" rel=\"noopener\">first wave<\/a><\/span>, such as <strong>Buscap\u00e9<\/strong>\u00a0and <strong>Movile<\/strong>, were willing to do business with early-stage companies, giving the latter legitimacy and growth opportunities. The first wave of Latin American scaleups also contributed to a massive change in culture that became more accepting and celebratory of entrepreneurship. Top students used to seek careers in finance and investment banking, but over the past 10-20 years, there has been a growing trend of the brightest wanting to join or launch their own tech startups.<\/p><p>Several successful founders and c-suite executives have gone on to become local investors. Mercado Libre\u2019s success led to the establishment of <strong>Kaszek Ventures<\/strong> by its former cofounder Hern\u00e1n Kazah and former CFO Nicol\u00e1s Szekasy. They were able to raise their first fund to invest in Brazilian and other Latin American companies thanks to their reputation as highly successful entrepreneurs. Initial LPs included their own colleagues and investors from Mercado Libre, as well as other LPs from abroad who had followed Mercado Libre\u2019s huge success.<\/p><p>Although Kaszek began as an early-stage fund, deal flow allowed them to move up the ladder to larger rounds. The companies they invested in \u2014 especially the Brazilian fintech <strong>Nubank<\/strong> \u2014 did so well that they ran out of dry powder in their early-stage fund and raised their first later-stage \u2018opportunity fund\u2019. After their first fund, they have focused on raising funds from <a href=\"https:\/\/www.as-coa.org\/watchlisten\/bravobiz-2022-kaszeks-vision-latam-tech\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">university and philanthropic endowments<\/span><\/a>, with whom they had built long-lasting, trust-based relationships since the launch of Kaszek. From 2011 to 2021, the size of Kaszek\u2019s funds <a href=\"https:\/\/techcrunch.com\/2023\/04\/03\/kaszek-closes-on-975m-across-two-new-funds-to-back-latin-american-startups\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">has increased<\/span><\/a> from \\$100 million to nearly \\$1 billion.<\/p><p>Strategic thinking on the part of Spain\u2019s local investors, including founders-turned-funders, will enable the ecosystem to thrive in the long run. Latin American investors like Kaszek succeeded due to their reputations as leaders in entrepreneurship and their focused investment strategy. They were willing to invest in uncertain markets like Brazil and Argentina when others were not, while still only investing in reliable businesses with solid unit economics.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93d1d9f elementor-widget elementor-widget-spacer\" data-id=\"93d1d9f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-00c7b14 elementor-widget elementor-widget-heading\" data-id=\"00c7b14\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">India\u2019s Proactive Policies and VCs Propelled Its Ecosystem<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-037c3ad elementor-widget elementor-widget-text-editor\" data-id=\"037c3ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The growing confidence and capacity of local VCs in India, along with forward-thinking policies, enabled them to fill in the gaps left by international investors. India \u2014 a continent-sized economy \u2014 has made significant progress building up the availability of growth capital in its entrepreneurial ecosystem. In the early and mid-2000s, local VC funds were managed by Indian returnees and remained early-stage focused. Later-stage rounds were dominated by large foreign investors like <strong>Tiger Global<\/strong>, especially after 2010. However, in 2015, when the Indian economy experienced some setbacks, many of those foreign investors left the market.<\/p><p>By that point, the initial pool of local fund managers was large enough to be able to establish their own growth-stage funds to fill the gap. They had the capacity to do this because they had more experience and more capital from their earlier investments in companies that had <a href=\"https:\/\/www.forbesindia.com\/article\/vc-and-pe-special\/the-value-in-venture-capital\/54525\/1\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">successful exits<\/span><\/a> like <strong>Flipkart<\/strong>, <strong>redBus<\/strong>, and <strong>Citrus<\/strong>. These consistent exits also built a sense of confidence in the ecosystem that enabled investors to provide more capital to promising companies.<\/p><p>In the early stages of India\u2019s ecosystem, several scaleups demonstrated resilience as they raised down rounds but ultimately emerged with more sustainable business models. E-commerce giant Flipkart raised its first down round in 2012. Its cofounder Sachin Bansal <a href=\"https:\/\/www.financialexpress.com\/business\/industry-analysts-back-down-rounds-to-survive-tough-times-3051097\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">later remarked<\/span><\/a> that the company should have done so even sooner, rather than delaying the round to try to secure a higher valuation. Both he and CEO Kalyan Krishnamurthy believe that Flipkart\u2019s down rounds functioned as <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/startups\/down-rounds-an-acceptable-option-to-extend-cash-runway-say-founders-ceos\/articleshow\/95665395.cms\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">opportunities<\/span><\/a> to rebuild a company\u2019s cap table and ensure its long-term sustainability.<\/p><p>Policy reforms that improved the ease of starting a business and provided public funding for tech companies, as well as the rise in <a href=\"https:\/\/www.livemint.com\/opinion\/columns\/how-india-s-early-stage-startup-ecosystem-became-an-investment-hotspot-11649611086592.html\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">corporate partnerships and incubators<\/span><\/a>, boosted the number of companies and amount of funding in the Indian market. These additional early-stage support systems also created space for VC investors to step into later stages. According to Sasha Mirchandani, founder of <strong>Kae Capital<\/strong>, \u201cThe government\u2019s role has been a net positive. They have made an effort in many ways to help the venture ecosystem including starting a fund of funds, providing tax incentives, and speaking to stakeholders like us about regulatory reforms and other issues.\u201d<\/p><p>In terms of the growth in the amount of capital managed by local VC firms, Mirchandani notes that the bulk of LP investment has come from \u201cendowments, funds of funds, and large family offices \u2014 those are where the real money is. Indian VC has grown exponentially, though there is still a need for more growth capital given the size of the home market.\u201d The combination of capital from this variety of sources, including the reinvestment of wealth made by prominent exited founders like Sachin Bansal and Binny Bansal of Flipkart, has allowed the Indian VC landscape to mature over time.<\/p><p>The Spanish venture ecosystem should prepare to be in a position where local investors can move up the ladder to participate in larger rounds, although it may not be at India\u2019s stage yet. The Spanish government\u2019s move to create a \u20ac4 billion <strong><a href=\"https:\/\/espanadigital.gob.es\/en\/lines-action\/fondo-next-tech\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">Next-Tech Fund<\/span><\/a><\/strong> that invests in local VCs is a positive step in that direction. It will help Spanish investors participate in larger rounds than they otherwise could.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c6c255 elementor-widget elementor-widget-heading\" data-id=\"6c6c255\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Comparison of Spain with Three More Mature Ecosystems<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81e2306 eael-dt-th-align-center eael-table-align-center elementor-widget elementor-widget-eael-data-table\" data-id=\"81e2306\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"eael-data-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\n\t\t\t@media (max-width: 767px) {\n\t\t\t   #eael-data-table-wrapper-81e2306.custom-responsive-option-enable .eael-data-table thead {\n                    display: none;\n               }\n               #eael-data-table-wrapper-81e2306.custom-responsive-option-enable .eael-data-table tbody tr td {\n                    float: none;\n                    clear: left;\n                    width: 100%;\n                    text-align: left;\n                    display: flex;\n                    align-items: center;\n                }\n\t\t\t}\n\t\t\t<\/style>\t\t<div class=\"eael-data-table-wrap custom-responsive-option-enable\" data-table_id=\"81e2306\" id=\"eael-data-table-wrapper-81e2306\" data-custom_responsive=\"true\">\n\t\t\t<table class=\"tablesorter eael-data-table center\" id=\"eael-data-table-81e2306\">\n\t\t\t    <thead>\n\t\t\t        <tr class=\"table-header\">\n\t\t\t\t\t\t\t\t\t            <th class=\"\" id=\"\" colspan=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"data-table-header-text\"><\/span><\/th>\n\t\t\t        \t\t\t\t            <th class=\"\" id=\"\" colspan=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"data-table-header-text\"><b>Spain<\/b><\/span><\/th>\n\t\t\t        \t\t\t\t            <th class=\"\" id=\"\" colspan=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"data-table-header-text\"><b>France<\/b><\/span><\/th>\n\t\t\t        \t\t\t\t            <th class=\"\" id=\"\" colspan=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"data-table-header-text\"><b>Brazil<\/b><\/span><\/th>\n\t\t\t        \t\t\t\t            <th class=\"\" id=\"\" colspan=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"data-table-header-text\"><b>India<\/b><\/span><\/th>\n\t\t\t        \t\t\t\t        <\/tr>\n\t\t\t    <\/thead>\n\t\t\t  \t<tbody>\n\t\t\t\t\t\t\t\t\t\t\t<tr>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<b>Number of Companies That Raised $10M+<\/b>\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t230\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t981\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t248\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t1,050\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t        \t\t\t\t\t\t<tr>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<b>Number of Unicorns Ever Produced<\/b>\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t18\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t47\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t25\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t110\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t        \t\t\t\t\t\t<tr>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<b>Number of $100M+ VC Investors<\/b>\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t40\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t134\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t46\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t   \t\t\t\t\t\t\t\t\t\t\t<td colspan=\"\" rowspan=\"\" class=\"\" id=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"td-content-wrapper\"><div class=\"td-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t83\t\t\t\t\t\t\t\t\t\t\t\t<\/div><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t        \t\t\t    <\/tbody>\n\t\t\t<\/table>\n\t\t<\/div>\n\t  \t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-90a6717 elementor-widget elementor-widget-text-editor\" data-id=\"90a6717\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tNote: \u201cNumber of Companies that Raised \\$10M+\u201d refers to VC-backed companies that have raised at least $10 million. Number of \\$100M+ VC Investors\u201d refers to institutional investors that deploy venture capital and have at least \\$100 million of assets under management. The data for these metrics is from PitchBook as of October 2023. Data on the \u201cNumber of Unicorns Ever Produced\u201d is from <a href=\"https:\/\/dealroom.co\/uploaded\/2023\/04\/Dealroom-Spain-startup-Report-2023-v4.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">Dealroom<\/span><\/a> for Spain and France, the <a href=\"https:\/\/brazilian.report\/tech\/2022\/03\/08\/unicorns-not-so-rare\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">Brazilian<\/span> <span style=\"text-decoration: underline;\">Report<\/span><\/a> for Brazil, and <span style=\"text-decoration: underline;\"><a href=\"https:\/\/inc42.com\/features\/indias-unicorn-club-the-comprehensive-list-of-unicorns-in-india\/\" target=\"_blank\" rel=\"noopener\">Inc42<\/a><\/span> for India.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c035937 elementor-widget elementor-widget-spacer\" data-id=\"c035937\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a6a4af4 elementor-widget elementor-widget-heading\" data-id=\"a6a4af4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">With the Right Moves, Spain Will Thrive<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-24a325d elementor-widget elementor-widget-text-editor\" data-id=\"24a325d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The experiences of other venture ecosystems show that Spain has the potential to reach maturity with more growth-stage funds and scaleup companies. If local founders, investors, and policymakers each play their part, the country\u2019s ecosystem will thrive and grow larger. Spanish entrepreneurs should take inspiration from the experiences of founders who are building large, sustainable businesses in more difficult markets.<\/p><p>Local VCs should work to support the rise of more scaleups by entering deals at later stages, and policymakers should consider implementing reforms and a unified national agenda around entrepreneurship to create an enabling environment. When these elements finally converge, Spain will start ascending as a global hub for entrepreneurship.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cbd7541 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"cbd7541\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e81c2d0 elementor-widget elementor-widget-heading\" data-id=\"e81c2d0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Share This 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elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-70f6726\" data-id=\"70f6726\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-175300e elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"175300e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-extended\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-82e777b\" data-id=\"82e777b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6ba6f2e elementor-widget elementor-widget-image\" data-id=\"6ba6f2e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"5133\" height=\"2800\" src=\"https:\/\/endeavor.org\/wp-content\/uploads\/2022\/09\/Mapping-Spains-Tech-Sector.png\" class=\"attachment-full size-full wp-image-400841\" alt=\"\" srcset=\"https:\/\/endeavor.org\/wp-content\/uploads\/2022\/09\/Mapping-Spains-Tech-Sector.png 5133w, https:\/\/endeavor.org\/wp-content\/uploads\/2022\/09\/Mapping-Spains-Tech-Sector-2200x1200.png 2200w\" sizes=\"(max-width: 5133px) 100vw, 5133px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e199b22\" data-id=\"e199b22\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d5efcca elementor-widget elementor-widget-text-editor\" data-id=\"d5efcca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tMapping Spain\u2019s Tech Sector\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3037964 elementor-widget elementor-widget-text-editor\" data-id=\"3037964\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tRead this in-depth study based on more than 100 founder interviews. Learn how local tech companies are scaling and what it will take to create a more globally competitive entrepreneurship ecosystem.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34d1380 elementor-widget elementor-widget-text-editor\" data-id=\"34d1380\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/lp.endeavor.org\/spaintechmap\" target=\"_blank\" rel=\"noopener\">Download Report<\/a><\/strong><\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3d1cb2d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3d1cb2d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-436c314\" data-id=\"436c314\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-72e6f7b elementor-widget elementor-widget-text-editor\" data-id=\"72e6f7b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tResearch By <span style=\"text-decoration: underline;\"> <a href=\"https:\/\/endeavor.org\/insight\/\" target=\"_blank\" rel=\"noopener\">Endeavor Insight<\/a><\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9cc7e48 elementor-widget elementor-widget-text-editor\" data-id=\"9cc7e48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tIn Collaboration with <span style=\"text-decoration: underline;\"><a href=\"https:\/\/endeavor.org.es\/\" target=\"_blank\" rel=\"noopener\">Endeavor Spain<\/a><\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The Venture Landscape in Spain: Reaching the Next LevelSpain is at a pivotal point in the growth of its venture ecosystem.October 19, 2023 This website is embargoed until October 19, 2023. We ask that you keep all content in confidence. Spain is at a pivotal point in the growth of its venture ecosystem. The country&hellip;<\/p>\n","protected":false},"author":33,"featured_media":407620,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[149],"class_list":["post-404147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research-report","region-europe"],"acf":[],"yoast_head":"<title>The Venture Landscape in Spain - Endeavor<\/title>\n<meta name=\"description\" content=\"Spain is at a pivotal point for its venture ecosystem, and decision makers should act quickly to ensure continued growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/endeavor.org\/stories\/the-venture-landscape-in-spain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Venture Landscape in Spain\" \/>\n<meta property=\"og:description\" content=\"Spain is at a pivotal point for its venture ecosystem, and decision makers should act quickly to ensure continued growth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/endeavor.org\/stories\/the-venture-landscape-in-spain\/\" \/>\n<meta property=\"og:site_name\" content=\"Endeavor\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-19T10:59:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-05T17:09:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/endeavor.org\/wp-content\/uploads\/2023\/08\/Spain-VC-Landscape_Featured-Image.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"981\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Endeavor Insight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@endeavor_global\" \/>\n<meta name=\"twitter:site\" content=\"@endeavor_global\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Endeavor Insight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"37 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/endeavor.org\\\/stories\\\/the-venture-landscape-in-spain\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/endeavor.org\\\/stories\\\/the-venture-landscape-in-spain\\\/\"},\"author\":{\"name\":\"Endeavor Insight\",\"@id\":\"https:\\\/\\\/endeavor.org\\\/#\\\/schema\\\/person\\\/ee2655e53cee8896755596a0ef98af58\"},\"headline\":\"The Venture Landscape in Spain\",\"datePublished\":\"2023-10-19T10:59:29+00:00\",\"dateModified\":\"2025-09-05T17:09:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/endeavor.org\\\/stories\\\/the-venture-landscape-in-spain\\\/\"},\"wordCount\":6079,\"publisher\":{\"@id\":\"https:\\\/\\\/endeavor.org\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/endeavor.org\\\/stories\\\/the-venture-landscape-in-spain\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/endeavor.org\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Spain-VC-Landscape_Featured-Image.png\",\"articleSection\":[\"Research\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/endeavor.org\\\/stories\\\/the-venture-landscape-in-spain\\\/\",\"url\":\"https:\\\/\\\/endeavor.org\\\/stories\\\/the-venture-landscape-in-spain\\\/\",\"name\":\"The Venture Landscape in Spain - 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