María Benjumea, President and Founder of South Summit

From the beginning of her career, María Benjumea has been dedicated to the world of entrepreneurship. At the age of 25, she launched her first business venture, Taller del Arte. In 1981, she created Círculo de Progreso, and in 1995, Infoempleo. In 2011, in collaboration with the Community of Madrid, she developed the Lidera Program, and in 2012, she founded South Summit, a key networking platform for entrepreneurship. María is the president of the Riotinto Foundation and an independent director of Prosegur Cash. Her outstanding professional career has earned her numerous accolades, including the Lifetime Achievement Award in 2019 and the Gold Medal for Merit in Work in 2016, among other recognitions.

How has the entrepreneurial ecosystem in Spain evolved in recent years?

When South Summit started 13 years ago, few people talked about entrepreneurship, but now we are talking about an ecosystem valued at 98.2 billion dollars. This is a spectacular figure as it reveals continuous and sustained growth: between 2023 and 2022, the value of our startups has grown by almost 5%, while this percentage increases to 184% when we talk about growth since 2018.

Our ecosystem is not only more valuable but also more solid, with a greater number of players involved. In the past year, the number of startups in Spain has grown by 3% to reach 12,354, and the number of incubators has increased by 8% and accelerators by 1%.

These figures undoubtedly reflect the great maturity our ecosystem has acquired, further evidenced by the average age of our startups, which has increased from 2.20 years in 2019 to 3.12 years in 2023, according to the Entrepreneurship Map, produced by South Summit in collaboration with IE University. This is fantastic news for all the players in our ecosystem because it means that an increasing number of Spanish startups are gaining experience and traction in the market.

What do you think have been the main drivers of this evolution?

These positive figures cannot be understood without the collaboration of all the key players in our ecosystem. Entrepreneurs, investment funds, and large companies betting on the most innovative ideas, but also thanks to the administrations. We have all been rowing in the same direction over the past few years to enhance the Spanish entrepreneurial ecosystem and make it an essential part of our economy. The startup law has also been crucial, providing more opportunities for entrepreneurs to turn their dreams into reality.

What competitive advantages define the Spanish entrepreneurial ecosystem compared to other countries?

One of the strengths we have in Spain is our commitment to innovation across all professional sectors, and we also have a public administration that is aware of the importance of the entrepreneurial fabric for a country. This past year, public funds have accounted for 7% of the financing received by Spanish startups, representing a two-point increase compared to 2020 and a higher figure than investments from crowdfunding and bank credit. This is undoubtedly great news that public funds are becoming more significant within our entrepreneurial ecosystem.

Additionally, I want to highlight once again the introduction of the startup law as a great advantage of our ecosystem and as the result of tremendous work between entrepreneurs, investors, and the entire public administration. This legislation will create an edge over other ecosystems thanks, among other measures, to the reduction of procedures for digital nomads to come and start businesses, as well as various tax incentives for startups.

And when we talk about our entrepreneurs, we must praise their level of professionalism. 79% of Spanish entrepreneurs have a master's degree and/or a doctorate, which gives our startups a significant competitive advantage.

What are the most notable trends you observe in the entrepreneurial ecosystem currently, and how do you think they are impacting the development of new businesses?

In the realm of innovation, we have witnessed a true revolution in the use or development of AI by the entrepreneurial ecosystem. This technology has already become essential for many startups: 1 in 4 has incorporated it into their processes, surpassing apps.

On the other hand, in our Entrepreneurship Map, we have observed a growing commitment from entrepreneurs regarding the environmental issues our planet faces. The Green Business sector has emerged strongly in the international entrepreneurial ecosystem and is now the fourth industry with the most newly created startups. It is very positive that more and more entrepreneurs worldwide see innovation and new technologies as tools to build a better world.

What industries do you consider most promising for entrepreneurship in Spain?

In the last two editions of the Entrepreneurship Map, Fintech, Education, Health Care, and Software Development stood out as the main sectors chosen by entrepreneurs to develop their business. However, in the latest study, we have seen the emergence of two sectors that we anticipate will continue to grow in the coming years: Green Business and Service Provider.

What is your view on female entrepreneurship in Spain and what changes would you like to see in the entrepreneurial ecosystem?

This is precisely one of our pending tasks. The percentage of Spanish startups founded by women, regardless of their age, has not changed in a decade. Out of every 10 entrepreneurs in Spain, only two are women. The fact that this figure has not changed in ten years should make us reflect: how can we overcome this gap between male and female entrepreneurship?

As a 70-year-old startup enthusiast myself, I am convinced that women are very good at creating startups. We just have to believe in ourselves! That's the main barrier we encounter in women's entrepreneurship. We also need to be aware that investments have no gender or age; they only recognize talent and profit.

Do you see initiatives like the Plataforma ONE as important for enhancing connections between different stakeholders?

Absolutely. The Plataforma ONE is a great initiative to foster connections among the various key players in the entrepreneurial ecosystem in Spain. For entrepreneurs, it's a way to learn about the ecosystem, legislation, latest news, and the necessary information to start a business. Moreover, it's further evidence that the public sector is committed to innovation and entrepreneurship and provides the necessary support to entrepreneurs.

Any initiative, whether public or private, that promotes entrepreneurship and helps connect stakeholders with each other, will always be positive.