The GEM Spain 2023-2024 Report has arrived, featuring insights from over 30,000 entrepreneurs highlighting advancements in Spain’s entrepreneurship landscape. Prepared by the Global Entrepreneurship Monitor (GEM Spain), the report has been supported by ENISA and collaborated with the MAPFRE Observatory of Sustainable Finance.

Key findings of the GEM Spain 2023-2024 Report

The report highlights that recent entrepreneurial activity has experienced three consecutive years of growth, reaching potential entrepreneurship levels not seen since 2012. In 2023, 13.5% of the adult population in Spain is involved in starting and consolidating entrepreneurial initiatives. Of this figure, 6.8% corresponds to projects less than three and a half years old, while 6.7% represents consolidated projects. Despite perceived unfavorable conditions for entrepreneurship, the percentage of potential entrepreneurs has grown from 9.4% to 11.2% in 2023.

The entrepreneurial lifecycle in Spain is shorter compared to other reference countries. In 2023, seven out of ten recent entrepreneurs are over 35 years old, as are six out of ten potential entrepreneurs, indicating an older entrepreneurial profile compared to other countries.

Regarding female participation, although the percentage of male entrepreneurs remains higher (11.5%), women have shown significant growth, increasing from 8.8% in 2022 to 10.9% in 2023. During the pandemic, women demonstrated greater resilience in the entrepreneurial field, although in 2023, men have shown higher entrepreneurial activity.

The immigrant population in Spain shows a recent entrepreneurial activity rate that is double that of the native population. One in seven immigrant men and one in nine immigrant women are entrepreneurs. However, entrepreneurial initiatives from this population have a higher closure rate, reducing the survival rate of projects older than three and a half years to 5.9%, below the 6.8% of the Spanish population.

Young entrepreneurs (18-24 years old) are leading the growth of innovative and technological initiatives, although digitalization is still in an early stage. A higher educational level correlates with better knowledge of appropriate financing sources. In 2023, most entrepreneurial projects start without employees, with only one in ten projects maintaining a larger team.

In sectoral terms, eight out of ten entrepreneurs focus their initiatives on the service sector. More than 30% of recent initiatives innovate in products and/or processes, a percentage that almost doubles that of consolidated initiatives. This suggests a significant increase in innovation within newly created entrepreneurial ventures in the coming years.

The report also notes an increase in the alignment between the strategic orientation towards sustainability of entrepreneurial projects and their effective implementation through business practices that protect the environment, both among recent entrepreneurs and consolidated initiatives.

For more information: GEM Spain 2023-2024 Report

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