20 June, 2024

The Basque entrepreneurial ecosystem drives the regional economy with over 7,100 jobs and a turnover of 828 million euros

Coyuntura Emprendimiento 2024This growth is the result of sustained efforts in creating startups and scaleups since 2020, with key sectors such as eHealth, biotech, energy, Industry 4.0, and cybersecurity leading the way. Entrepreneurship Situation 2024 The recent report on technological and innovative companies in Euskadi for the year 2024, presented by Ecosistema Startup, reveals a dynamic and expanding landscape. With a total of 698 tech companies, of which 311 are startups, 111 are scaleups, and 276 are SMEs, this classification is based on the criteria established in the Startup Law and supported by ENISA. The report has been supported by Up!Euskadi, the Basque Government platform that monitors, identifies, and promotes startups, giving them visibility and connecting them with investors and strategic partners in the region.

The Basque Country stands out as a reference in innovation. The report details the distribution of tech companies by historical territory as follows: Bizkaia (354), Gipuzkoa (239), and Araba (105).

Additionally, the report highlights the notable growth experienced by the Basque Country in the founding of innovative companies since 2020. This expansion is reflected in the increase in the number of startups, scaleups, and tech SMEs, which have reached a total of 698 in 2024. This growth is driven by key sectors such as eHealth, biotech, energy, Industry 4.0, and cybersecurity. Specifically, the eHealth sector has 64 companies, generating 1,080 jobs and a turnover of 32.25 million euros. The biotech sector, with 46 companies, generates 1,355 jobs and 58.75 million euros in turnover. Energy and Industry 4.0 are also prominent sectors, significantly contributing to the regional economy.

More than 40 annual investment rounds since 2020

The Basque ecosystem is one of the most consolidated in terms of investment in the national startup landscape. The Basque community has raised more than 800 million euros through its startups between 2016 and 2024. Satlantis and Multiverse have played a notable role in this journey, closing two rounds each in 2021 that raised the total sum of that year above the annual average.

20% women entrepreneurs The gender gap remains a challenge for the Basque Country, although it has one of the highest figures in terms of female entrepreneurs: 20% of founders in the Basque Country are women, while 80% are men. However, the data still reflects the need for policies and programs to encourage greater female participation in the entrepreneurial ecosystem.

The report underscores that the Basque Country is on an upward trajectory in terms of innovation and technological entrepreneurship. With the continued support of the regional government and a strong network of accelerators and investment programs, Euskadi is well-positioned to become an innovation hub at both national and international levels. Although it faces challenges such as the gender gap, the implemented strategies promise a bright future for the Basque tech ecosystem.

More than 7,000 tech companies analyzed in the State The national report by ‘El Referente’ confirms that the number of tech companies in Spain exceeds 7,000, of which 3,640 are startups and 1,185 are scaleups, generating an economic impact for the country of over 11,500 million euros annually and creating more than 99,919 direct jobs in the sector.

The methodology of the report is based on data obtained from the ‘Ecosistema Startup’ platform, the largest database of startups, investors, and business angels in Spain. To create this report, more than 15,000 companies were analyzed, selecting over 7,000 Spanish tech companies and providing detailed information on founders, sectors, types of companies, and other relevant data. Quarterly, the data is validated with the Mercantile Registry thanks to an agreement with INFORMA, ensuring the accuracy of the annual turnover, number of employees, and the status of the companies.

The report includes only companies established with a tax identification code (CIF). The companies have been validated by the Mercantile Registry, excluding those that are extinct or liquidated, and includes companies founded in 2010 or later, with occasional exceptions. Three types of companies are established (startup, scaleup, and SME) based on annual turnover and years of existence. The location of the companies is based on the fiscal address, data obtained from the Mercantile Registry via INFORMA. The data was obtained and updated from the platform until June 1, 2024.

It is worth noting that the report was supported by ‘ENISA’, ‘Patio Campus’, and ‘Up!Euskadi’, which actively participated in the thorough scouting of the region.

You can download the full report on the Startup Ecosystem of Euskadi, HERE