BBVA Open Summit 2023: investors, founders and other stakeholders come together to boost the entrepreneurial ecosystem

More than 600 attendees gathered at the sixth edition of the BBVA Open Summit 2023 to delve into the state of the Spanish entrepreneurial ecosystem, as well as to analyse its challenges and opportunities.

The event was organised by BBVA Spark, which accompanies high-growth companies through a comprehensive offer adapted to their reality in Spain, Mexico, Colombia and soon, Argentina. “We are already the bank for entrepreneurs in the Spanish-speaking world,” said Carlos Torres, BBVA’s Chairman and CEO.

On this occasion, the event was moved to Llotja de Mar, a historic building in Barcelona, a city that stands as the fifth most important European entrepreneurial ecosystem after Paris, Berlin, Stockholm and Amsterdam. “Catalonia concentrates a lot of the talent and investment that happens around the startup world, both nationally and internationally,” said Peio Belausteguigoitia, BBVA’s country manager in Spain. Within this framework, and throughout the 11 presentations, participants were able to delve into the main key things required for startups to thrive.

Image: (From left to right). Javier Cebrián (Bonsai Partners), Josep Santacana (Korelya Capital), Rob Cassedy (Wallapop) and Lucía Hojman (BBVA Spark).

Growing with the right partners

The Spanish ecosystem has shown resilience in times of uncertainty, as was highlighted during the event. While the value of the entrepreneurial ecosystem globally shrunk by 2.8% in 2022, in Spain it increased by 8.6% to more than $93 billion in 2022. “In Spain, we have a lot of talent and spectacular companies. But we don’t believe it and people often have to come from outside to tell us how good we are. I hope that in the future we will have removed that complex,” said Helena Torras venture partner at Hans(wo)men Group, who highlighted how the ecosystem has been gaining maturity. Roberto Albaladejo, head of BBVA Spark, pointed out that, in order to continue on this growth path, the ecosystem needs to achieve more exits or divestment operations: “We need more success stories, whether it’s in the stock or corporate market in order to attract more money.” Sonia Fernandez, venture partner of Kibo Ventures, agrees with that view: “When you talk to international funds, they don’t understand that Spain can be a breeding ground for very large companies, it’s too small for them.”

But what are the key things a startup needs to evolve? “For us, it’s not about how you get the money, it’s about making sure you have the right partners who bring the knowledge you need at the right time. It’s all about finding the right match,” said Rob Cassedy, who has been the CEO of Wallapop since 2018. Javier Cebrián, general partner of the investment management company Bonsai Partners and investor in this firm, recommended entrepreneurs to “be themselves for their clients, create culture and build a good team.”

Investment alternatives gain strength in the face of capital scarcity

The investment puzzle played a prominent role during the BBVA Open Summit. Sonia Fernández, from Kibo Ventures, highlighted the positive outlook of the Spanish entrepreneurial ecosystem, which is supported by a good dynamic at the European level. “Last year more startups were created in Europe than in the U.S. and that gives us a good guide: there is a large pool of entrepreneurship and funds with capital willing to invest,” she said.

In this context, BBVA Spark and the European Investment Fund (EIF) recently signed a guarantee agreement for 200 million euros to boost startups. Roberto Albaladejo, head of BBVA Spark, referred to this milestone and highlighted the role of this unit “which helps balance the power equations between investors and entrepreneurs with runway extension strategies.” In a context where “venture capital is taking more time to analyse investments,” as Fernández, from Kibo Ventures, said, BBVA Spark offers solutions such as venture debt, which allows entrepreneurs to obtain financing without seeing their stake in their business diluted.

On this financing formula, Juan Ignacio García Braschi, founder of Boopos, a platform for financing acquisitions based on the revenue-based lending model said: “When you try to access venture capital, you spend a lot of time storytelling, but when you go to venture debt it’s because you’re on your way to profitability and it requires less internal effort for the company,” he said.

Benoit Menardo, founder of Payflow, an application that allows company employees to get paid when they need to, highlighted the relevance of this solution that “allows startups to continue growing and operating.” In the meantime, Paula Blázquez, managing partner at 4Founders Capital, stated that venture debt should be used at very specific times because it has a cost and can affect cash flow.”

Image: BBA Spark

Internationalisation, a must for every entrepreneur who wants to grow

At the event there was also time to focus on another of the main key levers for the growth of startups: Internationalisation. For Alister Moreno, founder and CEO of proptech Clikalia, before expanding internationally it is important to have the right team, a corporate culture ready to take the leap and a defined strategy. “Unless you have these variables perfectly aligned, it’s not the time for internationalisation.”

María Julia Bearzi, executive director of Endeavor Argentina, pointed out that “in order to grow you have to branch out,” especially when local markets are small, and added two key things for entrepreneurs to take the leap with guarantees: “Avoid pride and underestimation.” To avoid falling into this trap, Bearzi stressed the importance of creating mixed teams, incorporating local profiles and not underestimating minor barriers such as language.

An example of this international vision is the Argentine software engineering and technology company Globant, which has been branching out from the very beginning: “We managed to understand something that we didn’t do in our country: we have to be competitive to win in the market. In the United States we found a very meritocratic market and that injected us with the ultra-competitiveness gene,” Guibert Englebienne, co-founder and president of Globant X and Globant Ventures explained.

Image: Guibert Englebienne (Globant X and Globant Ventures).

Technology and humanity

Throughout the BBVA Open Summit, the growth formulas available to high-growth companies were highlighted from different perspectives. However, if there is a common element to all of them, it is technology, an area that was also discussed by Chema Alonso, Chief Digital Officer (CDO) at Telefónica. The security expert addressed the challenges posed by new advances in technologies such as generative artificial intelligence, deepfakes and the new debates that are opening up to regulate these advances. “We have become accustomed to dealing better with people who do not exist than with people who do exist,” he added.

The day was devoted to a topic that is fundamental for entrepreneurs, but generally less addressed: the mental health of entrepreneurs. “44% of entrepreneurs admit to suffering from high stress. And when it comes to seeking help, they operate in an old-fashioned way. That’s why we try to make the stigma of mental health visible and eliminate it in entrepreneurship,” explained Carlota Mateos, co-founder of Ancla.life. Together with the edtech Odilo, this startup has created a platform where entrepreneurs can find tools to improve their psychological well-being.

Image: BBVA Spark 

To close the day, mountaineer Araceli Segarra provided, from her experience as a climber, the necessary ingredients to know how to overcome the complex situations that entrepreneurs face: empathy, information, communication, generosity, love and trust. “Every day is a fantastic opportunity to choose what decision to make,” she said. Each day is also a unique opportunity for founders, investors and other players in the entrepreneurial ecosystem to foster the harmony that allows us to move towards more innovative futures.