Outlook for 2024: questions and answers from entrepreneurs for entrepreneurs

January is a turning point between the present and the past, an opportunity to look back and review the lessons learned from the past year to face the upcoming one with renewed goals, plans, and energy. This is particularly important for entrepreneurs: the milestones achieved lay the foundation for new well-defined goals and strategies for continued growth.

In 2023, BBVA Spark committed 250 million euros to innovative companies that are redefining the future. Some of the protagonists of these funding agreements now share their advice, perspectives, and warnings for 2024, so that their experience and recommendations can guide startups and scaleups aiming to make the most of the coming months.

What have been the main lessons of 2023?

“Adaptability to change and sustainable growth are key.” This is how Juan Ahedo, co-CEO of Creze, defines the main lesson he has drawn from the past year. “We have been successful because we have been able to address the financing needs of SMEs and have had the necessary financing at a fixed and profitable cost,” he emphasizes. This Mexican fintech, specialized in providing online loans to small and medium-sized enterprises, received a credit line of 100 million pesos (about 5.37 million euros) from BBVA Spark in November.

For Lucas Ranallo, co-founder and CEO of the Argentine legaltech Complif—dedicated to facilitating and automating compliance processes for financial institutions—one of the most important lessons of 2023 is similar: “How quickly the context can change and that you must be ready for whatever may happen,” he summarizes. He also highlights the importance of “having a good working team with a great execution speed” and “investing in customer relationships.”

“After the adjustment of investment in the previous year, 2023 has not been a year of mega-rounds but a year of doing homework, organizing, and laying the foundations for what is to come,” reflects Josep Talavera, CEO and co-founder of the online motorcycle buying and selling platform Mundimoto. The company, which closed a financing agreement of 6 million euros with BBVA Spark in October, has “achieved very important goals, in part thanks to the support of BBVA, which is an indispensable ally,” affirms its CEO.

What goals (and strategies to achieve them) have they set for 2024?

• Profitability. Fernando Benito, co-founder and CEO of Paack, emphasizes that they expect to “achieve profitability in our main markets, Spain, France, Italy, and Portugal, and continue growing.” This Spanish logistics company received 15 million euros in debt financing from BBVA Spark in September 2023, precisely to consolidate its leading position in Europe and expand the coverage of its e-commerce parcel delivery service.
• Diversification. At Mundimoto, they will focus on expanding their offerings, says Josep Talavera: “We are now focusing on enhancing ‘retail’ and the physical shopping experience, and it is very likely that we will continue to bet on this ‘mix.’ We also enhance new products, such as ‘renting.'”
• International consolidation. For the Argentine Complif, which landed in Mexico in 2023, strengthening its position and investing more in this country is one of the main goals of this new year, explains Lucas Ranallo. “We plan to achieve this by further focusing our efforts and deepening the capabilities of the Complif platform,” he explains, in addition to continuing to add top talent to the company.
• Sustainable growth. An objective that, for Creze, in 2024 will involve “technological development, regulatory compliance, improvement of the user experience, and strategic collaborations,” details its CEO, Juan Ahedo.

What will be the main challenges for startups and scaleups this year?

“It is likely that, especially in the first half of the year, it will continue to be very difficult to obtain capital,” warns Fernando Benito of Paack. “This poses a challenge for many startups, but at the same time, an opportunity to create more resilient companies.” Economic uncertainty and its potential impact on investment and financing are also one of the most significant challenges of 2024 for Juan Ahedo of Creze.

The increase in competition, which makes differentiation and customer acquisition difficult, and the cybersecurity risks posed by cyber threats are also two obstacles on the path to the growth of startups, highlights Ahedo. “Changing regulations challenge compliance, especially in fintech,” he adds. Lucas Ranallo agrees: in 2024, “the context will be constantly changing, with new regulations constantly.”

And what about the opportunities?

A difficult macroeconomic context or continually evolving regulation can also be an opportunity for growth for providers who know how to provide a comprehensive response to companies’ pain points, recalls Ranallo.

“Companies that are functioning well and gaining traction will not have a problem accessing financing,” predicts Josep Talavera of Mundimoto. “This scenario is always a challenge and an opportunity to stand out above the rest and excel in their sector.”

Juan Ahedo of Creze sees a growth engine and an improvement in offerings in strategic collaborations and technological innovation: “There is an opportunity to lead with artificial intelligence (AI), blockchain, and automation.” But above all, the key for him is to focus on the user experience and to adapt to (and take advantage of) the evolution in consumer behavior. “Agility in the face of changes and customer attention are key to standing out in a challenging business environment,” he emphasizes.

What technology will make a difference for companies in 2024?

Regarding the most important technological trend of 2024, artificial intelligence emerges as the absolute winner (generative AI, in particular, is one of the trends highlighted by BBVA Spark for this year). “2023 has already been a year marked by AI, so it is very likely that it will continue to gain ground, and we will increasingly see it applied to a greater number of activities,” says Josep Talavera of Mundimoto.

“Advanced AI will allow for a great user experience and exploit data in the best way to streamline times, better capture customers, and reduce exposure risk,” predicts Juan Ahedo of Creze. “Undoubtedly, AI will be a great tool for platforms like Complif,” adds Lucas Ranallo. A prediction based on the experience that the company has already enjoyed: “In our case, it has allowed us to accelerate the work times of our clients by up to 80%. We do not see it coming to replace collaborators but to give them superpowers in their daily lives.”

How will different entrepreneurial ecosystems evolve?

“The venture capital market will start to rebound from the second half of the year, encouraging the emergence and growth of startups,” says Fernando Benito of Paack. “On the other hand, I believe that the current economic cycle will help create more resilient companies, and that is undoubtedly positive for the coming years.”

“I am optimistic, and I always say that the entrepreneurial ecosystem in Barcelona, and by extension in Spain, is in very good health. There are many cutting-edge projects that are very interesting, and we just have to believe in them a little more,” says Josep Talavera of Mundimoto.

In the case of Mexico, “it is expected that the entrepreneurial ecosystem in 2024 will experience growth in financing for startups, with a focus on sectors such as clean technologies, digital health, and fintech,” says Juan Ahedo of Creze.

And what about Argentina? “It seems that we are going to have a more friendly context for the creation of businesses, particularly the opportunity to create global companies from Argentina to the world,” says Luis Ranallo of Complif.

What advice do they have for an entrepreneur looking to scale their business in 2024?

“Talk a lot with your customers; they are the ones who can guide you the most. And sell your product every day: the key is in the “no.”                          

 Lucas Ranallo, CEO of Complif

“Don’t be in a hurry; gradually create solid foundations. Big companies are not built in one or five years.”

Fernando Benito, CEO of Paack

“Dare to try. I am convinced that people who end up succeeding, who end up doing great things, are because they are there every day.”

Josep Talavera, CEO of Mundimoto

“Focus on sustainable innovation, key technologies, collaborations, customer attention, talent development, digital marketing, data analysis, financial agility, and personal care.”

Juan Ahedo, CEO of Creze