Global innovation ecosystems are entering an era of rising competition.
Scaleups — the true engines of industrial transformation — remain highly concentrated in just a handful of global hubs: Silicon Valley, New York, London, Paris, among others. These hubs consistently attract the attention of “innovation hunters” (investors and corporates), further strengthening their dominance. Meanwhile, most secondary ecosystems are witnessing a widening gap with the leaders.

In this increasingly fierce environment, Spain holds distinctive advantages it can leverage:

1. Balanced territorial distribution. Unlike many countries, the concentration of scaleups in Spain is more evenly spread, with two major poles — Barcelona and Madrid — and a set of emerging cities (Valencia, Seville, and Malaga) advancing strongly onto the global stage.

2. Women’s entrepreneurship on the rise. New research reveals a disruptive figure: one-third of all new Spanish scaleups created in the past 12 months were founded by women. This is more than double the average recorded over the last two decades. In this respect, Spain now stands shoulder to shoulder with Silicon Valley, one of the world’s most inclusive ecosystems.

Still, challenges remain and international pressure is intensifying.

To consolidate its global relevance, Spain must double down on several fronts:

• Advancing effective policies to reinforce international connections,

• Attracting greater interest from investors and corporates,

• Promoting diversity and gender equity,

• Enabling industrial transformation through high-impact scaleups.

The task ahead is to unlock the potential of both established and emerging hubs while ensuring steady progress in inclusion and diversity.

If Spain succeeds, the challenges of 2024 could ultimately be seen as the turning point for a new era of sustained growth.

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