In this episode of the EUVC podcast, Dan Taylor, former journalist and Director of Content at CEW Communications is joined by
Itxaso del Palacio, General Partner at Notion Capital
Nico Goulet, Founding Partner at Adara Ventures
Stefan Mores, Managing Partner at Indico Capital Partners.
Together, they explore the dynamics of the Iberian startup and VC ecosystem, highlighting the region's strengths, challenges, and future potential.
The conversation dives into what makes Iberia an attractive hub for tech talent and investment, the unique advantages of Portugal and Spain, and the critical role of local and global markets in shaping the success of startups.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
What makes Portugal and Iberia an attractive tech hub within Europe?
Itxaso del Palacio:
Critical mass of technical talent at affordable prices.
Smart money with empathetic investors.
Growth mindset fostered by alumni of successful businesses.
Nico Goulet:
High-quality, affordable talent with global ambitions.
Increasing global footprint from companies born in Iberia.
Cultural and lifestyle benefits attracting international talent.
Stefan Mores:
Diverse, hardworking, and loyal local talent.
Improved expertise in sales and marketing over the years.
Lack of a local market drives companies to go global from day one.
What strengths does the Portuguese ecosystem have that are not found in Spain, Germany, or France?
Stefan Mores:
Strong work ethic and hunger due to historical economic challenges.
Creative, problem-solving mentality suited to startups.
Lower turnover rates for employees, fostering stability.
Lisbon attracts diverse global talent due to lifestyle and culture.
Why should top talent relocate to Spain over Portugal?
Nico Goulet:
Strong global buyers (e.g., Santander, Telefónica) create global exposure.
Established industries like banking and telecom boost the ecosystem.
Spain offers more mature funds and local exit opportunities.
Diverse regional options beyond Barcelona, such as Madrid.
Stefan Mores:
Spain has a more developed VC ecosystem, leading to easier local exits.
How does Iberia compare to the other markets that you engage with? Strengths? Weaknesses?
Itxaso del Palacio:
Strong multinational buyers help startups scale globally.
Access to Latin America markets provides an advantage.
Need for larger funds to support follow-on rounds locally.
What are some of the challenges facing startups in Iberia, and how do they compare to other markets?
Itxaso del Palacio:
Difficulty scaling internationally due to a local focus in some companies.
Misalignment between investors' goals and entrepreneurs' ambitions.
High quality of life may discourage larger, riskier ambitions.
Stefan Mores:
Lack of local role models and major exits reduces ambition.
Limited access to capital compared to Northern Europe or the US.
Competition in deep tech innovation is increasingly difficult.
Can Europe compete with the Americas and China in tech? What needs to happen?
Nico Goulet:
Access to global educational content can help bridge gaps.
Current limitations in funding and density of talent compared to the US.
Startups must adapt to shifts in technology (e.g., edge computing in AI).
What does the Iberian startup and VC system look like five years from now?
Itxaso del Palacio:
Three to five global category leaders will emerge.
Larger funds to support growing ecosystems.
Stefan Mores:
Significant IPOs and exits, such as Anchorage Digital and Babel.
Nico Goulet:
Market recovery will drive exits.
Consolidation of experienced, multi-generation funds.
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