Madrid is on its way up – now’s the time to hop on board

Madrid is renowned for its art museums, restaurants, plazasand extensive history, but perhaps not so much for its startup ecosystem. That’sall changing, however, thanks to initiatives laid out to encourage new businesses.

After the financial crisis of 2008, Spain took over half adecade to get back on its feet, but is now thriving once again. Last year atthe South Summit – Europe’s biggest startup conference, hosted in Madrid –Spanish prime minister Pedro Sánchez announced that the government would beintroducing plans to help startups in the hope of attracting foreign talent andinvestors. This includes tax incentives, an increased number of acceleratorsthroughout the country, and a special visa that allows internationalentrepreneurs into Spain with just a business plan and proof of living funds.

These systems are also appealing to homegrown talent,providing the many graduates from Madrid’s 12 universities and even morespecialised industry schools the opportunity to get into business locally.Though still relatively small in comparison with London and Berlin, Madrid’sposition as a rapidly growing startup hub is positive.

Five years ago startups based in the capital received €60min investment, a figure that upped to €342m in 2018, according to the DigitalStartup Ecosystem 2019 overview by Mobile World Capital Barcelona. In 2015 Googleset up one of only seven Google Campuses in the world in Madrid, as part oftheir Google for Startups programme. According to the latest Global FinancialCentres Index, the Spanish capital is the most competitive financial centre insouthern Europe, making it a top global ecosystem for fintech. And, in 2018,Uber-rival startup Cabify became Spain’s first unicorn.

We haven’t even touched on the culture yet. As if all theabove incentives weren’t enough to persuade you towards a startup life inMadrid, there are also lifestyle choices to consider, such as boating on RetiroPark lake, standing at the epicentre of all Spanish roads (Puerta del Sol) and,well, shopping at the world’s largest Zara – whatever tickles your fancy.

There are numerous art museums, including the visual beautythat is Caixa Forum. This modern cultural centre was built in an old powerstation and has an exterior wall covered entirely in greenery, known as theVertical Garden. Also worth a visit is Sobrino de Botín: opened in 1725 by the Mrand Mrs Botín, it is the oldest restaurant in the world to have remained incontinuous operation – it’s even in the Guinness Book of Records. And, to giveit even more cultural weight, nineteenth-century Spanish painter Francisco deGoya worked there as waiter and Hemmingway name checks their signature dish, cochinilloasado (roast suckling pig) in his novel The Sun Also Rises.

Madrid’s mix of people, facilities and government-enabledresources has, no doubt, helped Spain claim the title of most improved digitaleconomy in the EU, as dubbed by the European Commission. But it’s also set thecapital on its way to becoming a leading startup hub.