As detailed in our just-released Tech Scaleup Spain 2025 Report ' produced by Mind the Bridge and Crunchbase with the support of Acciona (download here) ' the country benefits from strong fundamentals: Ten years ago, the scaleup ecosystems of Spain, Italy, South Korea and Australia were roughly comparable. But today, Korea has doubled Spain's output (2,127 vs. 1,194 scaleups), and Australia is now almost 1.5x larger (1,512 scaleups). Clearly, other ecosystems are scaling faster ' often thanks to stronger public policies and greater access to capital. South Korea's Global Unicorn Project, for instance, is an international benchmark for state-led innovation acceleration. Unlike most countries where innovation activity centers on a single urban hub (think: London, Paris or Berlin), Spain operates under a dual-core model ' what we call the 'scaleup duopole' of Barcelona and Madrid. On the positive side, this approach avoids overconcentration. Unlike 'winner-takes-all' ecosystems that...
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