España-LATAM scale-up

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The España-LATAM scale-up program is an initiative launched by ICEX-Invest in Spain, IDB LAB, and Endeavor, targeted at Latin American start-ups and scale-ups.
What are the main aims and objectives?
The main objective of the España-LATAM scale-up program is to assist Latin American startups and scale-ups in expanding globally by establishing themselves in Spain as a gateway to the European market. In particular the program seeks to facilitate meetings with key players in the Spanish entrepreneurship ecosystem, including venture capital funds, successful startups, corporations, and institutions like Google Campus. In addition to this, the program aims to improve sustainability by targeting startups that have incorporated sustainability and impact criteria in its operations as measured through the Sustainable Development Goals (SDG). Likewise, improving gender equality and diversity is built into the program and selection criteria.  
How does the program work?

The España-LATAM scale-up program offers several main features to assist Latin American startups and scale-ups in expanding their global reach. Firstly, the program provides deep insights into the Spanish entrepreneurship ecosystem, allowing participants to understand the opportunities and steps required to establish themselves in Spain. The program also includes technical and networking sessions, providing assistance with legal and fiscal aspects of setting up their business in Spain, and fostering collaboration with Spanish companies in open innovation activities. 

Selected startups participate in an immersive experience that lasts 5 days, featuring 42 speakers from institutions, venture capital funds, corporations with open innovation processes, and successful Spanish start-ups. This includes a series of webinars and podcasts featuring key industry players from Spain, Germany, and the UK, where they share experiences and ideas to navigate current situations. Lastly, through the program, participants can access funding opportunities offered by the European Union and receive support in legal and fiscal aspects, visas, and fostering collaboration with Spanish companies' open innovation activities. 

The España-LATAM scale-up program is cohort based with up to 15 companies participating in each round. The program is aimed at startups that: 

  1. Originate from Latin America 

  1. Have a sustainability and impact approach 

  1. Have been invested in directly or indirectly by IDB Lab 

  1. Are interested in Spain as an investment destination 

Beyond startups must meet the following criteria in order to enroll on the program: 

  • Must be a technology-based startup with an innovative business model 

  • Must have market traction and relevant levels of recurring revenue 

  • Must have a history of raising funds from investors 

  • Must have high potential for social and environmental impact for poor and vulnerable populations and/or the environment 

  • Must have a clear interest in the Spanish market and the business must be suitable for it 

  • Must have sufficient solidity to take the first steps into new markets 

  • Must have a gender and diversity inclusive founding team 

What is the overall cost?
As of June 2023 (as the program enters its second round) the cost of the initiative has been $40,000 excluding staff time.  
How was it implemented?

The España-LATAM program was initiated by Adrián Blanco Estévez and is a collaborative effort between IDB Lab, ICEX-Invest in Spain, and Endeavor. The program is built from the belief that cross border soft landing programs are an important and effective for startups expanding into new markets. In particular, Interamerican Development Bank were selected as collaborators because they have a broad network in LATAM to reach the best startups, while Endeavor was identified as being able to incorporate some top startups and unicorns in the program. 

The first edition of the program, which took place in Madrid and Barcelona, featured 13 selected startups from Argentina, Brazil, Chile, Colombia, Peru, and Uruguay. The development of the program also involved creating an entrepreneurship ecosystem inclusive of institutions, venture capital funds, and corporations with open innovation processes. 

What impact has been measured?
The España-LATAM program is a new initiative so it’s difficult to assess the full extent of its impact, however, the program managers can already point to the fact that over half of the startups that participated in the first addition have since established themselves in Spain.  
What lessons can be learned?

Based upon the first edition of the program the main areas for improvement have been identified as: 

  • the need for more women in the program 

  • to expand the origin of the companies participating (for example no startups from either Mexico or Ecuador participated in the first edition) 

  • the soft-landing agenda needs to be expanded beyond Madrid and Barcelona 

Each of these limitations is being addressed ahead of the second edition of the program.  

CURATED BY

Tom Hancock

Research Associate
Global Entrepreneurship Network
United Kingdom