Entrepreneurial activity in Spain has grown for four consecutive years, even as entrepreneurial intention remains stagnant, according to the latest Global Entrepreneurship Monitor (GEM) Spain National Report.
The Spanish Entrepreneurship Observatory (OEE) research team, which leads the GEM project in Spain, released the 2024–2025 data at a special event marking the organisation’s 25th anniversary. It was presented at the Rafael del Pino Foundation Auditorium, with support from Enisa and in collaboration with the MAPFRE Observatory of Sustainable Finance and the Foundation.
The main report conclusion: the pace of entrepreneurship in Spain has not slowed in the past four years.
“Choosing entrepreneurship as a way of life is always great news,” said Borja Cabezón, CEO of Enisa. “Without entrepreneurship, the impact on economic dynamism, job creation, and innovation is reduced.”
Data collected from over 30,000 people aged 18 to 64 across the country presents a twofold picture.
“First, recent entrepreneurial activity (TEA) has grown for four consecutive years. Second, potential entrepreneurship is stagnating in Spain,” said Nuria Calvo Babío, Technical Director of GEM Spain.
In 2024, the percentage of people intending to start a business remained at 11.2%, the same as the previous year. Meanwhile, the share of those leading early-stage businesses (less than 3.5 years old) increased slightly from 6.8% in 2023 to 7.2% in 2024. The proportion of those running established businesses (more than 3.5 years old) also rose from 6.7% to 6.8%.
On the other hand, the rate of entrepreneurs exiting their ventures - either through closure or transfer - rose from 3.2% to 3.5%. However, one-third of these ventures did not shut down but continued under new ownership.
“These figures show a more active entrepreneurial process since the pandemic but also suggest a risk of slowdown due to stagnating entrepreneurial intention. Still, Madrid and Catalonia remain the regions with the highest entrepreneurial rates in Spain,” Calvo added.
The GEM expert team assessed that the overall environment for entrepreneurship improved in 2024. The most highly valued factors were infrastructure and post-school entrepreneurial education, while market dynamism and access to finance continue to be areas needing improvement.
Artificial intelligence is seen as a key factor for the future viability of entrepreneurial ventures, although its current use in business operations and customer expectations remains unclear. There are still questions around how to use it, how much to invest, and how to mitigate risks.
Equal - but not quite
The perception of gender equality in entrepreneurship improved compared to the previous year. In Spain, over 70% of both men and women entrepreneurs are over the age of 35. Among early-stage entrepreneurs, 10% hold a master’s degree and 11% have a doctorate, regardless of gender.
However, the types of businesses launched by men and women differ. Half of early-stage ventures provide consumer services, while 30% offer services to businesses. The share of industrial (manufacturing) ventures continues to decline, while extractive industries saw a slight increase.
In 2024, women moved away from B2B services and focused more on consumer services. Six out of ten recent female entrepreneurs (TEA) now provide services for final consumers, while their participation in business services dropped by 10 percentage points compared to the previous year. Meanwhile, men maintained their activity in this sector (42%) and increased their share in B2B services from 35% to 37%.
“This divergence in business type has major implications for aspects such as capital intensity, technology level, innovation capacity, employment generation, and international orientation,” emphasised Cabezón.
Calvo also highlighted that in the past three years, the foreign-born population in Spain has launched businesses at twice the rate of Spanish nationals, becoming a key driver of entrepreneurial growth. In 2024, one in seven foreign residents is starting a business in Spain, although this drops to one in 13 for those running established businesses. The exit rate among foreign entrepreneurs is also higher. Their entrepreneurial intention triples that of Spanish nationals, increasing from 17.7% in 2021 to 28.1% in 2024, pointing to further growth in coming years.
In summary, Ana Fernández Laviada, President of the OEE, stated: “Entrepreneurial activity in Spain continues to rise, although growth in entrepreneurial intention is flat. The entrepreneurial environment is perceived as more favourable, and foreign nationals remain the most entrepreneurial group in the country.”
A Diverse Launch Event
The official launch of this new phase of the Spanish Entrepreneurship Observatory - unveiling a new visual identity for its 25th anniversary and the latest report - featured a dynamic agenda reflecting the diversity and importance of its stakeholders.
Journalist Patty Bonet hosted the event and welcomed María del Pino, President of the Rafael del Pino Foundation. Remarks followed from Borja Cabezón, CEO of Enisa; and Eduardo Ripollés, Director of Institutional Clients at MAPFRE INVESTMENT, representing the MAPFRE Observatory of Sustainable Finance. Ana Fernández Laviada also commemorated the 25th anniversary of GEM Spain, reviewing its key milestones.
The event featured a session on innovation and technology in entrepreneurship with Fernando Polo, Co-founder and CEO of Good Rebels, interviewed by Professor Javier Melero from the University of Granada. Both are experts in artificial intelligence.
The event concluded with the presentation of awards to individuals and organisations key to the OEE and GEM project over the past 25 years, followed by a moving musical performance by youth from Acción por la Música, introduced by Cristina Sitz, Director of the Foundation, as an inspiring example of social entrepreneurship.
Download the full report here.
About ENISA
The National Innovation Company (ENISA) is a public organization under Spain’s Ministry of Industry and Tourism. Its mission is to ensure that viable and innovative projects—launched by entrepreneurs or Spanish SMEs—receive the funding they need to develop and compete globally.
ENISA also certifies startups seeking to benefit from the tax advantages and special provisions of Spain’s groundbreaking Startup Law, which fosters a legal framework conducive to startup growth and success.
Since it began issuing participatory loans, ENISA has invested over €1.44 billion in more than 9,350 loans, supporting 8,125 companies.
More info: comunicacion@enisa.es | www.enisa.es
About the Spanish Entrepreneurship Observatory, GEM, and GEM Spain
The Global Entrepreneurship Monitor (GEM) is an international consortium coordinated globally by the Global Entrepreneurship Research Association (GERA). With national research teams in more than 50 countries, it has produced the world’s most comprehensive and respected study on entrepreneurship since 1999.
Using a common research methodology, GEM describes entrepreneurship and its ecosystem, helping to identify factors that boost entrepreneurial levels and, consequently, national economic development. Its data and reports are used as international benchmarks and key sources of information.
Within this global project, the Spanish Entrepreneurship Observatory is the consortium’s most robust and productive national team. It coordinates the GEM Spain project, currently comprising 19 regional and 8 provincial teams that cover the entire country. Nearly 200 researchers and experts from leading Spanish universities participate.
Thanks to the support of ENISA and more than 100 institutions and companies, these regional teams produce annual reports and studies that help inform and inspire entrepreneurship policy.
More info: comunicacion@OEE.com | https://observatoriodelemprendimiento.es/