Spain’s startup ecosystem bemoans lack of state support, new barriers to investment in Covid-19 recession

Spanish startups protest the lack of relevant aid, compared with other EU countries; investors warn of “disastrous” new foreign investment restriction

Endorsed not long ago by the government for propelling Spain to “Entrepreneurial Nation” status and "an international reference for technological innovation,” Spanish tech startups say they now have been left out in the cold by the state, as the country suffers its worst recession since the Spanish Civil War more than 80 years ago.

Battered by the Covid-19 pandemic, Spain has forecast its economy to shrink 9.2% this year, and its unemployment rate to soar to 19% from about 13% last year. The country has been under lockdown since March 14, with a phased lifting of restrictions that began on May 4. 

The Spanish Startups Association (Asociación Española de Startups, or AES), representing 350 startups, has repeatedly demanded a stronger response from the Spanish government  “to maintain business activity, liquidity and the work of startups as other European governments are doing.” Specifically, it notes France has earmarked €4bn to support new startups alone and is

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