If you are thinking of launching a business idea in the city of Madrid, you have better conditions to establish your business initiative than in the rest of Spain, as it is one of the most attractive territories to undertake with respect to the whole of the Spanish State, likewise figure in a prominent place within the European context. This is one of the conclusions reflected in the 2016 Madrid Metropolitan GEM report, prepared by the Autonomous University of Madrid (UAM).
The data indicates that in the city of Madrid, 37.9% of the entrepreneurial activities are headed by a person in the age range of 35 to 44 years, likewise the average age to undertake reaches 40.8 years. This fact should not be surprising, since the experience and knowledge accumulated over time are elements to take into account when identifying and exploiting a business opportunity.
In particular, the percentage of people of working age who are involved in a business project that has not yet been established or is up to 42 months old (TEA rate or Entrepreneurial Activity Rate) amounts to 6.1%.
This study yields another very significant data that is related to the previous one. The female TEA in our city not only continues to increase, but also consolidates its position (from 5.7% to 5.9%), leaving both genders at less than 4 tenths.
It is also important to note that the responses to the survey show that 81.5% of those who have decided to start a business have done so motivated by the desire to exploit an opportunity and only 15.9% have done so out of necessity. These two data clearly reflect an improvement within the socioeconomic environment, and allow us to point out the presence of a quality enterprise in the city of Madrid.
In 2016, in the city of Madrid, 84,90% of the activity generated by initiatives in the initial phase or entrepreneurial phase is concentrated in the services sector, being 49,20% in activities oriented to consumption and 35,10% in business services.
The age groups in which there are the greatest number of entrepreneurs are 25 to 34 years old and 35 to 44 years old, with 37.3% out of the total each; They are followed by the section that goes from 45 to 54 years, which is the 20%; the one from 18 to 24, with a 4%, and finally the one from 55 to 64 years old, with a 1.3%.
Regarding the educational profile of the new entrepreneurs, 50.9% have higher education, 35.3% have studied up to secondary school and 7.8% have a postgraduate degree.
Business environment
The report also includes the opinions of 36 experts in different subjects about the Madrid entrepreneurial ecosystem. According to their evaluations, the city is well above the national average, obtaining better results in 6 of the 12 indicators analyzed, equaling in a seventh indicator.
The best valued condition is the access and availability of physical infrastructures, followed by the positive perception of the role played by public administrations, as well as the ease of access to commercial and professional infrastructure. The panel gives the lowest evaluations in terms of entrepreneurial training in the school stage, the transfer of R&D and financing for entrepreneurs.
GEM project
The Global Entrepreneurship Monitor (GEM) is an international observatory in which nearly 100 countries regularly participate, which began in 1999, and measures entrepreneurial activity. It is therefore the most important observatory on entrepreneurship worldwide.
The GEM report provides elements of analysis about the role and weight that the entrepreneurial initiative has in economic and social development.
This observatory has demonstrated the influence of entrepreneurship on economic development, enriching the information and scientific knowledge associated with this phenomenon at an international level.
Its influence has contributed to a better knowledge of the dynamics of the entrepreneurial phenomenon in all the countries, regions -and in our case- cities, in which it has been implemented, as well as a better knowledge of the figure of the entrepreneur, its characteristics, those of the initiatives it launches, as well as the environmental conditions under which it carries out its activity.
The link of our municipality to the GEM project seeks to contribute to the knowledge of the factors that allow us to define policies and actions, and reinforce the actions already underway, which guarantee the best conditions of stability to establish and consolidate a business in our city. All this will allow these companies to be born, grow and above all, take root, which provide stable and quality employment generated by them.
In 2016, the seventh GEM report on the city of Madrid was carried out, the first capital of a nation in which the GEM methodology is applied.
This link is available GEM report 2016 City of Madrid.
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