The Galicia Startups Agenda brings together nearly 15 million euros - 14.7 million to be exact - earmarked for the creation of a hundred new companies and the boosting of 200 startups until 2024.

This roadmap, promoted by the Galician Regional Government, through the First Vice-Presidency and Regional Ministry of Economy, Industry and Innovation, addresses two priority lines of action, one focused on startups and the other on measures to promote the innovative ecosystem, to encourage the implementation of new technologies in the Galician business sector as well as to create quality jobs.

In fact, the Galician Institute for Economic Promotion (Igape) foresees the creation of 600 jobs linked to the new companies through this agenda, along with an aggregate startup turnover of 70 million euros over the next two years.

The first line of work involves coordination with other programmes and agencies of the Galician Regional Government to generate a coherent roadmap for support, ensuring high efficiency over the course of the initiatives, from their conceptualisation to their scalability. The Galician Innovation Agency and XesGalicia will coordinate to provide startups with preferential financing from Galician public venture capital funds so that initiatives stay in the region.

Among the proposed actions, the Galicia InnovaTech technology fund’s preferential investment right for projects supported by Ignicia or similar programmes; the establishment of limits on this preferential investment right so that it does not hinder potential private investors; and the maintenance of the Galicia Iniciativas Emprendedoras (Entrepreneurial Initiatives) fund as an instrument of reference for the financial support of startups.

It also includes preferential support measures for innovative and/or technology-based business initiatives to facilitate the attainment of aid programmes.

The Agenda proposes as a second line of work a review of the operation and conceptualisation of the business accelerators in place, together with the possible creation of new business acceleration initiatives and new initiatives that promote innovation in SMEs. Specifically, new business factories will be created to address current business acceleration trends in fields such as foodtech, biotech, healthtech, logistics and supply chains.

The third line of work has to do with the adaptation of the Activa Startups programme of the Ministry of Industry, Trade and Tourism to specify the actions that will be incentivised.

The fourth line of work aims to bring international entrepreneurship ecosystems and hubs closer to Galicia. The idea is to take advantage of international experience and know-how to generate a new model of global entrepreneurship in which innovation and technology go hand in hand, improving Galicia's positioning as a region conducive to innovative entrepreneurship.

The fifth line of work aims to strengthen the networks of mentors and business angels as resources to support new business projects in the two phases of growth and consolidation.

Another of the Agenda's novelties is the attraction of investors to promote public-private investment in Galician startups. A goal that will be addressed through XesGalicia's new CoInviste programme, designed to encourage private investment in Galician startups by attracting partners with proven economic solvency, with a driving capacity and appropriate specialisation in technology.

In addition, the Erasmus Startup programme will be launched for the first time to connect entrepreneurs internationally through the participation of Galician startups in initiatives abroad.

Favourable measures

The Agenda sets a second axis of actions with several proposals, among which is the promotion of a new line of female entrepreneurship focused on attracting women to develop projects in Galicia focused on specific technological-territorial challenges. The aim, among others, is to improve the conditions of women's environments, as well as facilitating conditions in rural areas, reducing barriers versus urban environments.

In addition, the implementation of a large portal for the startup ecosystem is foreseen, and the goal of promoting and positioning an annual reference event on startups in Galicia is also in place.