Google to Open Business Campus in Madrid

Google to Open Business Campus in Madrid

Google to Open Business Campus in Madrid

Google is the latest international investor to bet on Spain’s economic recovery, as well as the potential contribution from its growing number of entrepreneurs. The Californian technology giant has announced plans to open a business campus in Madrid in the first half of 2015, to provide support for technology start-ups. Spain is an interesting case within the European start-up scene. Two big cities, Madrid and Barcelona, concentrate between 80 and 90 percent of the country’s start-up activity. Google already has offices in Madrid and the campus will be in the heart of the city, near the Royal Palace and the Almudena Cathedral. It will be one of four new technology hubs to be launched in the coming months. Seoul, Warsaw and Sao Paulo are the other three locations.

Two years ago Google opened its first two campuses in London and Tel Aviv. In 2013, start-ups at Campus London created over 570 jobs. Therefore, the US firm’s choice of Spain for one of its innovation centres is heartening news for the eurozone’s fourth largest economy, still plagued by high unemployment.

 

 

SPAIN INVESTS IN NEW TECHNOLOGIES

Google said it has chosen Spain because of its thriving entrepreneurial spirit. Spanish start-ups are flourishing as business people become more aware that new technologies and innovation are the new drivers of economic growth. At the same time, business incubators, or accelerators are also on the rise as companies seek financing.

Madrid is the headquarters of UEIA, the first European accelerator for technology-based projects. The Spanish government has also showed its support for innovation by implementing reforms to create a business-friendly environment. These include The Entrepreneurs Law and other stimulus measures to provide credit for businesses focusing on new technologies. Google’s initiative will give a massive boost to Spain’s start-up ecosystem, offering entrepreneurs the opportunity to learn and develop ideas, as well as take advantage of the global network of campuses, but Google’s objective is not to be an incubator. Company executives have said they are actively looking for local partners to manage the campus and run its activities.

 

 

A MAGNET FOR INVESTORS

Madrid’s Google campus is expected to have a wide reach not just in Spain but in southern Europe and beyond. It will also be a magnet for international investors, already turning their sights back to Spain as economic indicators continue to please. The government recently raised its growth forecasts for 2014 and 2015, in stark contrast to peers like France and Italy’s decision to slash their outlook. Google’s confidence in Spain’s entrepreneurial potential will help ensure that the growth prospects are sustainable.

For information on investing in Spain, contact corporate law firm Argali Abogados.

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