Founder Pathways in Spain: Studying the Career Journeys of Spain’s Top Founders

Founder Pathways in Spain

March 26, 2025

Studying the Career Journeys of Spain’s Top Founders

What does it take to become a top founder in Spain? Endeavor Insight partnered with Endeavor Spain to answer this question. Some people might think that top founders in Spain are youthful prodigies who followed a gilded road. However, those outdated assumptions ignore the real steps that Spain’s founders are taking to gain leadership abilities and drive economic growth.

We analyzed the career pathways of the top 100 founders in Spain, to compare the journeys of founders who started companies between 1982 and 2013 to those who started their companies between 2014 and 2023. We uncover how the local ecosystem is now better equipped to support founders of young companies given its robust growth of founder-to-founder connectivity. This study also demonstrates how decision makers can better support Spain’s founders going forward, especially as they scale their businesses and grapple with the changing venture capital landscape.

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Endeavor Insight researched the career pathways of 100 founders in Spain.

This chart traces the pathways that these 100 founders took before starting a top company. The founders are identified from tech and tech-enabled companies with valuations of at least $100 million. These companies are either headquartered in Spain or the founders are of Spanish origin. Additional Endeavor companies and successful female-led companies with Spanish founders are also included. Each line represents a founder and the oval nodes represent key experiences along their journey. Purple lines represent the 57 founders who started their company before 2014. Teal lines represent the 43 founders who started their company between 2014 and 2023.

The Spanish tech community is not led by international founders.

The ecosystem is primarily led by native founders. Nearly 80 out of the 100 founders grew up in Spain. Another 18 are not originally from Spain, but moved to the country for work or entrepreneurial ventures prior to launching their top company. The most common countries of origin for these founders are Russia, Argentina, and Belgium.

Successful tech founders in Spain take their education seriously.

Ninety-four out of the 100 founders earned a Bachelor’s degree, and 64 earned a graduate degree. Additionally, 24 founders earned multiple graduate degrees. Pursuing graduate degrees is more common among founders of younger companies, with 72 percent of them obtaining a graduate degree compared to 58 percent of founders of older companies.

Local universities are educating the next generation of Spain's top founders.

Seventy-five out of the 100 founders stayed close to home for undergraduate education, earning their Bachelor’s degree from a university in Spain. Madrid and Catalonia are the leading educational launchpads. One-fifth of the founders attended just two universities — Universitat Politècnica de Catalunya and Universidad Politécnica de Madrid — both of which have R&D centers, incubators, and knowledge transfer programs that connect students to companies.

Nearly half of Spain’s top founders study abroad and return home to apply what they learned.

While it is not common for founders to earn a Bachelor’s at an elite international university, many of them gain international academic experience one way or another. Only 23 founders obtained their undergraduate degrees overseas, but this number increased to 36 for graduate studies. The most popular destinations for international education are the United States, the United Kingdom, and France.

Founders are earning business degrees, especially top-ranked MBAs with the support of scholarships.

Across undergraduate and graduate degrees, 63 founders majored in business. Nearly 40 founders earned an MBA prior to starting their top company. Furthermore, half of these founders earned their MBAs from top-ranked international universities where many had the financial support of competitive scholarships, such as those from the Rafael del Pino Foundation and the U.S. Fulbright program. Notable choices include Harvard Business School, MIT Sloan School of Management, Columbia Business School, and Stanford Graduate School of Business.

Fewer founders study science and engineering than business.

Across both undergraduate and graduate degrees, 52 founders majored in science or engineering. Founders of younger companies are less likely to study science and engineering for their Bachelor’s than founders of older companies. However, they are more likely to specialize in science or engineering in their graduate degree compared to founders of older companies.

Nearly half of the founders gain international experience by working abroad.

Working for employers overseas helps future founders develop the networks and knowledge needed to build global companies. Sixty-five percent of founders of younger companies have experience working abroad compared to 37 percent of those who founded older companies. Tech roles are most common when working abroad, followed by positions in finance and consulting. The United States, the United Kingdom, Germany, and France are the top countries of choice for these experiences.

Consulting is no longer the default. Hands-on tech roles are now the leading resume builder.

Just 14 percent of founders of younger companies worked in consulting for their longest-held role before launching their top company, compared to more than 25 percent of founders of older companies. Instead, they worked in tech. Over two-thirds of the founders of younger companies gained some tech experience, even if it was not their longest-held role.

Only 22 top founders worked for an elite employer.

Similar to the pathways of unicorn founders, elite employment is not common among Spain's top founders. Less than one-quarter worked for a Big Three consulting firm, Big Five (MAMAA) tech company, or bulge bracket investment bank.

There are no shortcuts to building a top company.

The founders in this study gained an average of nine years of experience following their undergraduate education, similar to unicorn founders who gained an average of 10 years of experience before launching their company. Founders of younger companies in Spain are going the extra mile and taking on more responsibilities. On average, they took up one additional job role and worked one year more than founders of older companies.

Founders gain valuable experience by first working for other entrepreneurial companies.

Thirty founders worked at entrepreneurial companies before launching their own. Many of their former employers achieved an exit through an IPO or acquisition. Notably, one-third of the employer companies have unicorn status. Many of these founders held senior leadership roles, honing their strategic and operational capabilities. Prominent Spanish tech companies where founders worked include Tuenti, Ontruck, and Fon.

Over 30 founders are serial entrepreneurs.

Many top founders in Spain launched other successful ventures, with one-third of these previous ventures resulting in an exit. Serial entrepreneurship is a more common characteristic among founders of younger companies than those of older companies. Forty-four percent of founders of younger companies launched a prior company compared to 23 percent of founders of older companies.

Previous entrepreneurial experience shapes the careers of top founders.

Only half of the founders in Spain gained entrepreneurial experience by launching a previous company or working at a startup or scaleup, compared to the 80 percent rate among unicorn founders. First-hand entrepreneurial experience is invaluable, and founders of younger companies are taking advantage of these opportunities. Overall, 65 percent of founders of younger companies gained prior entrepreneurial experience compared to 39 percent of founders of older companies.

Founders of older companies followed traditional pathways and often had to do it alone.

As the Spanish entrepreneurial ecosystem evolved, a distinction emerged between the pathways of founders of older and younger companies. Companies founded before 2014 had founders who looked to traditional industries and had few fellow travelers. Thanks to their successes, they now serve as role models, mentors, and investors for the next generation.

As the ecosystem grew, the opportunities for founders of younger companies expanded.

The Spanish ecosystem is now fueled by a plethora of local training grounds, stronger employment opportunities that prepare future founders for success, and an abundance of support networks. However, founders of younger companies face more competition from past generations and the increasing volume of peer founders. They need to do more and come better prepared to stand out as top founders.

Endeavor Insight researched the career pathways of 100 founders in Spain.

This chart traces the pathways that these 100 founders took before starting a top company. The founders are identified from tech and tech-enabled companies with valuations of at least $100 million. These companies are either headquartered in Spain or the founders are of Spanish origin. Additional Endeavor companies and successful female-led companies with Spanish founders are also included. Each line represents a founder and the oval nodes represent key experiences along their journey. Purple lines represent the 57 founders who started their company before 2014. Teal lines represent the 43 founders who started their company between 2014 and 2023.

The Spanish tech community is not led by international founders.

The ecosystem is primarily led by native founders. Nearly 80 out of the 100 founders grew up in Spain. Another 18 are not originally from Spain, but moved to the country for work or entrepreneurial ventures prior to launching their top company. The most common countries of origin for these founders are Russia, Argentina, and Belgium.

Successful tech founders in Spain take their education seriously.

Ninety-four out of the 100 founders earned a Bachelor’s degree, and 64 earned a graduate degree. Additionally, 24 founders earned multiple graduate degrees. Pursuing graduate degrees is more common among founders of younger companies, with 72 percent of them obtaining a graduate degree compared to 58 percent of founders of older companies.

Local universities are educating the next generation of Spain’s top founders.

Seventy-five out of the 100 founders stayed close to home for undergraduate education, earning their Bachelor’s degree from a university in Spain. Madrid and Catalonia are the leading educational launchpads. One-fifth of the founders attended just two universities — Universitat Politècnica de Catalunya and Universidad Politécnica de Madrid — both of which have R&D centers, incubators, and knowledge transfer programs that connect students to companies.

Nearly half of Spain’s top founders study abroad and return home to apply what they learned.

While it is not common for founders to earn a Bachelor’s at an elite international university, many of them gain international academic experience one way or another. Only 23 founders obtained their undergraduate degrees overseas, but this number increased to 36 for graduate studies. The most popular destinations for international education are the United States, the United Kingdom, and France.

Founders are earning business degrees, especially top-ranked MBAs with the support of scholarships.

Across undergraduate and graduate degrees, 63 founders majored in business.
Nearly 40 founders earned an MBA prior to starting their top company. Furthermore, half of these founders earned their MBAs from top-ranked international universities where many had the financial support of competitive scholarships, such as those from the Rafael del Pino Foundation and the U.S. Fulbright program. Notable choices include Harvard Business School, MIT Sloan School of Management, Columbia Business School, and Stanford Graduate School of Business.

Fewer founders study science and engineering than business.

Across both undergraduate and graduate degrees, 52 founders majored in science or engineering. Founders of younger companies are less likely to study science and engineering for their Bachelor’s than founders of older companies. However, they are more likely to specialize in science or engineering in their graduate degree compared to founders of older companies.

Nearly half of the founders gain international experience by working abroad.

Working for employers overseas helps future founders develop the networks and knowledge needed to build global companies. Sixty-five percent of founders of younger companies have experience working abroad compared to 37 percent of those who founded older companies. Tech roles are most common when working abroad, followed by positions in finance and consulting. The United States, the United Kingdom, Germany, and France are the top countries of choice for these experiences.

Consulting is no longer the default. Hands-on tech roles are now the leading resume builder.

Just 14 percent of founders of younger companies worked in consulting for their longest-held role before launching their top company, compared to more than 25 percent of founders of older companies. Instead, they worked in tech. Over two-thirds of the founders of younger companies gained some tech experience, even if it was not their longest-held role.

Only 22 top founders worked for an elite employer.

Similar to the pathways of unicorn founders, elite employment is not common among Spain’s top founders. Less than a quarter worked for a Big Three consulting firm, Big Five (MAMAA) tech company, or bulge bracket investment bank.

There are no shortcuts to building a top company.

The founders in this study gained an average of nine years of experience following their undergraduate education, similar to unicorn founders who gained an average of 10 years of experience before launching their company. Founders of younger companies in Spain are going the extra mile and taking on more responsibilities. On average, they took up one additional job role and worked one year more than founders of older companies.

Founders gain valuable experience by first working for other entrepreneurial companies.

Thirty founders worked at entrepreneurial companies before launching their own. Many of their former employers achieved an exit through an IPO or acquisition. Notably, one-third of the employer companies have unicorn status. Prominent Spanish tech companies where founders worked include Tuenti, Ontruck, and Fon. Many of the founders held senior leadership roles, honing their strategic and operational capabilities.

Over 30 founders are serial entrepreneurs.

Many top founders in Spain launched other successful ventures, with one-third of these previous ventures resulting in an exit. Serial entrepreneurship is a more common characteristic among founders of younger companies than those of older companies. Forty-four percent of founders of younger companies launched a prior company compared to 23 percent of founders of older companies.

Previous entrepreneurial experience shapes the careers of top founders.

Only half of the founders in Spain gained entrepreneurial experience by launching a previous company or working at a startup or scaleup, compared to the 80 percent rate among unicorn founders. First-hand entrepreneurial experience is invaluable, and founders of younger companies are taking advantage of these opportunities. Overall, 65 percent of founders of younger companies gained prior entrepreneurial experience compared to 39 percent of founders of older companies.

Founders of older companies followed traditional pathways and often had to do it alone.

As the Spanish entrepreneurial ecosystem evolved, a distinction emerged between the pathways of founders of older and younger companies. Companies founded before 2014 had founders who looked to traditional industries and had few fellow travelers. Thanks to their successes, they now serve as role models, mentors, and investors for the next generation.

As the ecosystem grew, the opportunities for founders of younger companies expanded.

The Spanish ecosystem is now fueled by a plethora of local training grounds, stronger employment opportunities that prepare future founders for success, and an abundance of support networks. However, founders of younger companies face more competition from past generations and the increasing volume of peer founders. They need to do more and come better prepared to stand out as top founders.

Explore Additional Findings

This research uncovered additional findings on the top founders in Spain. When looking at the educational and work backgrounds of these founders, several more patterns emerged, especially in the distinctions between younger and older companies. Click on the arrows below to learn more.

Key Lessons

Decision makers in Spain should look to the lessons in this study to best support the next generation of top tech founders.

1. There Are No Shortcuts On the Road to Success.

The stereotype of a youthful tech mogul is just a myth. Spain’s founders are well educated and highly trained, gaining nearly a decade of work experience before launching their top company, on average.

“People want to start a company at age 19 and have a unicorn by 25. But there are only a few exceptions in the world who have done this. Realistically, it takes much longer to maximize success. My path started when I was 34 years old and I only became successful later. It’s about having patience, working very hard, and having a long-term horizon.”

Pablo Fernandez

Clicars

2. Consulting Is No Longer the Default.

While consulting was common on the resumes of founders of older companies, founders of younger companies often worked in hands-on tech roles.

“Fifteen years ago, when tech entrepreneurship started in Spain, many talented and driven people had worked in strategic consulting. Now that is just one of many pathways. It’s all about coming from demanding, high-paced, high-learning and thought-provoking environments, whether other startups, consulting, or corporates. The pathways have exploded.”

Iker Marcaide

Flywire

3. Entrepreneurial Experience Prepares Founders to Lead.

Spain’s top founders are training at places where adaptability, resilience, and innovation skills are forged. Thriving in the trenches of entrepreneurship is more common than experience at elite employers.

“Working at a startup strengthened my perception of what type of culture or work environment I could thrive in. For me, it was about working for a relevant purpose where empowerment and innovation are promoted. This experience definitely sparked my interest in launching my own company.”

Juan de Antonio

Cabify

4. International Experience Equips Founders to Run Global Businesses.

Founders with study-abroad or international work experience gain a unique edge, equipping them with the skills and networks needed to scale businesses beyond domestic borders.

“The more global the city is, the better! If you work abroad in a place that is a magnet of highly talented people, suddenly you think more globally because you are surrounded by people from India, from China, from Singapore, from Latin America, from Europe.”

Iñaki Berenguer

CoverWallet

5. Multiplier Effects Support the Next Generation.

Founders of younger companies benefited from the robust ecosystem growth in Spain and the multiplier effects of those who came before them — the role model founders of previous generations who paid it forward through mentorship, employment, and investment.

“Successful founders inspire others to build companies. They also help new founders gain access to networks and validation. When a startup gets backing from well-known founders or business angels, it gains credibility. That trust makes it much easier to attract investors, talent, and customers.”

José del Barrio

Samaipata and La Nevera Roja

The path leading to a successful tech company in Spain looks different from many widely-held notions. The reality is that it takes many years of training and leadership development, which is made easier by a strong local ecosystem of educators and supporters. This study underscores how individual founders are not only blazing their own paths, but also creating a multiplier effect by helping the founders who come after them. Looking ahead, decision makers can build on these insights to foster, attract, and prepare the founders of the future.

Founder Highlights

Click on a founder below to view their pathway.

Adeyemi Ajao, Tuenti

Diving Straight Into Entrepreneurship

Born in Nigeria, Adeyemi Ajao moved to Málaga when he was eight years old. He taught himself to code in high school, a skill that later proved pivotal. He earned a JD in law and then an MSc in finance and economics at the Universidad Pontificia Comillas. In 2006, straight from university, he teamed up with Félix Ruiz Hernández, Joaquín Ayuso de Paúl, Kenny Bentley, and Zaryn Dentzel to found Tuenti.

Tuenti was Spain’s leading social networking service with – at its height – over 15 million users and more traffic in Spain than Google and Facebook combined. The company was acquired by Telefónica in 2010.

Juan de Antonio, Cabify

Turning Early Ambition Into Lasting Impact

Juan de Antonio had entrepreneurial ambition from a young age, gaining experience running a hotel with his father. After earning an MSc in telecommunications engineering at the Universidad Politécnica de Madrid, he completed an MBA at Stanford University as a Fulbright scholar. Working at BCG provided broad business exposure, while a year at a startup, Zero Motorcycles, showed him a work environment where he could make a difference. He founded Cabify in 2011.

Cabify is a mobility company that develops technology to transform cities into better living spaces. The company achieved unicorn status in 2018. Beyond its success, Cabify has become a launchpad for entrepreneurial talent, with former employees going on to build nearly 90 companies across 15 countries.

Iñaki Berenguer, CoverWallet

From Star Scholar to Successful Founder

Iñaki Berenguer started his career with impressive academic qualifications. He earned a Masters and PhD in engineering from Cambridge University, followed by two years as a Fulbright scholar at Columbia University. After a couple of years working with McKinsey, he earned an MBA at MIT as a Rafael del Pino Foundation scholar. He founded and sold two companies — Pixable and Klink — before teaming up with Rashmi Melgiri in 2015 to found CoverWallet.

CoverWallet is an online platform that provides and manages commercial insurance for small businesses. The company was acquired by Aon in 2020.

Jesús Encinar, idealista

From Business Education to Early Innovation

Jesús Encinar studied business administration at the Universidad Pontificia Comillas in Madrid before earning an MBA from Harvard University. His time there showed him the internet’s potential for disrupting business models. After working in San Francisco, he returned to Spain to join Wolff Olins. He then decided to target the real estate market with a new model by founding idealista in 2000.

Idealista is the leading online real estate platform in Spain, Italy, and Portugal. The company gained unicorn status in 2020, when it was acquired by Swedish Private Equity firm EQT for €1.3 billion, and was acquired again in 2024 by CINVEN for €2.9 billion.

Iker Marcaide, Flywire

When Lived Experience Sparks Change

Iker Marcaide gained a BSc in industrial engineering from the Universitat Politècnica de València. While earning an MBA at MIT, he encountered a broken international payment system. With no way to track his tuition payment and unpredictable fees, he saw an opportunity for change. In 2009, he founded peerTransfer, later rebranded as Flywire, to streamline cross-border payments and eliminate barriers for international students.

Flywire is a global payments enablement and software company. The company floated on Nasdaq in May 2021, earning a valuation of $3.5 billion after its first day of trading.

Rebeca Minguela, Clarity AI

Pushing Boundaries in Academia and Across Industries

Rebeca Minguela gained a wealth of international educational, work, and entrepreneurial experience before founding Clarity AI in 2017. Her MSc in telecommunication engineering and information technologies from the Universidad Politécnica de Madrid included two years at the University of Stuttgart, before she completed an MBA at Harvard Business School. Before founding her first company, Blink Booking, she worked in other roles for BCG (Madrid) and Bain Capital (London).

Clarity AI is a sustainability tech platform that uses machine learning and AI to deliver environmental and social insights to investors, corporations, governments, and consumers. The company reached a valuation of $450 million following its series C funding round in 2021.

Juana Nunez, Devo

Academic Rigor Meets Entrepreneurial Vision

Juana Nunez came into entrepreneurship with a highly qualified technical background. She studied mathematics at the Universidad Complutense de Madrid up to PhD level, and earned a Fulbright Scholarship at George Mason University for post-doctoral mathematics research. Before cofounding Devo in 2011, she worked as a software engineer in a range of roles in academia and corporate companies. She also worked as a scientific researcher at the Spanish National Research Council.

Devo is a cybersecurity company that provides cloud-native logging and security analytics for organizations. The company achieved unicorn status in 2021 following a $250 million Series E round.

Oscar Pierre, Glovo

From Social Good to Entrepreneurial Success — All Before 30

Oscar Pierre trained in aerospace engineering at the Universitat Politècnica de Catalunya, completing the degree at Georgia Institute of Technology. He had an early interest in entrepreneurship, founding two companies in Spain, FUO Concept (a marketplace for selling homemade goods) and Zikkomo (a company aiming to alleviate poverty through education). In 2015, he teamed up with Sacha Michaud to found Glovo.

Glovo is an “anything” courier service that purchases, picks up, and delivers products ordered through its mobile application in minutes. The company earned unicorn status in 2019 following a €150 million Series E round and was acquired by Delivery Hero in 2021.

Juan Urdiales, Job&Talent

Entrepreneurial from Day One

Juan Urdiales went straight into tech entrepreneurship from university. Originally from Málaga, he went to Madrid to pursue a dual degree in law and business administration at the Universidad Pontificia Comillas. During his final year, he founded his first company, Pluscuamperfecta, which he ran for three years before selling it. Following this, he partnered with Felipe Navío to cofound Job&Talent in 2009.

Job&Talent is an online marketplace for essential work, empowering temporary workers and offering workforce management solutions. The company achieved unicorn status in 2021 following a $500m series E round.

Data Explainer

For more information about this study, download the PDF data explainer, which includes the detailed methodology.

About Endeavor

We are the leading global community of, by, and for high-impact entrepreneurs — those who dream bigger, scale faster, and pay it forward. Driven by our belief that high-impact entrepreneurs transform economies, Endeavor has been on a mission to build thriving entrepreneurial ecosystems in emerging and underserved markets around the world since its creation in 1997. Endeavor was established in the Spain market in 2014. Contact [email protected] to get involved.

Endeavor Insight is the research division of Endeavor that provides data-driven analysis and visualizations showing what makes entrepreneurial ecosystems thrive. Our research team of economists, data scientists, and policy analysts specializes in understanding the needs of high-impact entrepreneurs and evaluating the networks that enable them to scale up and pay it forward to the next generation of entrepreneurs. For more information, contact [email protected].

Founder Pathways in Spain

This research issponsored by

This research is
sponsored by