• Novara Capital Group

Entrepreneurship in the Canary Islands

A startup is a business in an initial stage, which eventually, will be scalable at a significant speed compared to physical industries due to they base their growth and spread on technology and the Internet.


The Startups Rate Creation in the world exceeds 25% annually and, every day increases the number of digital businesses that are trying to follow the footsteps of large companies such as Facebook, Google or Uber, among others.



In the case of Europe, the increase in new business is exponential and, according to a PwC report, the United Kingdom is the one that contributes the most on to the growth of peer to peer economy. For example, Deliveroo is a British online food delivery company, based in London and founded by Will Shu and Greg Orlowski. In 2016 this Start-Up received the "Best Startup Founders" at the Europas 2016 Awards, for its important contribution to the market and, the impressive growth that has shown. The Deliveroo business model is based on just click away to provide food wherever you are.

In the case of Spain, Waynabox is a Spanish company that, based on the preferences of the people, organizes a surprise trip that is discovered only 48 hours before the trip. This company won the StartUp European Award for the tourism sector. Emprende TVE, Spanish company too, also received an award but in the Best Media Partner category and works as a support for entrepreneurs who want to appear in the media.


In this subject, the Canary Islands are becoming a strategic point for digital entrepreneurs around the world and, important advances are being made in terms of digital innovation. During the last 5 years, the development of the startup ecosystem in the islands has increased. We can see this development in Tenerife and Gran Canaria, where events such as Tenerife Invierte, Bbooster Week Canarias or initiatives such as Gran Canaria Talent and Mentor Day of Dyrecto Consultores, bring together investors and entrepreneurs. These type of activities have shown the high potential of the islands for emerging digital companies.


Additionally, there are financial incentives for entrepreneurs including the low cost of living and the tax benefits offered by Canarias (ZEC, no VAT, etc) making the island especially competitive and attractive in this sector.


Some of the most successful Startups created in the Canary Islands are:


Promineo Studios


Promineo Studios is a multi-platform game developer that develops mobile applications and promotional video games.


Promineo Studios's headquarters is in La Laguna, Santa Cruz de Tenerife and has a revenue of $4.2M, and 41 employees. It has received a total of $344.6K in funding and its main competitors are King, ZeptoLab and HalfBrick.


Promineo Studios is consolidated as the flagship of the Canarian video games industry and is positioned in a national and international level as a young, talented and promising future company. Among its main projects are "Feed my Alien" and four video games of Garfield the most famous cat in the world. The Canarian company also works for large American companies due to it has developed products for brands famous brands: Disney, Warner Brothers, Marvel, DC, Activision or Mattel among others.


Promineo Studios has an estimated annual revenue of 4.2 million USD and 41 employees.


Video Lean


Videolean is a cloud-based video handling tool which is suited to both smaller together with mid-sized companies. Videolean is a marketing tool designed to help companies to produce promotional videos without the need for advanced editing software.


This program has an intuitive end-user interface. Videolean can help to develop eye-catching videos within a few minutes. All the user need to do is choose the video template that best fits a campaign and customize it to the content.


VideoLean has appeared in international magazines such as The Entrepreneur and won the second place at the Tenerife Invierte award.


Last year, they signed an agreement with ePages, subsidiary of the German company United Internet, to integrate Videolean into the platform's management of more than 140,000 e-commerce companies. The objective is to ensure that each of the products available in these e-commerce websites has their own video.


It has an estimated annual revenue of 1 million USD and has 6 employees.


Welovroi


Welovroi is a tool for measuring the ROI (return on investment) that allows to monitor and control campaign objectives according to the KPIs settled.


The profiles, benchmarking, strategies and objectives are shown in a dashboard. The tool also allows the user to see, in a simple way, the most important data that will help them to understand their digital presence evolution.


It belongs to the data analysis sector and has as clients famous Spanish companies: El Corte Inglés, Movistar, Mapfre, Heineken.


It has an estimated annual revenue of 8 million USD and approximately 32 employees.

Novara Capital Group is an international tax & capital investment consulting firm. We specialise in Corporate Structuring, European Union Tax Incentives, IP Positioning, and Transactions / M&A. We provide intelligent corporate structures, advice, and an integrated service which cross delivers in businesses. We advise companies globally to accelerate international growth, optimise net profits, and enhance equity value leveraging Intellectual Property and Licences. Our in-house experts specialise in International Tax Law, Company Law & Cross Border Jurisdiction, Investment & Asset Management, Mergers & Acquisitions, and Operational Management.


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