The start-up ecosystem is facing an unavoidable reality check at the Ibiza Tech Forum 2026. Beyond big ideas and technological disruption, the viability of any emerging project depends on its financial architecture and on its ability to scale.
No one knows this terrain better than Pilar Carrato, chief financial officer (CFO) of the Centre for Technological Development and Innovation (CDTI), who led an insightful discussion at the forum on the sector’s hits, misses and unfinished business in Spain, before joining the Euronews set to talk about talent, entrepreneurship, scalability and the recipe for success.
Drawing on the strength of a public body that in the last two years has invested 3 billion euros, with an active portfolio of 150 companies and 40 funds, Carrato breaks down the keys to competing in the international top tier.
Profitable vs scalable: speaking the investor’s language
For Pilar Carrato, the first mistake many startups make is their lack of strategic focus when they go looking for capital. “They need to know what stage they’re at and who they should be talking to, because otherwise they’re going to waste a lot of time,” she warns.
Private investors are not just looking for a profitable business; they want a scalable model capable of delivering that much-coveted J-shaped curve that captures the cycle of scalability and profitability. In other words, an initial drop in cash flow and higher investment, followed by exponential revenue growth without an increase in operating costs.
When you sit down in front of a backer, the CDTI CFO highlights three non-negotiable ingredients for making a company attractive:
1. The team:
A multidisciplinary set-up. Turning a local idea into a global one means moving beyond self-employment and bringing in clearly defined profiles in technology (CTO), strategy (CEO), sales and, crucially, finance (CFO).
2. Market focus
“Some ideas are excellent, but if they don’t solve a real market need, the startup will fall by the wayside.” Carrato urges founders to detach themselves from the idealised version of their product: “Your product is like your child and you think it’s gorgeous, but if the market wants it to be different, you’re going to have to adapt it, in constant dialogue with your customers.”
3. Competitor analysis:
In the midst of the artificial intelligence boom, having no idea what similar solutions are being developed around the world undermines any pitch.
Spain’s big bottleneck: ‘exits’ and corporate culture
Comparing the Spanish landscape with the major international hubs, Carrato pinpoints the problem: a logjam at the exit stage (“exits”). Investors come in but then find themselves stuck, unable to get out, something she puts down to a cultural issue in Spanish business.
The expert notes a cultural shortfall among the country’s heavyweights: in the last two decades, barely ten startups have been acquired by national blue-chip corporations. Unlike other markets, neither Spanish corporate giants nor pension funds buy local technology, which ends up “drying out” private investors, who are unable to exit and reinject liquidity into the system. To correct this market failure, Carrato argues for faster regulation, tax incentives and easier access to secondary markets.
Financial discipline as a life insurance policy
From her vantage point as CFO, discipline from day one is absolutely decisive for success. Poor planning of key milestones leaves entrepreneurs gasping for air from one funding round to the next, instead of focusing on the product.
On top of that, a poorly structured company at the outset can destroy the value of a great idea. “I know companies with good CFOs that have tripled their sales, and products that were just as good but died out because they were financed in the wrong way and their founders signed things they shouldn’t have.”
The leverage effect of public-private collaboration
In the absence of a private financial sector as strong as in other countries, Pilar Carrato champions the blending of resources. This is where CDTI steps in to mitigate risk. “We create a leverage effect. If you need 2 million euros and the private investor will only put up one, the public sector can provide the rest.”
Her final recommendation for founders seeking finance this year is clear: study in depth the range of options available, from CDTI grants and Enisa’s participatory loans to long-term support from tools such as ICO or Cofides. But she adds an important warning: “You need to be very clear who you’re marrying. Bringing a fund on board is a long-term marriage; it’s vital to watch what terms you sign so you don’t end up going your separate ways in a traumatic divorce.”
You can watch the full interview with Pilar Carrato (CDTI) on our YouTube channel (source in Spanish).
This text was translated with the help of artificial intelligence. Report a problem : [feedback-articles-en@euronews.com].
