SPANISH “UNICORNS”: B2B INNOVATIONS REBOOT THE ECONOMY IN AN ERA OF TURBULENCE

The study analyzes the phenomenon of Spanish unicorns – startups valued at over $1 billion – in the context of the national economic transformation. The author identifies five companies (Cabify, Jobandtalent, TravelPerk, Recover, Factorial) that emerged in 2018–2022 and analyzes their role in modernizing traditional industries through digital innovation and sustainable practices. The study reveals key trends: the dominance of B2B solutions in corporate technologies (60% of cases), accelerated scaling (up to 2 years for new unicorns), and the integration of ESG principles as a competitive advantage. Three factors underpin the success of Spanish startups. First, the concentration in the tech hubs of Madrid and Barcelona, with exceptions such as Recover, which attracted Goldman Sachs thanks to its innovative textile recycling in a small city. Second, the symbiosis of international investors (SoftBank, Atomico) and local funds, providing both financing and global expertise. Third, government support, including the Startup Law (2022), which reduces corporate tax to 15% to stimulate the ecosystem. However, the predicted slowdown of the Spanish economy and the regulatory fragmentation of the European Union (EU) create risks. The author emphasizes that Spanish unicorns demonstrate a new development model relevant for countries with an average level of startup ecosystems. Their strategies – a focus on narrow B2B niches, hybridization of technologies and ESG, rapid global scaling through modular platforms – offer an alternative to competing with tech giants. For example, Cabify (electric cars) and Jobandtalent (artificial intelligence for HR) illustrate how a combination of innovation and adaptability allows overcoming crises. The study serves as a basis for analyzing the effectiveness of government support measures and forecasting growth trajectories in conditions of economic instability.