Editor’s note: This article was first published in August 2013, during the Spanish economic crisis. The crisis description, Imserso cuts, renewable subsidy withdrawal, graphene company data, the Forrester e-commerce forecast to 2017 and smartphone claims are from 2013; the companies may have changed or no longer exist.
In a country where we put all our eggs in the construction basket, it can seem as if business opportunities have vanished, especially given today’s dark and long-lasting crisis. Emerging sectors do exist, although we will need to apply the formula of technological innovation and internationalisation, because it will be hard to find a big enough market at home, as El Confidencial rightly points out. These are some of the emerging sectors (and possible opportunities) despite the crisis.
1. Graphene exports
We have already talked about investing in graphene, and as it happens, Spain is very well positioned among the countries that export this material. Today, according to ICEX (Spain’s foreign trade and investment agency), Spain’s industrial graphene production is the largest in Europe.
Perhaps the biggest problem is getting past the price barrier, but the large Spanish companies leading graphene production insist that it is not a cost problem but a sales problem: as orders increase, the price of the material could come down a lot.
The main graphene producers in Spain are Avanzare, currently the world leader in production: it increases its capacity by 60% every six months, has annual sales of €3 million and exports to 32 countries. The second is Graphenano, which also has high industrial capacity and in its case is 10% German-owned. And the third is Graphenea Nanomaterials, whose graphene sales currently go to research work for large multinationals while it waits for commercial orders.
Without a doubt, graphene is a great business opportunity in Spain.
2. E-commerce
E-commerce in Spain still has very low numbers compared with other European countries, but the fact that we are European leaders in smartphone use suggests it is one of the countries with the most growth potential in online retail. And, following the innovation-internationalisation guideline, e-commerce opens the door to selling outside our country.
According to a Forrester report, e-commerce in Spain could grow 18% a year until 2017, reaching 9.1 billion.
3. Eco-businesses
Although the renewables sector has been hit hard in Spain by the withdrawal of subsidies, the truth is that high-efficiency solar panels (such as those made by Cuantum Solar) and all kinds of clean energy generation systems are usually well received in foreign markets: if they don’t sell in Spain, many markets outside the country are waiting for them with open arms. One day Spain will be a leader in renewable energy, but until that moment comes, markets such as China and Latin America are eager to embrace new projects.
4. Eco-food
Consumers are increasingly aware of the junk they are eating, which would explain the boom in organic food shops and herbalists. Sadly, Spain is the most permissive country when it comes to GMOs, but fortunately it is also one of the countries where, despite the crisis, the most organic food stores are opening.
5. Technology and biotechnology
Technology is a latent business opportunity in any country, but within the chemical industry we have a lot of talent in Spain. Biotechnology applied to health opens up a whole new world for new entrepreneurs.
6. Elderly care
Older people will be a large and very profitable source of income, not only in caring for the elderly but also in entertainment, especially now that the cuts have reached the Imserso holidays (the state-subsidised travel programme for older people). And it is not just the domestic market: Spain’s good weather will turn the country into a paradise for foreign retirees. So there is business both in care and attention and in low-cost entertainment for older people.
7. Tourism
After the collapse of construction, tourism is today the most profitable business in Spain in terms of overall GDP, so innovation in the tourism sector can create excellent opportunities that entrepreneurs should seize. Many have known how to tap into gay and lesbian tourism, while others have made the most of wine tourism, adventure tourism or cultural tourism.
8. Sustainable and smart homes
The housing boom will return sooner rather than later, but this time it will be about adapting homes to make them energy self-sufficient, along with the different applications of home automation. Think home automation, robotics, mobile apps, technology and housing, and you will probably find a business opportunity, especially if it also puts savings in the consumer’s pocket.
Further reading
Featured image: Leiem, CC0 1.0, via Wikimedia Commons.
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