The island’s entrepreneurs lament that there is no established network of private investors to boost their projects and prevent them from moving abroad.
Only one in ten startup founders is a woman.
Building Disset, in ParcBit. Photo: Fundació Bit.
Starting from scratch is never an easy task. And if not, just ask the 44 startups in Balears listed in the 2024 Spain ‘tech’ and innovative companies report, which places the islands in 11th place nationwide. Comparisons are unflattering: Catalonia registers 1,071 and Madrid 868. Additionally, only one in ten founders are women, and it is estimated that 90% of ideas are not developed. Lights and shadows in a sector that, according to the specialized magazine El Referente, generates more than 10 million euros in Balears.
Rafael Soler, dedicated for more than a decade to working hand in hand with startups, combines his work as an associate professor at the Faculty of Economics at UIB with his main role as a technical support for the creation of technology-based companies at the Parc Bit incubator, through the Emprenbit program (sponsored by the Govern). After supporting more than 300 innovative business projects, Soler maintains that “Balearic society has an entrepreneurial gene embedded in its DNA, which generates a high volume of innovative business ideas every year and, in many cases, requires investment in its early stages. Normally, it comes from private investors or business angels. But access to this funding source is more complicated in Balears, as the ‘risk’ investment culture has not taken root enough,” he explains. Despite the existence of large fortunes that could invest in these startups, many temporarily relocate to innovation hubs like Valencia, Madrid, or Barcelona.
Another imbalanced factor is the recruitment and consolidation of talent, “the most important factor.” For Soler, Balears, “due to its location, climate, and quality of life, is on the map of regions of interest for qualified profiles, who are attracted by an emerging startup ecosystem in the region, where Mallorca gathers 80% of these companies.” Therefore, Soler believes that any public policy aimed at fostering private investment and attracting talent will multiply its results by a hundred. And these companies “bring innovation, economic development, and allow us to be more competitive.”
Rafa Soler, during the Tramuntana Tech Talks in Mallorca. Photo: Fundació Bit.
Gender gap
Ana Seijo decided to focus on a 100% digital project called FocusgyLab, a platform aimed at women looking to turn ideas into successful businesses. Seijo has observed a significant gender bias in the startup world. “Female entrepreneurship is slower, and there are barely any tech-based startups; it’s more purpose-driven, while male entrepreneurship is monetization-driven.” For this reason, she has channeled all her knowledge into a conversational AI application capable of learning and thinking. “We train it to give responses to users as if they were with me, so they can move forward and grow their business. The guys, if something doesn’t work, discard it and move on; they don’t complicate themselves.”
Networking, key for startups
For young investor and startup creator Lidia Ferrer, “In Madrid, events are held constantly, and this should be promoted in Mallorca. The number of times having a contact has saved us!” she says. Ferrer was co-founder of Correcto, a software startup that achieved a valuation of 35 million. At 20, she sold part of her share in the company – “I’m very techy, and I saw that the arrival of AI could greatly increase competition” – and is currently the CEO of EQUAL Mind, a platform connecting patients with psychologists. “It’s a very difficult world, but you have to start, fail, learn, and live the experience,” she reflects, and points out two keys to making a startup successful: “Choose your partners carefully and control your ego.”
Missed opportunity in Mallorca
Joana Llull is another startup founder who does not hesitate to state that “in Mallorca, there is a great opportunity we are not taking advantage of. Why do we close the doors to technological innovation on the island when there is enormous potential to create jobs and diversify into sectors beyond tourism?”. She is now working on Searebbel, which was created with the idea of automating recreational boating. “We have developed an intelligent steering wheel that allows boats to be controlled from any mobile device and can be installed in just 15 minutes. This Plug&Play concept represents a significant advance in a sector where it was previously unthinkable. We’ve simplified the installation process so recreational boats can access more advanced navigation systems,” she explains.
More budget in 2025
Sebastián González, Director General of Innovation and Digital Transformation of the Govern, acknowledges that startups “deserve our strategic support because they are key drivers of the economy” and shows his commitment to “facilitate this support and create a favorable environment, increasing the Fundació Bit budget by 53.7% in 2025. Mallorca has great potential for creating and developing startups, and we are committed to continuing to strengthen this ecosystem through innovation, digitization, and public-private collaboration.”
Sebastián González. Photo: Fundació Bit.
Startups in Mallorca in figures
In the last 6 years, 341 applications for admission of technological entrepreneurship projects to the ParcBit incubator have been dealt with. Of these, 82 have gone through pre-incubation and 42 to incubation. In 2024, 54 applications were received and there are currently 12 incubated projects and 8 in pre-incubation. Some of the Balearic innovation ecosystem’s benchmarks have emerged from here, such as Laboratorios Sanifit, Habitissimo and Travelgate X.
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