Susana de la Puente is a renowned investment banker who played an active role on Wall Street in the 1990s and 2000s. With close ties to Spain and Latin America, she is currently involved in attracting and developing investments in Europe for startups.
She had a distinguished career in investment banking during her 25 years at J.P. Morgan in New York, where she eventually became Vice President for Latin America. She also held numerous positions such as Director of Telefónica Peru, a member of the Advisory Committee to the President of the Board of Directors of the Inter-American Development Bank (IDB), Director of the Peruvian Institute of Business Administration (IPAE), and Director of Pro Mujer-Peru.
For the past 5 years, Susana de la Puente Wiese has split her time between London and Madrid, dedicating herself to identifying, investing in, and managing projects in the “new economy” with a particular focus on technology-based ventures.
How would you describe the startup landscape in Europe?
Powerful and dynamic. Innovation knows no boundaries, and while in the past, the costs of implementing technologies in Spain were very high, today access to technology has become less burdensome, leading to the development of new business models. Spain has experienced explosive growth in startups and technological initiatives in recent years. Many venture capital funds and new technology-based companies have successfully raised capital, and there are now several unicorn companies in the country (companies valued at one billion dollars or more). Additionally, there is a pool of highly talented young innovators in Spain with academic training and experience in more developed markets.
It is worth noting that these assets have shown favorable surprises this year, demonstrating remarkable resilience in valuations despite the globally uncertain economic environment. In some cases, valuations remain above those of 2020 and 2021.
Are they far from achieving the same weight and strength as those in the United States?
The North American market is larger and more developed, but there are other very active markets such as Israel, India, China, the United Kingdom, and now Spain as well. There is capital available to finance good and large projects. Companies must design and develop ambitious plans for growth and global expansion and seek venture capital. The gap between Europe and the United States continues to narrow in terms of the volume and number of funding rounds. There is money available to finance solid and large projects anywhere in the world.
What, in your opinion, are the keys to ensuring a startup does not fail in the attempt?
A committed, cohesive, and competent team in different management areas of each company. They must be highly motivated, creative, and innovative, capable of overcoming obstacles, breaking paradigms, and overcoming prejudices. A common cause of mortality for these types of companies is the difficulty in accessing capital. To overcome this obstacle, entrepreneurs must establish a clear and credible strategy not only for the business itself but also for obtaining capital at different stages of its growth.
Are there not enough investors in Europe?
Not at all. However, it seems essential to further improve communication channels between investors and startups so that startups can effectively convey why investors should bet on them.
Besides the model of the United States, are you attracted to the models of any other country such as Israel, South Korea, or China?
I don’t believe there is a single model. Some countries facilitate investment and minimize bureaucracy, making it easier to establish companies. England is a good example.
And is there a lack of entrepreneurial spirit in Spain?
No. Spain is a country of conquerors and adventurers, who spared no effort and took risks to set sail and seek fortune in other worlds. Spaniards carry that entrepreneurial spirit in the depths of their being.
