{"id":732,"date":"2014-11-26T14:38:25","date_gmt":"2014-11-26T14:38:25","guid":{"rendered":"https:\/\/blogs.uao.es\/club-emprendedores\/?p=732"},"modified":"2014-11-26T14:38:25","modified_gmt":"2014-11-26T14:38:25","slug":"start-up-unicornio-por-que-es-inexistente-en-espana","status":"publish","type":"post","link":"https:\/\/blogs.uao.es\/club-emprendedores\/2014\/11\/26\/start-up-unicornio-por-que-es-inexistente-en-espana\/","title":{"rendered":"Start up unicornio: \u00bfPor qu\u00e9 es inexistente en Espa\u00f1a?"},"content":{"rendered":"<p style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-734 aligncenter\" src=\"https:\/\/blogs.uao.es\/club-emprendedores\/files\/2014\/11\/unicorn-graph1c.png\" alt=\"\" width=\"540\" height=\"405\" \/>Un <em>start up unicornio<\/em>\u00a0es aquello que alcanza una valoraci\u00f3n privada anterior a su salida a Bolsa o adquisici\u00f3n de 1.000 millones de d\u00f3lares.<\/p>\n<p>Hace seis a\u00f1os naci\u00f3 <em>Airbnb<\/em> y, hoy en d\u00eda, es una de las start up mejor valoradas del mundo. Esto queda reflejado en<em> The Wall Street Journal<\/em>, que coloca a la plataforma de alquiler de viviendas en segunda posici\u00f3n con una valoraci\u00f3n de 10.000 millones de d\u00f3lares (7.989 millones de euros aproximadamente).<\/p>\n<p>No obstante, En Espa\u00f1a -seg\u00fan Javier Capap\u00e9, manager de Esade Start Up Spain- \u00ablas valoraciones de las\u00a0<em>start up<\/em>, hechas por los inversores al participar en sucesivas rondas de financiaci\u00f3n, suelen ser m\u00e1s\u00a0bajas\u00a0que en Estados Unidos. Esto puede explicarse en t\u00e9rminos legales, y tambi\u00e9n por cuestiones de rentabilidad: <strong>una valoraci\u00f3n mayor exige que los rendimientos de esa firma sean tambi\u00e9n mayores<\/strong>\u00bb.<\/p>\n<p>Los\u00a0<em>term sheets<\/em> americanos (contratos) usan sistemas legales para disminuir el riesgo, mientras que aqu\u00ed en Espa\u00f1a no son tan habituales pero impactan radicalmente en la valoraci\u00f3n: <strong>al disminuir el riesgo de la operaci\u00f3n,\u00a0pueden compensar valoraciones m\u00e1s altas<\/strong>.<\/p>\n<p>Rub\u00e9n Colomer, cofundador de <em>Plug &amp; Play<\/em> Espa\u00f1a, resume las razones atendiendo a tres factores determinantes: el menor riesgo de los inversores; la menor ambici\u00f3n de los emprendedores; y las\u00a0ventas precipitadas de\u00a0<em>start up<\/em>. \u00abEstados Unidos tiene inversores fuertes que toman m\u00e1s riesgos, existen emprendedores m\u00e1s ambiciosos que realizan rondas de financiaci\u00f3n m\u00e1s elevadas que, adem\u00e1s, permiten que se diluya menos el capital de los fundadores y puedan seguir levantando capital, lo que provoca, a su vez, que las valoraciones sigan subiendo llegando a cifras astron\u00f3micas para nosotros\u00bb. Y, por si no nos sobraran los motivos, \u00ablas\u00a0<em>one billion dollar start up<\/em>\u00a0espa\u00f1olas acaban siendo compradas por cantidades m\u00e1s bajas apenas despuntan\u00bb, asegura Colomer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Un start up unicornio\u00a0es aquello que alcanza una valoraci\u00f3n privada anterior a su salida a Bolsa o adquisici\u00f3n de 1.000 millones de d\u00f3lares. Hace seis&hellip;<\/p>\n","protected":false},"author":54,"featured_media":735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Start up unicornio: \u00bfPor qu\u00e9 es inexistente en Espa\u00f1a? - Club de Emprendedores<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.uao.es\/club-emprendedores\/2014\/11\/26\/start-up-unicornio-por-que-es-inexistente-en-espana\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Start up unicornio: \u00bfPor qu\u00e9 es inexistente en Espa\u00f1a? - Club de Emprendedores\" \/>\n<meta property=\"og:description\" content=\"Un start up unicornio\u00a0es aquello que alcanza una valoraci\u00f3n privada anterior a su salida a Bolsa o adquisici\u00f3n de 1.000 millones de d\u00f3lares. 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