Los “unicornios” llegan al universo emprendedor

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CLAVES:

  • En noviembre de 2013 Aileen Lee, fundadora de Cowboy Ventures, fue la primera en introducir el término.
  • El concepto hace referencia a las startups con un valor inicial de más de un billón de dólares.
  •  Por países Estados Unidos es el dominador absoluto.
  • El ecosistema español no es el más adecuado para que crezcan los unicornios, y la situación económica y empresarial del país tampoco ayuda.

Dentro del ámbito de las tan de moda startups están comenzando a aparecer modalidades. Aunque por el momento no existe una tipología demasiado amplia, sí empiezan a sonar con fuerza las “startup uncornios”.

¿Cuáles son las características de las startups?

Aunque es difícil encontrar una definición única de este tipo de empresas sí podemos apuntar hacia una serie de características que todas ellas poseen: compañías jóvenes y de pequeño, en período de desarrollo, y gestionadas también por un pequeño grupo de personas.

Fuente: BBVA
Fuente: BBVA

Hemos de decir, que la mayor característica de cualquier startup es su vocación de cara a la innovación. Sus ideas suelen cubrir áreas del mercado que no estaban siendo atendidas por los agentes tradicionales, o que si lo estaban no era de la manera más correcta o adaptada a las necesidades de los usuarios.

Neil Blumenthal, cofundador de la firma óptica Warby Parker, viene a decir que “una start-up es una compañía que trabaja para resolver un problema cuyas soluciones no son obvias y el éxito no está garantizado”.

También es importante hacer referencia a las grandes posibilidades de crecimiento que poseen las empresas de este segmento. Normalmente suelen centrar sus negocios en modelos escalables.

Es evidente que el factor temporal tiene una gran importancia en todo lo relativo a las startups: una empresa con 5 años de recorrido puede ser considerada como startups; una con 10 años ya se escapa de esta posible denominación.

Startups unicornios

Al igual que el resto de startups, están relacionadas con el área de la innovación tecnológica, pero, en este caso concreto poseen una particularidad especial: sólo pertenecen a este tipo aquellas empresas que están valoradas dentro del mercado en más de 880 millones de euros (o el billón de dólares americano, que es su equivalente). Estas cuantías deben corresponderse con su su valoración privada anterior a su salida a bolsa o adquisición.

Así, una starup pasa de ser “promesa” a convertirse en unicornio cuando rompe esta barrera financiera.

Hacemos de nuevo hincapié en su trabajo en el área tecnológica ya que no todas las startups son de este tipo, aunque en la práctica sí es cierto que casi todas están respaldadas por una nueva generación de tecnología disruptiva, tienen un fuerte componente tecnológico o se relacionan con el mundo de internet y las TIC.

VELASCO, Agustín. ¿Por qué todo el mundo habla de las start-ups unicornio?. 03-22-2015 [consultado 15-02-2016]. Disponible en:
http://www.revistagq.com/actualidad/politica/articulos/start-up-unicornio-que-son/22794

El concepto, un tanto excéntrico, fue acuñado ya en el año 2013 por Aileen Lee, fundadora de Cowboy Ventures.

Con respecto al desarrollo del concepto, como ocurre en la mayoría de las ocasiones nos encontramos con EE.UU. como el país preponderante a la hora de colocar a sus empresas en esta categoría.

Fuente: Call-levels
Fuente: Call-levels

No debemos olvidar la importancia que adquieren, cada vez con más fuerza, las startups china. En muy poco tiempo han sido capaces de ubicar 4 empresas de este país en el top 15 a nivel mundial: Xiaomi, Didi Kuaidi, Lufax o DJI, hacen referencia a estos cuatro ejemplos.

Fuente: Call-levels
Fuente: Call-levels

A pesar del repunte chino no hay que olvidar que EE.UU. posee una infraestructura emprendedora y empresarial con grandes mecanismos de inversión que permite que sus promesas crezcan de manera cualitativa y con la mayor rapidez posible.

Fuente: BBVA
Fuente: BBVA

Podemos mostrar una infografía que nos presenta cuáles son las 5 startups del ámbito de la Fintech más importantes en  2015 a nivel americano, a saber:

Fuente: Call-levels
Fuente: Call-levels

La banca comercial: la predilección de los unicornios

No podemos olvidar que la mayoría de las “nuevas empresas” surgen en el ámbito financiero para hacer frente a las carencias de los bancos tradicionales y a la falta de atención de estos a algunos segmentos de clientes.

El ámbito financiero es demasiado amplio, así que siguiendo a CBS Insights podemos hacer una división de las áreas en las que estas desarrollan sus trabajos:

  • El mercado de los préstamos:  plataformas para conectar prestatarios con prestamistas. Estos se refieren a menudo como prestamistas (P2P) peer-to-peer.
  • Crédito directo:  las compañías de préstamos en línea a menudo utilizan tecnologías de aprendizaje automático y otros métodos no tradicionales para evaluar la capacidad crediticia.
  • Online / Mobile Banking:  startups que proporcionan soluciones digitales ya sea en línea o a través de diversas plataformas móviles.
  • Finanzas Personales: nuevas empresas de tecnología que ofrecen herramientas y consejos para gestionar las cuentas personales, gastos, presupuestos y para realizar la planificación financiera personal.
  • Pagos y transferencias:  startups permiten hacer transferencias de dinero o pagar las facturas, incluso a menudo a través de fronteras internacionales.
  • Gestión de las inversiones: asesoramiento y gestión de carteras de forma algorítmica con consejos humano. Dentro de esta categoría destacan los “robo-advisors”.
CBS INSIGHTS. Lending, Investments, And Personal Finance: 102 Startups Attacking The Retail Banking Value Chain. 03-02-2016
[consultado 15-02-2016]. Disponible en:
https://www.cbinsights.com/blog/digital-banking-market-map/

Es precisamente dentro de estas categorías donde podemos encuadrar las 102 empresas de banca privada digital que más destacan dentro del universo startup-Fintech.

Fuente: CBS Insights
Fuente: CBS Insights

Unicornios españoles

A pesar de lo que pueda parecer España se presenta como un país importante en lo relativo a la eclosión de startups. A pesar de esto también hay que señalar que para las empresas nacionales es bastante difícil superar la barrera del billón de dólares.

Los casos más importantes en España son:

  • Ya.com, vendida a Deutsche Telekom por 550 millones de euros.
  • eresMas, adquirida por Wanadoo por 255 millones de euros,
  • e Infojobs, colocada a la noruega Schibsted por 185 millones de euros.

También existen casos de compañías tecnológicoas que han sido adquiridas por otras americanas, como Panoramio y VirusTotal (compradas por Google).

Entonces, ¿cuáles son las causas para que las startups españolas no logren convertirse en unicornios?:

  • las diferencias entre los inversores: no hay rondas de financiación tan grandes, y si las hay son a valoraciones mucho más bajas.
  • Las diluciones para los emprendedores son mayores y esto hace que los fundadores tengan cada vez menos acciones y decidan vender bastante antes de que la valoración de la empresa sea astronómica.
VELASCO, Agustín. ¿Por qué todo el mundo habla de las start-ups unicornio?. 03-22-2015 [consultado 15-02-2016]. Disponible en:
http://www.revistagq.com/actualidad/politica/articulos/start-up-unicornio-que-son/22794

También debemos destacar, en detrimento nuestro, que la cultura de la inversión entre los emprendedores españoles no está tan extendida como en el caso americano. El desarrollo del ecosistema americano también es otro de los factores que favorece el crecimiento de las empresas al otro lado del atlántico.

En España son escasas las inyecciones de capital que superan los 10 millones de euros, aunque parece que en los últimos tiempos el mercado está comenzando a animarse. En este sentido hay que mencionar que sólo 4 de las10 operaciones registradas en el entorno español estuvieron situados por encima de esta barrera de los 10 millones.

El especialista Jaime Novoa, editor de Novobrief.com, cree que la aparición de unicornios españoles es solo una cuestión de tiempo: “El ecosistema de empresas tecnológicas español es mucho más joven que el inglés, el alemán o incluso el israelí. Ya no digamos si lo comparamos con el de Silicon Valley. Las cosas aquí empezaron mucho más tarde.Yo creo que en unos años alguna empresa española llegará al nivel de unicornio, aunque también creo que se le da excesiva importancia a ese estatus. Con esto no quiero decir que el ámbito empresarial en España funcione igual y sea tan start-up friendly como el americano o el inglés. No lo es. Pero tarde o temprano veremos algún unicornio en España”. Entre las firmas que Novoa estima con más potencial se encuentran ScytlCartoDB o Typeform, mientras que Colomer añade a la lista otras que ya han funcionado tremendamente bien como Kantox o Joband Talent, aunque, indica, “también hay otras que están en fases más iniciales que tienen muchos números para seguir por ese mismo camino”.

La reacción de los bancos tradicionales antes los unicornios

Más allá de dedicarse a “luchar” y “pelear” en su contra, son ya muchos los bancos que se deciden por estrechar lazos con estas nuevas empresas forjando alianzas o invirtiendo directamente en ellas.

Por ejemplo, el famoso banco Goldman Sachs ha participado ya en 132 rondas de captación de fondos de compañías tecnológicas privadas (77 de ellas en tan solo los últimos dos años y medio) y sus actividades ya rivalizan con las de las principales firmas de capital riesgo de Silicon Valley. Entre sus protegidas se encuentran las célebres Uber, Pinterest o Dropbox, además de otros 12 unicornios.

VELASCO, Agustín. ¿Por qué todo el mundo habla de las start-ups unicornio?. 03-22-2015 [consultado 15-02-2016]. Disponible en:
http://www.revistagq.com/actualidad/politica/articulos/start-up-unicornio-que-son/22794

En España también existen casos de entidades bancarias que se interesan por participar en los negocios con startups:

  • El Banco Santander anunció a principios de abril que a través del fondo Santander InnoVentures invertiría 4,6 millones en la empresa de pagos móviles MyCheck y en Cyanogen, desarrolladora de sistemas operativos basados en Android.
  • La Caixa cuenta con la gestora de capital riesgo Caixa Capital Risc, inversor institucional de referencia que proporciona capital y préstamos participativos a empresas innovadoras en sus primeras etapas.
  • También BBVA, a través de BBVA Innovation, organiza la competición para emprendedores innovadores de base tecnológica Open Talent.

Según los analistas estos movimientos e iniciativas por parte de los bancos forman parte de su interés por estar presente en este vanguardista mercado tecnológico, más que por obtener ganancias.

La formación de una posible burbuja

Cada vez son más los especialistas que apuntan hacia la aparición de una posible burbuja dentro del universo startup.

Debido a su reciente aparición parece que las repercusiones para la economía global no serían demasiado preocupantes, pero aun así no cabe duda que en EE.UU. los temores son mayores que en otras partes del mundo. Es por ello que las valoraciones disparatadas de empresas poco maduras por la fiebre start-up están configurando el caldo de cultivo propicio para que los peores temores se hagan realidad.

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