In this interview with Stan Yu, MBA’24 and IESE 40under40 honoree, the Taiwan-born entrepreneur reflects on his journey from launching a failed fitness equipment project to co-founding Nocera, which went public on NASDAQ in 2022. Stan credits IESE for deepening his business knowledge and opening the connections that led him to join Cardumen Capital, a European venture capital firm recognised for its deep-tech focus and strong partnerships with leading global corporates. His key lessons in entrepreneurship include the value of grit, treating anxiety as a useful signal, and choosing the right partners to navigate inevitable challenges. Today, Stan is taking on a pioneering role: building Cardumen’s presence in Asia and shaping a long-term bridge between European VC and the region’s strategic institutional capital.

Join us to discover what drives Stan, and his predictions for future business trends.

Hi Stan, tell us a bit about yourself.

I am from Taiwan, and I grew up in a city called Tucheng in Taiwan. I had my first entrepreneurial experience around the age of 24. I am a fitness enthusiast, which is why I was dedicated to starting a business in the fitness industry. At that time, I was involved in a fitness equipment project, but it failed after three years. We burned through all our cash and eventually had to give up in 2017. After that, I served in the military (mandatory in Taiwan). During my military service in 2018, I met two business partners who became my co-founders in two subsequent companies, namely VRTX Sports and Nocera. Nocera is the company that I took public in 2022, while VRTX continues to operate steadily.

Regarding my family, there are four of us: my sister, my parents, and myself. Both of my parents are entrepreneurs. My mother is in the educational services industry, while my father runs a food company.

How have IESE’s entrepreneurship ecosystem and your MBA journey contributed to your path as an entrepreneur?

I was already an entrepreneur before pursuing my MBA. After completing my MBA, I transitioned into venture capital and now lead the Asia-Pacific development efforts for a European VC firm. So, how did IESE help me? Actually, my connection with the co-founder of this VC fund is entirely thanks to IESE. This founder — Igor de la Sota (IESE 40under40 and MBA’11), co-founder of Cardumen Capital — and I met at IESE’s 40under40 event, and we hit it off immediately, discussing whether we could do something groundbreaking together in Asia. So, I joined Cardumen Capital in 2023 and have been working with them ever since. What we are doing now and planning for the future is very entrepreneurial: I am building Cardumen’s Asia office from the ground up and creating the firm’s first structured bridge between European deep-tech ecosystem and Asia’s major corporates and family institutions. This work involves opening new capital corridors, establishing strategic partnerships, and shaping Cardumen’s long-term presence in the region.

Looking back, the MBA curriculum at IESE was especially valuable, particularly during the first year. The core courses in accounting, finance, and operations were exceptionally strong and gave me a solid grounding in the fundamentals. That foundation continues to shape my thinking and will be essential in my future entrepreneurial journey. In terms of the MBA curriculum, IESE has also been very beneficial, especially in the first year. The foundational business knowledge courses, such as accounting, finance, and operations, were very solid. These courses have laid a strong foundation for my business knowledge, and I believe this knowledge will be very helpful in my future entrepreneurial journey.

You co-founded NOCERA and IPO’d in 2022 – what a journey this must have been. What are your top learnings from your journey as an entrepreneur so far?

My insight is that entrepreneurship is a battle against the law of entropy. You need to have strong GRIT to solve problems and be prepared for constant anxiety. Anxiety is not necessarily a bad thing because it makes you more cautious and helps you prevent mistakes. Sometimes, having fewer mistakes than your competitors means outpacing them.

I remember when I took on the role of COO at Nocera. Due to poor initial communication with a subsidiary, a domino effect led to severe consequences, resulting in a loss of control over the subsidiary. It took me nine months to clean up the mess. I felt very frustrated at that time, but my efforts to rectify the situation and minimize the damage earned the board’s recognition. This process was a true test of endurance because disasters are not resolved overnight; it requires daily persistence and error-free execution to resolve the issues. Furthermore, I became more cautious after this incident. The devil is in the details, and it’s crucial to always anticipate potential risks and prevent them on time.

To sum it up:

1. Entrepreneurship requires strong GRIT.
2. Moderate anxiety is not a bad thing; it constantly reminds you not to overlook the devil in the details.

Innovation requires moving away from traditional paths, how would you encourage out-of-the-box thinking in business?

I believe that understanding first principle thinking is key to breaking free from traditional frameworks. Through first principle thinking, you will critically evaluate whether what you are doing and the way you are thinking are just within a framework. E.g. Can we delve deeper to uncover its more fundamental and core meaning, and ensure that you are pursuing the most essential value and seeking truth?

Many great entrepreneurs also advocate for first principle thinking. I believe that when you clearly understand the most fundamental value and meaning behind anything, you can break free from conventional frameworks and pursue genuine truth.

Looking ahead, what do you believe are the key trends shaping innovation and business to tackle the world’s pressing challenges?

This is a broad question, but I believe several themes are becoming increasingly clear from my work connecting European deep-tech innovation with Asia’s strategic corporates. The first is, of course, AI. AI will continue reshaping entire industries, not only by automating tasks but also by expanding the capabilities of enterprises and governments. As AI scales, I believe there will be a growing emphasis on human development — how individuals and organizations adapt, learn, and find meaning in a world where intelligence becomes abundant.

A second trend is the rising importance of infrastructure behind AI: semiconductors, data centers, connectivity, and energy systems. Much of what we see at Cardumen in Europe reflects a new deep-tech cycle, and Asia’s corporates are actively seeking access to these capabilities. The reshaping of global supply chains, national industrial strategies, and capital flows will define the next decade.

The third key trend is sustainability — climate technologies, food systems, and resource efficiency. Climate change and food-related challenges are intensifying, and the world is accelerating investment in solutions that can scale globally. From energy transition technologies to new approaches in agriculture and materials, sustainability will remain a defining force for innovation in the years ahead.

So, the major trends I see are:

AI, human and organizational transformation, next-generation infrastructure, and climate-related technologies. These forces will shape how nations innovate, how industries compete, and how capital moves across regions in the years ahead.

As an entrepreneur, you may have experienced a setback or two, what advice would you give to fellow IESE students or graduates who are thinking of taking the entrepreneurship route?

I believe that before starting a business, you should first reflect on the setbacks you’ve experienced and how you handled them. Did you approach and overcome them in a positive way, or did you end up avoiding them? I think mindset is crucial. If you can handle setbacks positively, this reflects the GRIT (perseverance and passion) I mentioned earlier. If you have grit, then I believe you are well-suited for entrepreneurship.

My second piece of advice is to be very careful in selecting partners because dealing with people is often the most challenging aspect. You need to ensure that your partners can work steadily with you throughout the entrepreneurial journey and can resolve difficult issues together peacefully. This is extremely important because internal friction is a major cause of startup failure. Both you and your partners need to be mature enough to recognize this issue. One criterion for evaluation could be whether you have successfully worked together in the past.

Thank you Stan! Now, for the speed round

Q: What do you do in your free time?

A: Train—I’m a weight training freak.

Q: Dog, Cat, Parakeet, Goldfish, Pet Rock?

A: A Beast is better;) (We think outside the box)

Q: What are you reading, watching, or listening to these days?

A: “Let It Hail” by Team Fearless and NEFFEX songs.

Q: Something that makes you happy

A: Carbs on my cheat day.

Q: Favourite place?

A: A silent, empty café or gym, or wild places without people.

The post IESE 40under40: Stan Yu’s journey from founder to global connector first appeared on Entrepreneurship.

Rahul Jain (MBA’10 and IESE 40under40) is the CEO and Co-Founder of Peach Payments, an electronic payment solutions provider based in Cape Town, South Africa. Its specific focus is the African continent, where the local infrastructure requires a unique and tailored approach to online payments in each market.

Rahul Jain was working in the U.S. in 2011 when he got a call from Andreas Demleitner, a German friend he had met in South Africa during a summer internship as part of his IESE MBA. He suggested they start a digital payments business in Africa together – and the rest, as they say, is history. They both relocated to Cape Town and launched Peach Payments.

With hundreds of different payment methods available across the African continent, their challenge was to build a world-class platform where all types of merchants and users – from the biggest business to the smallest side hustle – could enjoy the same seamless, secure, personalized payment services via mobile and web, which integrated easily with leading e-commerce platforms. “Our innovation was in reimagining how things might work differently in African markets,” says Jain. The 2020 pandemic was a game-changer for their business, as it marked a major shift in consumer behavior and confidence in accepting digital payment systems. Active in South Africa, Kenya and Mauritius, Peach Payments is expanding its presence to other countries across the African continent. Jain sees their payment tool as fundamental as other basic infrastructure like roads for African businesses.

On being recognized for his innovation, Jain is humble, crediting his diverse team. As if proving his corporate claim that “our customer is our most important stakeholder,” he notes that, “We hired people who were customers. One was on the other side of the negotiating table, and we knew we wanted her on our side. We have an Olympic athlete on staff, too.” Having such capable hands made it easier for Jain to “leave South Africa and rest assured that everything is still working while I’m away. It’s about having an idea, imagining how to get it done, and then being there and getting it done.”

 Explore Rahul’s venture, Peach Payments
 Learn more about IESE 40under40

The post IESE 40under40 Rahul Jain: Fintech firsts for Africa first appeared on Entrepreneurship.

Q1: What led you from IESE and your earlier career in consumer goods into the world of social entrepreneurship and, specifically, to Tiny Miracles?
My MBA at IESE in 2006 and my early career deepened my passion for consumer brands, so I joined my dream employer: Unilever. After eight years, I moved to a food start-up to gain hands-on brick & mortar retail experience, while coaching newcomers to the Netherlands in my spare time. Over time, I felt increasingly drawn to purpose-led work. In 2022, everything clicked when I joined Tiny Miracles, founded by university friend Laurien Meuter, a B Corp in Mumbai and Amsterdam that boldly blends commercial drive with real social impact.

Q2: For those less familiar, how would you describe Tiny Miracles’ mission and the social challenges it addresses?
Our (not so) simple mission is to upskill women from underserved communities in Mumbai and help them build a dignified, financially independent future. By crafting high-quality textile merchandise, they stitch a brighter future through fair incomes and lift their families out of poverty. It’s not charity, it’s good business. We co-design products tailored to each community’s needs. One client alone ordered 1.3 million bracelets producible from home by elderly and visually impaired artisans. Today, 500+ women produce over three million textile products for partners like Rituals, Heineken, and Tony’s Chocolonely.  Besides our business arm, our foundation provides healthcare and education.

Q3: As Head of Partnerships, how do you approach building alliances that help scale Tiny Miracles’ impact?
We help companies rethink sourcing, beyond labels like Organic Cotton or Fairtrade, and focus on what truly changes lives. Alongside commercial partnerships, we engage future leaders through talks at IESE, B Corp events, and industry forums. And we’re now collaborating with designers from Europe and India to launch a social design hub in Mumbai, which I’m incredibly excited about.

Q4: How did your MBA at IESE shape your perspective on leadership, collaboration, and purpose-driven work?
My 210 classmates, many of whom are still close friends, broadened my worldview and constantly challenged my assumptions. I learned that perspective shapes problem-solving, and that diverse lenses lead to better answers. In Barcelona, the world pulled up a chair. Professor Johanna Mair also exposed me to corporate responsibility, planting a seed that’s now grown into my everyday work. I’m walking the talk. Today, I feel proud helping decision-makers in start-ups and global B2C brands use sourcing as a genuine force for good.

Q5: What are some of the hurdles you face in establishing partnerships for social enterprises, and how do you overcome them?
Many companies are unaware of social sourcing or fear leaving their “smooth” supplier who cuts corners for us, a team who bears necessary inconveniences to deliver real impact. We overcome questions on quality and scale through transparency, our track record of millions of products, and co-designing with our product developers to de-risk orders for merchandise. Explaining the real impact of an order -say, 100,000 bags- helps. But the biggest converter is bringing partners to our un-factories. Seeing is believing.

Q6: What advice would you share with IESE students and alumni interested in contributing to social entrepreneurship, either as founders or through strategic roles like yours?
The good news is: you don’t need all the answers to a social challenge on day one. Pilot, learn, iterate. Laurien began Tiny Miracles by organizing schooling for children living on Mumbai’s streets, then years later created dignified work for their parents, and today we produce 3+ million products a year. Step by step. Make sure to engage your colleagues and end-consumers. Most people want to contribute to a brighter world, but don’t know how. Your company can be that enabler. Finally, profit is not the enemy. Building financially sound solutions will ignite all companies to follow, one day. If you’d like to exchange thoughts, don’t hesitate to get in touch on LinkedIn. And if you’re ever in Mumbai, we’ll arrange a visit to our un-factories.

Thank you, Martijn, now for the speed round.

Q1: What do you do in your free time?
Play tennis, read newspapers, and meet friends in Amsterdam’s cozy brown cafés (bruine kroegen in Dutch).

Q2: If you had to describe yourself in three words, what would they be?
Broad-minded, loyal, quick-witted.

Q3: What are you reading, watching, or listening to these days?
Reading various newspapers and Shantaram, 900+ pages, wish me luck. Occasionally, I binge on series, but I lack the patience for endless seasons.

Q4: Something that makes you happy:
Seeing 3,000 community members build brighter futures. And closer to home: skating on frozen Dutch lakes.

Q5: Favorite place:
My local bar and tennis club. And further away: Barcelona, of course, New York, and Mumbai.

Q6: What is the most important lesson you’ve learned in life so far?
Live and let live.

The post Bridging business and purpose: Martijn Ruding on social impact first appeared on Entrepreneurship.

Shayp is an AI-powered water tracking and anomaly detection solution. Smart sensors are installed on existing water meters, enabling real-time monitoring of water flow. Within less than an hour, the system can detect anomalies in water usage. The platform then sends an alert — helping users act quickly to conserve resources. Already deployed in over 9,000 commercial, industrial, and institutional buildings, Shayp’s technology has saved 27 billion liters of water since its inception — including 8 billion in 2025 alone — with the bold aim of reaching 100 billion liters by 2027. Clients also benefit immediately, achieving an average 22% reduction in water use and a positive ROI within the first year.

In 2025, Shayp launched a new product line and business model focused on water stewardship for both corporations and society at large. The company combines the benefits of its technology — already implemented in schools and public buildings — with the water usage commitments of corporates seeking replenishment projects to meet ESG goals. This approach enables companies to reduce their overall footprint by claiming the savings generated in public facilities.

In his TEDxIESEBarcelona talk, “Are you crazy enough? Go for impact,” Gregoire shares his philosophy with quiet conviction: “You don’t have to be a top performer — you’ll learn along the way; there’s no such thing as failure, and small steps will lead to big impact.” This mindset reflects Shayp’s journey: A willingness to learn, embrace incremental progress, and stay committed to ambitious goals.

At IESE we celebrate ventures with purpose. Gregoire’s story — which brings together engineering, environmental stewardship, and resilient teamwork — embodies the entrepreneurial spirit IESE seeks to nurture. His journey reminds us that innovation is not always about grand breakthroughs; often, it is about aligning societal impact, stakeholders, and sustainable business models.

Explore Gregoire’s venture, Shayp
Learn more about IESE 40under40

The post IESE 40under40 Gregoire de Hemptinne: Turning challenges into impact first appeared on Entrepreneurship.

Let’s start at the beginning, Carlos—can you tell us about your background and your relationship with IESE Business School?
I studied engineering and, after gaining some experience in our family business, decided to pursue the International MBA at IESE, graduating in 1986.

You’ve had a remarkable career spanning top-tier consulting and executive leadership at Mango. How did that path unfold?
I joined BCG and spent 26 years in consulting, focusing on consumer goods, retail, travel, and healthcare, building a fantastic team along the way. Later, I had the opportunity to support Isak Andic during Mango’s generational transition and strategic transformation, which allowed me to put my consulting experience into practice. I feel very fortunate for all the opportunities and challenges I’ve encountered.

In what ways did IESE’s MBA program influence your path as a business leader and now as a mentor and advisor?
The MBA was pivotal. It broadened my technical knowledge and, more importantly, gave me a strategic, general management perspective. It also helped me understand how critical people and team dynamics are to business success.

What inspired you to support entrepreneurship after years in the corporate world?
I discovered a strong personal motivation to help others. We have a new generation of energetic individuals eager to improve the world, but they face many obstacles. I believe experienced managers can make a real difference by offering pro bono advice and support.

Tell us about your experience as a WeGrow mentor.
It’s been a rewarding journey across diverse sectors—e-commerce OTC drugs, beauty, recycling, restaurants, loyalty and transport SaaS, and formal menswear. I’ve helped teams navigate challenges like rapid growth, international expansion, retail optimization, franchising, and organizational development.

Looking ahead, what key trends will shape the investment and entrepreneurship space? What should future entrepreneurs pay attention to?
E-commerce has matured, and investor caution has reduced the pace of disruption in that space. But over the past two years, we’ve seen a surge in AI applications creating exciting new opportunities. Venture capital is now actively backing AI-driven ventures across many industries.

What advice would you give to current IESE students—or anyone—considering entrepreneurship?
Entrepreneurship is rewarding but also tough and risky. If you don’t have a clear purpose, get hands-on experience and a solid business education first. But if you do have a strong passion or a compelling idea, build a robust plan, seek advice from trusted mentors, and go for it, learning along the way.

Thank you, Carlos. Now for the speed round:

What do you do in your free time?
I love art, jazz, and sports… a diverse portfolio, need more time!

If you had to describe yourself in three words, what would they be?
Motivated to learn, willing to help, and resilient.

What are you reading, watching, or listening to these days?
Love to read about AI applications and impact, and can recommend Co-Intelligence: Living and Working with AI, by Ethan Mollick

Something that makes you happy?
Seeing my children and other young people progress in their lives.

Favorite place?
Top of a snowy mountain on a sunny day.

What is the most important lesson you’ve learned in life so far?
Need to keep a balance between short-term and life objectives.

The post Carlos Costa (MBA’86) on leading, learning, and giving back first appeared on Entrepreneurship.

Cristina Aleixendri didn’t set out to change the shipping industry. An aeronautical engineer by training, she simply saw a massive challenge—maritime decarbonization—and an opportunity to apply her expertise in wings and airflow to an entirely different mode of transportation.

Today, as co-founder of bound4blue, Cristina is helping ships return to their roots by reintroducing wind power through rigid suction sails. Her startup’s technology offers a practical, scalable way for vessels to reduce fuel consumption and emissions—by up to 40%—with ROI in under five years. And it’s not just about sustainability: with evolving regulations and rising fuel costs, Cristina makes a clear call to ship operators to “consider wind propulsion as an alternative fuel source.”

Getting there, though, wasn’t easy. From countless rejections to industry skepticism, Aleixendri and her co-founders were told they were crazy. But she persevered, motivated by moments like seeing the smile on a customer’s face after the first successful installation. “That photo told me everything,” she recalls.

A 2022 IESE’s 40under40, Aleixendri’s story is anchored in values and resilience. She credits a high school math teacher for sparking her engineering journey and sees success not as a title or metric, but as staying true to one’s purpose.

In both life and business, she lives by a clear motto: “Live with purpose, align your actions with your values, and persevere through challenges—you’ll find your way.” That, and one more powerful habit she’s adopted in recent years: “Speak less and listen more.”

Cristina Aleixendri is not only helping ships sail more sustainably—she’s proving that with vision, grit, and values, anything is possible.

Explore Cristina’s venture, bound4blue
Learn more about IESE 40under40

The post IESE 40under40 Cristina Aleixendri: Powering the future of shipping with wind and purpose first appeared on Entrepreneurship.

Let’s start at the beginning, can you tell us a little about your background and how you got to where you are today? 

I’m originally from Germany, but I grew up in Indonesia and Mexico before coming to Spain, where I completed my degree and later my PhD in Economics and Business Education. I joined IESE as a Professor of Information Systems, a role I held for nearly 20 years. My research led me to entrepreneurial practices, and three years ago, I transitioned to the Entrepreneurship Department. Today, I combine my expertise in digital technologies and entrepreneurship – a thrilling intersection! 

Who have been the most influential figures in your life? 

Probably the most influential figure in my life was my father. Although he passed away when I was young, his advice to prioritize my academic career shaped my path profoundly. He worked for a German multinational company and recognized the importance of formal education, having faced his own career limitations without it. His encouragement has been a guiding diamond throughout my life, influencing many of the decisions I’ve made personally and professionally. 

At IESE, we aim to develop leaders who have a deep and lasting impact. What are your thoughts on the role of entrepreneurship in society? 

Entrepreneurship is crucial, especially in uncertain times. An entrepreneurial mindset — adaptability, foresight, and the willingness to unlearn and relearn — has become essential for individuals, organizations, and society. Traditional processes often lock structures into outdated paths, but entrepreneurial practices help break that inertia. We must formalize and spread entrepreneurial knowledge, and as professors, we can have a meaningful, long-term impact by equipping people with the tools to adapt and lead in an ever-changing world. 

What accomplishment, personal or professional, are you most proud of, and why? 

I’m not someone who often feels proud, but if I reflect, I would say raising three grown-up children while building an academic career at IESE is something special. Balancing my research and teaching with family life has required what Catalans call seny i rauxa – a mix of thoughtful grounding and bold intuition. Maintaining this balance professionally and personally, and helping my children grow into thoughtful individuals, is something I truly value and am proud of. 

What inspires you most about your work at IESE? 

The continuous learning. Every interaction, whether with students, colleagues, or the institution itself, is a chance to learn something new. IESE fosters an environment where you are constantly evolving, absorbing knowledge, and helping others to develop their own potential. This constant exchange of ideas and growth keeps the work dynamic, inspiring, and deeply fulfilling. It is a privilege to work in a setting that prioritizes lifelong learning in such a genuine and vibrant way. 

How do you see the rise of digital technologies, particularly AI, reshaping traditional business models? 

We are at the start of a fundamental transformation. Generative AI is not just another technology; it’s a general-purpose technology with profound implications for business models and work practices. It’s no longer about just implementing systems: it’s about rethinking organizations at every level. My research focuses on helping people adopt these technologies positively, overcoming fear and shame, and instead embracing the entrepreneurial opportunity to lead change. We are entering a phase of discovery, and it’s fascinating. 

What words of advice would you give to students or anyone considering the entrepreneurship route? 

Learn as much about entrepreneurship as fast as possible. The world is growing more complex and unpredictable, and entrepreneurial qualities like seeing opportunities, tackling challenges, adapting swiftly… are essential everywhere. Whether you’re founding a startup, working within a large corporation, or leading a family project, the entrepreneurial mindset is crucial. It’s not just about creating companies; it’s about being ready to navigate and shape a world in constant flux. And yes, it’s also a lot of fun! 

Thank you, Sandra. Now for the speed round: 

What do you enjoy doing in your free time?
Sketching, painting, biking, skiing, swimming – and experimenting with creative projects, including GenAI at home. 

Dog, Cat, Parakeet, Goldfish, Pet Rock?
Bringing up three children and looking after my family was enough responsibility! 

What are you reading, watching, or listening to these days?
I’m reading SUPERAGENCY – What Could Possibly Go Right with Our AI Future, by Reid Hoffman and Greg Beato. The book presents an optimistic roadmap for leveraging AI to enhance human agency, creativity, and societal progress. A great read!  

What’s something that makes you happy?
Free time. 

Favorite place?
Anywhere in the nature – sea or mountains. 

Explain GenAI to a 10-year-old.
Actually, let’s explain it to a 50-year-old: GenAI is like having a really smart helper who listens to your ideas and helps make them better. The best part? The ideas are still yours, this AI just helps bring them to life. You and GenAI work together like a super team. So, in short: GenAI isn’t about replacing people. It’s about making us smarter, stronger, and more creative. 

The post How entrepreneurship and AI are shaping tomorrow: Insights from Professor Sandra Sieber first appeared on Entrepreneurship.

• The average amount invested per business angel in 2024 was €95,525, with a median of €20,000. When excluding large annual investments (>€1M), the average drops to €45,365. On average, male investors invested more than twice as much as their female counterparts.

• Nearly two-thirds (65%) of surveyed business angels reported no exits in 2024, indicating a continued slowdown in exit opportunities.

• 92% of respondents plan to invest in startups over the next 12 months—an increase of more than 10 percentage points compared to last year’s edition.

Following a year marked by selectivity and risk awareness, Spanish business angels are approaching 2025 with renewed confidence. According to the 2025 Business Angels Report, co-produced by AEBAN and IESE Business School, 92% of surveyed investors plan to invest in startups in the next twelve months—a notable rise of over 10 percentage points from last year.

The report, now a benchmark study of early-stage investment activity in Spain, shows that 2024 was defined by economic uncertainty and continued caution stemming from the 2022 VC correction. Investors focused primarily on supporting existing portfolio companies and made fewer new investments. The average amount invested per angel (including follow-on rounds) was €95,525, with a median of €20,000. When excluding large investors (>€1M), the average drops to €45,365.

Among the most active sectors were healthtech (37%), agritech/food (23%), and B2B software (20%). Co-investment remained the norm, used by over 80% of respondents.

Persistent challenges

Despite the optimistic outlook, angels continue to face structural issues. Nearly two-thirds made no exits in 2024, reflecting continued weakness in secondary markets. The main barriers? Difficulty finding buyers and the legal or fiscal complexity of selling. For positive exits, secondary sales to VCs or other angels were most common.

Portfolio management also remains time-constrained: over half of respondents dedicate only 1–5 days per month to their investments. Top concerns include poor reporting quality, lack of reliable KPIs, and high early-stage valuations.

Notable trends

The report highlights several trends shaping the future of angel investing in Spain and beyond:

• Professionalization of early-stage capital

• Growth in co-investment and syndication

• Increased sector specialization (AI, biotech, renewables, aerospace…)

• A growing share of women investors (35% of respondents)

• Stronger ESG and diversity filters in investment decisions

• Increased use of data and AI tools to guide investment choices

Women continue to make strides, though gaps remain. The average amount invested by women in 2024 was €27,014—up from €16,032 in 2023—but still significantly behind male investors. Most women allocated less than 10% of their wealth to angel investments, suggesting many are still early in their journey.

Looking ahead

As macroeconomic conditions improve, especially with falling interest rates and more dry powder in the ecosystem, many investors expect a gradual rebound. Still, the call for more efficient exit paths and stronger project pipelines remains critical.

As Laura Caballero, Associate Director at IESE’s Entrepreneurship and Innovation Center notes:

“Investing in talent is investing in the future. Angel investors are a cornerstone of our entrepreneurial ecosystem. Their capital, expertise, and dedication help drive innovation, economic growth, and job creation.”

The full report is available via AEBAN and highlights key lessons for early-stage investors and entrepreneurs navigating a rapidly evolving landscape.

The post Spain’s business angels signal cautious optimism for 2025 first appeared on Entrepreneurship.

In this interview, Javier de Ros (MBA’16) and Juan Miguel Goenechea (MBA’16) reflect on the personal and professional moments that shaped their journey, the influence of IESE’s MBA program, and the values behind their firm. From classroom insights to co-founder chemistry, discover what drives their entrepreneurial vision – and what advice they have for others looking to take the leap.

Can you tell us about your background and the journey that led you to where you are today?

JdR: I am from Barcelona and studied Law. I started my career at BBVA in New York. After that, I did my MBA at IESE and went on to work at Nomura in London, focusing on leveraged finance and acquisitions. A few years later, I found in Juanmi the perfect friend and partner with whom to launch GOROS.

JMG: I am from Madrid and graduated from College with a Dual Degree in Law and Business Administration. I started out as a lawyer at Freshfields in the Madrid Office. After 5 years, I enrolled at IESE and then worked for a couple of years at Houlihan Lokey, doing investment banking in their restructuring team. Finally, Javi and I, who became good friends during our MBA, decided to take the leap and start GOROS Investments.

In what ways did IESE’s MBA program influence your path as entrepreneurs?

JdR: I was particularly influenced by the wide array of peers I met with so diverse backgrounds, outlooks and interests, who made me realize that there is a whole world of opportunities out there. I also need to credit one class, “Analysis of Business Problems,” where we were placed in real business scenarios, acting as entrepreneurs and executives, and had to analyse challenges and come up with solutions. It sparked something in me.

JMG: At IESE, the biggest influence came from the many talks and meetings we had with professionals with different backgrounds, including entrepreneurs and business owners. Listening to their stories, full of risk and creativity, made entrepreneurship feel tangible and real, not just a theoretical path.

What inspired you to pursue entrepreneurship?

JdR: I come from a family of business tradition. I always felt pride in what my family had built and wanted to, someday, also build something of my own. After my MBA and my professional experiences, I thought I was ready.

JMG: I wanted to build something of my own, take full responsibility for it, and be empowered to make decisions that matter. I wanted to be in the driver’s seat, not just work advising or assessing someone else’s business.

Tell us about Goros Investments – how and when did it come to life, and what’s its core value proposition?

GOROS is a firm that invests in, manages, and supports small and medium-sized companies in Spain and Portugal. We’re not a traditional fund—we originate, analyse, and back each opportunity independently. The firm was founded nearly six years ago after we met during our MBA at IESE.

GOROS (an acronym of our surnames) was born from a simple realization: Spain is full of impressive SMEs with great products, loyal clients, and talented teams, but many need support to scale, transition, or professionalize. For business owners, we offer the confidence that their company is in the hands of a long-term partner with skin in the game. For investors, we provide access to direct deals with identity -businesses with a name, a face, and real potential – and the chance to be part of a community of entrepreneurs helping to generate value.

Looking ahead, what key trends do you think will shape the investment space in the coming years?

We see three key trends shaping the future: growing opportunities in niche, undercapitalized sectors; strong value creation through the professionalization of SMEs; and increasing demand for active, aligned investment partners. We believe long-term returns will come from backing great teams, scaling solid models, and building companies with a clear identity.

How has IESE’s entrepreneurship ecosystem supported you along the way?

IESE has been a key pillar throughout our journey. We’ve always felt we could reach out to professors – whether to discuss doubts, strategic questions or complex situations – and they’ve always made themselves available. The alumni network has also been invaluable: whether to explore investment opportunities or connect with potential investors, the level of support is extraordinary. If someone is an IESE alum, there’s a 99.9% chance they’ll reply and offer help.

What advice would you give to current IESE students – or anyone – considering the entrepreneurship path?

Find a great partner or partners, someone who shares your vision but most importantly your values, and who has skills and strengths that complement your own. Also, toughen up, because entrepreneurship is about resilience and hard work.

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Now, for the speed round: 

What do you do in your free time?

JdR: I just had my third baby, so my free time is devoted to my wife and kids. When I do get some time for myself, I like to blow off some steam biking or jogging.

JMG: I mostly spend time with my family. I had twins last year, so they (and their older brother) pretty much keep me busy 24/7. When I have some time, I go to the gym and love running.

If you had to describe yourself in three words, what would they be?

JdR: Calm, empathetic, detailed-oriented.

JMG: Charismatic, joyful, determined.

What are you reading, watching, or listening to these days?

JdR: I just finished the book “Miracle at the Andes”, by Nando Parrado, about his personal experience surviving a plane crash and then literally climbing the Andes without any food or gear. What a story!

JMG: I am not ashamed to say that I am very much into romantic comedies, so I watch them all. I also love reading. I want to pick up some pending readings I have by Mario Vargas Llosa, one of my favourite writers who recently passed away.

Something that makes you happy?

JdR: Family.

JMG: My family, of course, but also watching Real Madrid win titles.

Favourite place?

JdR: Our family place in Raimat, Lérida.

JMG: El Puerto de Santa María, near Cádiz.

What is the most important lesson you’ve learned in life so far?

JdR: I have learned that, at the end of the day, both life and business are about people. In this regard, I always try to have enough empathy to put myself in other people’s shoes and understand how they approach a specific decision or view a specific situation.

JMG:  In business, I have learned not to listen to the nay-sayers but to trust our own analysis, perspective and judgement.

The post Javier de Ros (MBA’16) and Juan Miguel Goenechea (MBA’16): From MBA classmates to co-founders first appeared on Entrepreneurship.

Q: Let’s start at the beginning, can you tell us a little about your background and how you got to where you are today?
I’m originally from France and lived there until I finished university. I started my career working for Airbus, and that took me to Mexico and the U.S., and eventually I landed in Barcelona, where I did my MBA, at IESE of course!

I’ve always been passionate about entrepreneurship and have dedicated the past 25 years to it: as a founder, business angel, VC fund manager, and teacher. I live a “double life”: investing in startups and teaching others how to do the same, and guiding companies and individuals on their entrepreneurial journeys from idea to success.

Q: Who are the most influential figures in your life?
Two stand out. Winston Churchill – he fought for freedom and democracy, staying true to his beliefs through victories and defeats. When I face uncertainty, I think of him. And of course, my wife – a true entrepreneur who takes full responsibility for her actions and beliefs. Having both public and personal role models offers me a well-rounded perspective on life.

Q: At IESE, we aim to develop leaders with a deep and lasting impact through professional excellence and service. What role does entrepreneurship play in society?
Entrepreneurship is fundamental. It drives innovation and gives people – not just founders, but also employees – a sense of freedom and ambition. It’s also key to tackling pressing challenges like technological shifts and climate change. Entrepreneurship doesn’t just create companies; it generates solutions.

Q: What accomplishment, personal or professional, are you most proud of?
I believe the reason why I spend a significant amount of my time investing in startups is not only because of the impact but also because all those investments I’ve been making over the years are providing people new ways to make a living. As an investor, being behind the creation of thousands of jobs is something I feel proud about. Beyond that, I’ve been compiling my experiences into a book to help entrepreneurs navigate the full journey of building a business, and to encourage investors to invest in startups. It was hard work, but I’m proud of the result.

Q: Your book is called Hablando en Plata, which roughly translates to ‘Let’s Get Real.’ What motivated you to write this book and what are the key messages behind it?
After years of teaching entrepreneurship, I saw the impact of sharing real-world insights with my students. So why not aim at a broader audience? My two main messages in the book are:

Transparency and accessibility: Providing straightforward, easy-to-understand insights to help entrepreneurs anticipate challenges and dilemmas along their journey.

Encouraging investment in startups: Inspiring private investors to support entrepreneurship, so we can continue to see entrepreneurship and new ventures flourish.

Q: What inspires you most about your work inside and outside IESE?
Impact. I love teaching more every day. Helping students become better entrepreneurs, leaders, and people is incredibly rewarding. Seeing them pursue their ambitions and make a difference in the world inspires me constantly.

Q: What do you think will be the next big trend in startups and entrepreneurship?
Right now, the answer to everything is AI. But as an investor, I remain cautious. I’ve seen trends rise and fall – blockchain, e-commerce… The impact of AI is undeniable, but I believe it remains a tool, a vehicle. The real question is: What comes next? AI will produce a few major successes, but many ventures will fail. The key is anticipating the next big thing beyond AI.

Q: Finally, what advice would you give to students and future entrepreneurs?
Entrepreneurship is a tough, uncertain path full of ups and downs. My advice: work on yourself. Know your strengths and weaknesses. If you truly believe in your idea, go all in – but only if you can thrive in uncertainty. Otherwise, it will be a miserable experience.

Thank you, Mathieu. Now, for the speed round.

Q: What do you do in your free time?
Cycling! I love the workout and the community around it.

Q: What are you reading, watching, or listening to these days?
I often listen to The ITNIG Podcast – raw, candid conversations about startups, entrepreneurship, and business innovation. It resonates with me because I believe transparency is key to fostering the entrepreneurial spirit.

As for books, The Mom Test – a must-read. It has helped thousands of entrepreneurs transition from an idea to an opportunity, a challenge many struggle with.

Q: Something that makes you happy?
Seeing the real impact of helping entrepreneurs.

Q: Favorite place?
Barcelona!

Q: Explain early-stage equity financing to a 10-year-old.
Starting a business requires two things: effort and money. If you don’t have the money, an investor provides it in exchange for a share of your success. Imagine organizing a bike race – you have the legs to race, but no bike. An investor gives you the bike (equity financing), and together, you work to win the race.

The post Meet Mathieu Carenzo: Senior Lecturer, founder and investor first appeared on Entrepreneurship.