At Ibiza Tech Forum 2026, Pilar Carrato explains why scale, financial discipline and exits are vital for Spanish startups, and shows founders how to turn ideas into success.
The startup ecosystem is facing a crucial reality check at the Ibiza Tech Forum 2026. Beyond big ideas and technological disruption, the viability of any early-stage project depends on its financial architecture and on its capacity to scale.
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No one knows this terrain better than Pilar Carrato, Chief Financial Officer (CFO) of the Centre for the Development of Technology and Innovation (CDTI). At the forum she led a stimulating analysis of the sector’s strengths, mistakes and unfinished business in Spain, and joined the Euronews set to talk about talent, entrepreneurship, scalability and the recipe for success.
Backed by the credibility of a public body that over the last two years has invested 3 billion euros, with an active portfolio of 150 companies and 40 funds, Carrato breaks down the key factors for competing in the international top league.
Profitable vs scalable: speaking the investor’s language
For Pilar Carrato, the first mistake many startups make is a lack of strategic focus when looking for capital. “They need to know what stage they are at and who they should be approaching, otherwise they are going to waste a lot of time,” the finance chief warns.
Private investors are not just looking for a profitable business; they want a scalable model, one that can trace that coveted J-shaped curve representing the path to scalability and profitability. In other words, an initial dip in cash flow and higher investment, followed by exponential revenue growth without a corresponding increase in operating costs.
When it comes to sitting down in front of a backer, the CDTI CFO highlights three non-negotiable ingredients to shore up a company’s appeal:
1. The team:
A multidisciplinary ecosystem. Turning a local idea into a global one means moving beyond self-employment and having clear roles in place for technology (CTO), strategy (CEO), sales and, crucially, finance (CFO).
2. Market orientation
“There are some brilliant ideas out there, but if they don’t solve a real market need, the startup will fall by the wayside.” Carrato urges founders to let go of the idealised image of their product: “Your product is like your child and you think it’s beautiful, but if the market wants it to be different, you will have to change it through constant dialogue with your customers.”
3. Studying the competition:
In the middle of the artificial intelligence era, having no idea what similar solutions are being developed around the world undermines any pitch.
Spain’s big bottleneck: exits and corporate culture
Comparing the Spanish landscape with the major international hubs, Carrato pinpoints the core problem: a logjam in exits. Investors come in but end up stuck with no way out, something she links to a cultural problem within Spanish companies.
The expert points to a cultural shortfall among the country’s big players: over the past two decades, barely ten startups have been bought by major domestic corporations. Unlike in other markets, neither corporate giants nor Spanish pension funds are buying local technology, which ultimately “dries up” private investors who are unable to exit and recycle capital back into the system. To fix this market failure, Carrato argues for streamlining regulation, offering tax incentives and easing access to secondary markets.
Financial discipline as a life insurance policy
From her vantage point as CFO, discipline from day one is absolutely decisive for success. Poorly planning milestones condemns founders to lurch from one funding round to the next, instead of focusing on the product.
On top of that, a badly designed initial corporate structure can destroy the value of a great idea. “I know companies with good CFOs that have tripled their sales, and equally good products that disappear because they were financed the wrong way and their founders signed up to things they shouldn’t have.”
The leverage effect of public–private partnerships
Given that Spain lacks the kind of powerful private financial muscle seen in other countries, Pilar Carrato champions the blending of resources. This is where the CDTI steps in to mitigate risk. “We provide a leverage effect. If you need 2 million euros and the private investor is only willing to put up one, the public sector can cover the rest.”
Her final recommendation for founders seeking funding this year is crystal clear: carefully study the full range of options, from CDTI grants and Enisa’s participatory loans to the long-term backing available through instruments such as ICO or Cofides. With one very important caveat: “You need to be absolutely sure who you are marrying. Bringing a fund on board is a long-term marriage; it is vital to look closely at the terms you are signing to avoid parting ways in a traumatic divorce.”
