EY confirms an economic impact of 12.3 million euros in the latest edition of the international technology event VDS. This is the main conclusion of the report: Socio-economic Impact of VDS as an International Technology Event presented today in Madrid at the firm’s headquarters.
The international technology event organized annually by Startup Valencia, held its sixth edition last October in the City of Arts and Sciences in Valencia. The meeting, which gathered more than 12,000 professionals from 91 countries, more than 600 national and international investors with an investment portfolio of more than 8 billion euros to invest next year, and more than 2,200 startups, broke records for the second consecutive year.
The report presentation featured David Samu, partner and head of EY-Phartenon Spain, and Nacho Mas, CEO at Startup Valencia. As Mas points out, “the figures from the last edition show a significant return on investment for the national ecosystem. VDS will continue in 2024 with its growth and will generate an economic impact of more than 15 million euros.” The data in the Socio-economic Impact report, prepared by EY, indicate that every euro invested by the organization in the event was multiplied by 9.2.
In this context, “the magnitude of the figures is better appreciated when compared with those of other leading international technology events. VDS has exceeded the return on investment for the ecosystem of other prominent events in Southern Europe by more than 300%,” states Nacho Mas.
David Samu stated that “VDS is a high-impact global event that not only offers a unique growth opportunity to the business fabric but also serves as a technological ecosystem for the development and integration of the latest technology for organizations and institutions. An event that also allows Valencia to position itself as a key technological reference in Spain.”
Furthermore, the partner responsible for the Strategy and Operations practice of EY Spain states that VDS contributes very positively to the economic and social growth of the Valencian community. In this sense, he states: “VDS2023 has generated an economic impact in the region of 1.3 million directly, 8.9 million indirectly, and 2.1 million as induced impact. Also, in this latest edition, it has created 1,118 full-time jobs; reinforcing the labor market. Figures that, in terms of the region’s GDP, leave a footprint of 5.7 million euros. Unprecedented growth that makes VDS a lever of progress and development at all levels and in all scenarios.“
The meeting also highlighted other relevant data. The funds that attended VDS2023, currently managing assets worth 30 billion euros, allowed the participating startups, valued at more than 4.5 billion euros, to aspire to obtain more than 50 million euros in financing. Additionally, the analysis also highlights that each attendee of the past edition of VDS generated on average a value of 1,027 euros per citizen to the city’s economy.
Regarding corporate companies, with more than 250 employees, the number of attendees increased by more than 500% (150 in 2022 vs 950 in 2023). A growth observed in all attendee segments, as international investors went from 400 to 600, a 50% increase. Regarding startups, there has been a growth from 1,500 to 2,200 participants, which represents more than a 45% increase compared to the previous edition.
The event also discussed the challenges of open innovation between startups and corporate companies in a roundtable that featured Matthijs Kosteljik, Investment Director–CCEP Ventures at Coca-Cola; Eva Ruiz, Southern Europe Head of Fintech at VISA; Natalia Álvarez, Open Innovation Sr. Analyst at Repsol, and Ángela Castelló, Chief Revenue Officer at Startup Valencia. During it , the discussion delved into how large corporations have created their own companies to invest in innovation, the impact of international technology events like VDS for these corporations, and Spain’s position as a global benchmark in open innovation after being consolidated as the second-fastest growing technology ecosystem in Europe, according to EY’s analysis.
The seventh edition of VDS is scheduled for October 23 and 24
The meeting also served to announce the dates for the seventh edition of the international technology event. Thus, VDS2024 will take place on October 23 and 24 at the iconic City of Arts and Sciences in Valencia. Startup Valencia, the organizer of the annual event, estimates that this new edition will host more than 12,000 attendees from over 100 different countries; more than 700 investors with an investment portfolio of over 10 billion euros, and will feature more than 500 renowned speakers and over 2,500 startups.
Under the motto ‘Embracing evolution: Invest in the leaders of tomorrow’, VDS2024 will analyze how the current technological revolution is positively impacting society and giving voice to the brightest leaders in the innovative and technological global ecosystem. For a week, Valencia will once again become the global epicenter of technological innovation, and VDS will provide connections, tools, knowledge, and access to innovations that are transforming the future.
For the complete report, visit this link.
