AI-generated summary
Many startups begin with ambitions to transform the market, but their trajectories vary widely. While some scale rapidly and become multinationals by applying the Lean Startup method, others stagnate or vanish. Between these extremes lies a crucial group known as Intermediate Size Companies (ETIs), which have moved beyond initial uncertainty to establish solid business models blending innovation with stability. In Spain, ETIs serve as a vital bridge between small and medium-sized enterprises and large corporations, generating significant wealth and employment. With turnovers ranging from 50 to 500 million euros and workforces of 250 to 3,000 employees, about 1,800 ETIs maintain their decision-making within Spain, collectively contributing 18% of the GDP and employing one million people, or 7% of the private sector workforce.
ETIs distinguish themselves through stability, resilience, and international reach. Unlike startups driven by rapid iteration, these companies focus on sustainable growth, heavily investing in R&D and fostering strategic alliances. Their emphasis on digital adaptation and talent management aligns with their corporate values and drives economic transformation. Challenges remain, including improved access to long-term financing, regulatory adaptation, and embedding sustainability in business culture. The Fundación CRE100DO supports ETIs by fostering a community of exemplary firms. Despite limited public recognition compared to startups and large multinationals, ETIs are Spain’s “hidden champions,” crucial for innovation, competitiveness, and building a diversified, resilient economy.
We discover what characteristics Medium-Sized Companies have and how they impact the national business fabric
Many Startups They are born with the ambition of changing the market, but their evolution does not always follow the same path. By following the
These companies have overcome the initial phase of uncertainty and have built solid business models, combining innovation with stability, placing themselves in a strategic band that allows them to compete more solidly without losing the agility that made them grow. In the Spanish business ecosystem, ETIs have emerged as a key segment in the generation of wealth and employment. These organizations, in fact, have a turnover of between 50 and 500 million euros and have a workforce of between 250 and 3,000 employees, representing the bridge between small and medium-sized enterprises (SMEs) and large corporations.
As pointed out in the book ‘Voices of the middle market: The great opportunity of the Spanish ETIs‘, prepared by the CRE100DO Foundation, of the approximately 3,300 companies that make up this ‘middle market‘ in Spain, 55% maintain their decision-making centre in the country, generating value and cohesion in the national productive fabric. This core of some 1,800 companies produces an aggregate turnover of 221,000 million euros, which is equivalent to 18% of GDP.
In addition, these companies directly employ one million people, 7% of the total private sector. The report also highlights that 32% of ETIs belong to the industrial sector, a figure significantly higher than the 6% of the average Spanish company. This data underlines the fundamental role that these organizations play in the reindustrialization of the country, aligned with the strategy of strengthening the productive sector.
TSIs are distinguished by their stability and resilience. Unlike startups that base their growth on the speed and continuous iteration of the product, Mid-Sized Companies have managed to consolidate stable development models that allow them to scale and stay competitive in global markets. In fact, a characteristic feature of these companies is their international vocation and their ability to operate in various countries.
Its success lies in several factors and the high capacity of innovation is one of the fundamental pillars, with a strong investment in R+D that positions them as leaders in their respective sectors. In addition, their focus on strategic alliances and their
However, they also face significant challenges. These include the need to improve access to financing for long-term investment projects, the adaptation to a regulatory framework that combines flexibility and legal certainty, and the consolidation of a business culture that prioritises sustainability and digitalisation. In this sense, the Fundación CRE100DO plays a key role in promoting these companies, creating a community of 125 excellent companies that serve as a reference for others looking to follow in their footsteps.
The ETIs are, in short, the ‘hidden champions’ of the Spanish economy, since, despite their undeniable impact on the productive fabric, they do not have the same recognition as the large multinationals or the same media enthusiasm of the startups. Their combination of stability, innovation and adaptability positions them as a key piece for the country’s economic growth. Its promotion and support will not only contribute to greater business competitiveness, but also to a more diversified and resilient economy.
