INTERVIEW / “The head of the Spanish division of Isis Innovation claims that in Spain, the word ‘entrepreneur’ is ‘worn out.’”
The University of Oxford is seeking innovation in Spain. So much so that it has established the European branch of its technology transfer office, Isis Innovation, in our country. Manuel Fuertes leads this branch.
A strong advocate for national science, he calls for a more serious commitment from public administrations to channel all the knowledge generated in universities and research centers. Fuertes argues that we are transitioning to a new economic model that transcends capitalism and focuses on the knowledge economy. “We must adapt as quickly as possible,” he warns. According to him, the main issue in Spain is that “true innovators are often confused with those who merely attempt to innovate.” “When the government provides equal subsidies to everyone, the system loses efficiency,” he explains. “We need to back the winning horses.”
“If we keep subsidizing everyone equally, we will always be mediocre”
The 1,250 kilometers between Oxford and the Madrid Science Park have not prevented Manuel Fuertes from opening the only Isis Innovation office in continental Europe there. The director of this Spanish branch is a strong defender of science in his home country but urges a more serious commitment from public administrations to channel all the knowledge generated in universities and research centers.
“In Spain, science is still seen as a cost rather than an investment, and today the economic model has shifted: if you don’t innovate and create entirely new products and services, a country’s growth will stagnate. The economic model based on working longer hours is no longer effective, and even countries like China have realized this,” asserts Fuertes.
The executive, who admits he spends only three days a month in Spain, is fully aware of the challenges facing research in the country and stresses that “innovation is crucial because, if you don’t innovate, someone else in another country will, and they’ll take your clients.”
He reiterates that we are transitioning to a knowledge-based model that requires swift adaptation. “There was an industrial revolution, then came the service economy, and Spain arrived late to both. Now we are in a knowledge economy, and we must adapt as quickly as possible,” he emphasizes.
The words ‘entrepreneur’ and ‘innovation’ are worn out in Spain
In recent months, the terms ‘entrepreneur’ and ‘innovation’ have featured prominently in press releases. However, Fuertes believes that “in Spain, these words are already worn out. Many large companies have developed entrepreneurship programs, but most of them lack real substance.” He highlights that the biggest issue with the Spanish system is that “true innovators are confused with those who merely intend to innovate. When the government provides equal subsidies to those attempting to innovate and those achieving major scientific breakthroughs, the system loses efficiency. If we keep subsidizing everyone equally, we will always be mediocre. We need to back the winning horses, even if they are few.”
On this topic, Fuertes stresses the importance of Spanish universities finding specific areas of specialization. “In the US, there are ten leading universities in biotechnology because their governments have focused resources on them. In Spain, we have many universities working on the same things. It would be better for them to concentrate their efforts on excelling in specific fields.”
Isis Innovation, which in addition to its Oxford and Madrid offices has branches in the US, China, Japan, and Singapore, started three decades ago as the technology transfer office of the University of Oxford. Now, it also offers commercialization services to third parties. “Every university plays an essential role in what is known as the Third Mission: ensuring society benefits from research results and that these outcomes do not remain confined to laboratories,” Fuertes adds.
Moreover, he points out that “in Spain, scientists are incentivized more by their publications than by the patents they secure or the companies they create.”
Underused resources and bureaucracy
In recent years, various administrations have made significant investments to create new knowledge hubs, such as science and technology parks spread across Spain. “We have laboratories where we’ve spent an absolute fortune, and now they are underused. Science parks are essential because they bridge the gap between industry and universities, but we cannot keep letting our scientists leave Spain. It doesn’t make sense to invest in their training only to have empty labs later. Knowledge resides in universities or centers like the CSIC, as very few companies conduct meaningful research,” the executive explains.
Fuertes argues that Spain suffers from significant imbalances due to a lack of incentives compared to other countries. “Countries like the UK, Singapore, or China actively promote innovation with real policies, not just photo opportunities. At Isis Innovation, we are helping the Chinese government acquire European technology that they later develop locally. In Spain, it’s the opposite. Why does an entrepreneur have to go through so many steps just to start a company?” he asks.
As a solution to streamline the system, Fuertes suggests, “Look at countries that are truly succeeding in this area. Here, the main issue is the excessive bureaucracy. We have some of the best scientists in the world, and we need to let them do what they do best—innovate—without being bogged down by paperwork.”
The app bubble: ‘The business of poor countries’
Regarding the massive creation of companies linked to mobile apps, Fuertes states, “We cannot compare a scientific discovery with a software patent for an app, and 90% of startups in Spain are of this kind. Apps are the tool of poor countries because all you need is an idea and a computer.” The head of Isis Innovation in Spain explains that “in London, we are discouraging investments in apps because last year, all venture capital funds worldwide yielded a 4% return, compared to 40% for those linked to biotechnology.”
Fuertes also blames public administrations for this situation, saying that many “focus on promoting some of these creators and try to invent their own Silicon Valley, but there are no reliable tools to predict the future of an app. It’s a sector that relies heavily on gut feelings,” he adds. Faced with this reality, Fuertes argues for supporting companies that work on significant scientific breakthroughs, “even though the investments and talent required are far greater than in the case of mobile apps.”
