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Madrid the capital city of spain is also making strides in the startup scene with a population of over 3 million people madrid has a large and diverse pool of talent including a significant number of international students and entrepreneurs the history of entrepreneurship in madrid dates back to the 19th century with the founding of major spanish companies like banco santander and telefonica in recent years the city has become a hub for startups with notable successes including cabify jobandtalent and badi the geography of the area plays a role in the citys startup scene as madrid is situated in the center of spain and is wellconnected to other major european cities additionally the citys relatively low cost of living and high quality of life make it an attractive destination for entrepreneurs and investors madrid is also home to several top universities including the autonomous university of madrid and the polytechnic university of madrid which produce a steady stream of highly skilled graduates in fields like engineering computer science and business in terms of economic indicators madrid has a high living wage compared to other spanish cities with the minimum wage set at 714 eur around 850 usd per hour the city also has a relatively low unemployment rate hovering around 8 in recent years madrids startup scene has been gaining momentum in recent years with a growing number of new companies being founded and established companies choosing to set up headquarters in the city in 2020 madrid was ranked as the eighth best startup city in europe by the startup genome global startup ecosystem report however madrids startup scene faces some challenges such as a lack of available funding and support for earlystage startups as well as bureaucratic hurdles and regulations that can make it difficult for businesses to grow overall madrids startup scene is on the rise with a growing community of entrepreneurs investors and tech enthusiasts while the city faces some challenges its strong foundation of talent and supportive infrastructure make it a promising destination for startups looking to make their mark on the global stage
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