Spain’s business world is no longer talking only about startups. In recent years, a whole zoo of business metaphors has formed here, offering insight into how companies survive, grow, and fight for their place in the sun. Unicorns, gazelles, and cockroaches are more than just catchy words—they’re real strategies shaping the future of the market. Each of these models represents a unique approach to funding, development, and competition, as well as the risks companies are willing to take.
Today in Spain, you’ll find companies chasing explosive growth, others focused on steadily creating jobs, and some lean toward resilience and cost minimization. Understanding these differences is crucial for investors, entrepreneurs, and even the government, which seeks to strike a balance between innovation and stability.
Unicorns: betting on scale
The term “unicorn” has long been the ultimate dream for many startup founders. These are companies that reach a billion-dollar valuation in a short time without going public. Their path is a nonstop race for investment, expanding into new markets, and a commitment to digital technologies. While such companies are rare in Spain, they shape the national entrepreneurial image on the global stage.
Unicorns build their businesses on scalable platforms, quickly raise capital, and often become industry leaders long before they turn a profit. Their success stems from an aggressive strategy where speed is prioritized over sustainability. However, behind this facade lies a high dependence on external investment and constant market pressure.
Gazelles: Real Growth
Unlike unicorns, gazelles are companies that demonstrate stable and measurable growth. They are characterized by increasing revenues and staff by more than 20% per year for three consecutive years. Gazelles rarely make it into headlines, but they form the backbone of the economy by creating jobs and supporting sustainable development.
Many startups go through a gazelle phase before attempting to become unicorns. However, for a country’s economy, gazelles are the primary indicator of a healthy entrepreneurial environment. They show where real value is being created, not just inflated valuations on paper.
Cockroaches: The Art of Survival
The latest and perhaps most unexpected metaphor is cockroaches. These companies are not chasing rapid growth and don’t rely on large investments. Their strategy is to survive in any conditions by minimizing expenses and risks. Cockroaches build their businesses on their own revenues, avoid debt, and are prepared to weather any crisis.
As access to capital becomes more difficult and investor demands increase, cockroaches are gaining popularity. They don’t reject growth, but treat it not as an end in itself, rather as a tool for long-term survival. This approach is increasingly relevant in times of economic turbulence.
Choosing a strategy
These metaphors are more than just wordplay. For entrepreneurs, they help determine which path to follow: pursue rapid success, build a stable business, or focus on survival. For investors, it’s a way to distinguish real prospects from lofty promises. For the government, it helps identify which companies need support and which can cope on their own.
There is no universal formula for success in modern Spanish business. Everyone chooses their own strategy based on resources, ambition, and willingness to take risks. But one thing is clear: the diversity of business models makes the market more resilient and attractive for all participants.
RUSSPAIN reminds that the term ‘unicorn’ was introduced into business vocabulary in 2013 and quickly became a symbol of success for tech companies worldwide. Gazelles are not just a metaphor, but an official category in economic statistics, reflecting real business growth rates. And cockroaches, despite their ironic name, are now seen as an example of resilience and rational management in times of uncertainty.
