The Canodrom Creative Research Park is a space for innovation and entrepreneurship for talented individuals in the creative and cultural industries.
The main objectives are reducing the high mortality ratio of early stage projects and identifying potential global champions by attracting, selecting and guiding the best teams of entrepreneurs.
The Canodrom hosts up to 7 vertical incubation processes related to the content industry: drones, video games, digital creation, media Lab, citizenship, virtual reality, corporate venturing.
The Canodrom is managed by a private company (Peninsula) that prepares the calls, selects the entrepreneurs and guides them through the process of creating and assessing their business model to make it ready to be financed. They are very selective through local and international calls. The incubation process is short, lasting 3 to 6 months, after which the companies return to their home countries. The actions activated horizontally are access to finance, direct coaching and mentoring services, as well as hosting services and specific training.
The main stakeholder is the City Council of Barcelona which provides the facility. There are other patrons, either public or private, that support specific incubation programs. Private patrons are interested in corporate venturing with entrepreneurs, while public patrons are more interested in raising social benefits: developing technologies, fostering entrepreneurship, among others. The main beneficiaries of this action are the entrepreneurs themselves and the surrounding neighborhoods that receive the influence of creative activity.
During 2017, the operating budget to run the Canodrom was of some €461,000. The full-time staff team was composed by 8 people and another 8 people collaborated part time as specialists.
Additional €720,000 were raised from different patrons and sponsors to organize the annual incubation programs.
Evidence of success
The Canodrom has to date built 31 companies from scratch with a current equity value of $45M. In 8 years, it has supported 240 start ups and entrepreneurs in 14 different calls. These companies have raised more than $10M in financial resources. The incubated companies are nowadays selling software services to more than 100,000 customers worldwide.
Peninsula has been selected among the 5 best global incubators that collaborate with universities (UBI Global ranking of 2018).
Potential for learning or transfer
The Canodrom rationales are quite different from other conventional incubation programs. They offer a very reduced selection of local and international companies (between 3 and 5 per call) up to 7 short tailor-made incubation programs (3 to 6 months of duration), defined to match the interests of its patrons, in specific segments of the content industry.
Public-private collaboration. The Canodrom was refurbished by the City Council of Barcelona which oversees its maintenance and of fixing the public goals. Peninsula is a private company that runs the incubation activities at its own risk. Therefore, private-public collaboration is in the essence of this activity.
Multiplying effects. Vertical specialization helps to attract different patrons to different incubation programs. Private patrons are interested in raising corporate venturing opportunities from the entrepreneurs, so that they are pushing to attract the best international talent.
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