The Chamber of Commerce of Madrid and Kaudal support private investment as a driver of R&D&I

• The President of the Chamber of Commerce of Madrid, Ángel Asensio, and the President of Kaudal, Diego Fernández, have discussed the challenges and opportunities of innovation
• Fernández believes that if Spain were to make a major commitment to investment in technology, it would be in the technological Top ten in 10 to 15 years’ time.

Madrid, 11 May 2021.

The challenges faced by innovation in our country, the business opportunities and the role of private investment as a driver of R&D&I and the economic recovery were some of the topics discussed at the virtual meeting held today by the Official Chamber of Commerce, Industry and Services of Madrid and the leading company in Technological Patronage, Kaudal.

During the session, the President of Kaudal, Diego Fernández, stressed the importance of investing in all R&D projects so as to overcome the crisis, which “will lead to the generation of consumption and employment”. An economic boost that could also place Spain at the pinnacle of the technology sector. “If we invested in R&D what has been invested in the real estate sector or in roads and public works, we would be like California; if we invested heavily in the technology sector, in 10 or 15 years we would be ranked among the Top ten technology companies”, he said.

In order to promote investment in R&D&I in Spain, Kaudal develops its activity through technological patronage, a collaborative investment instrument that channels new private investment into R&D&I projects through a structure based on tax incentives applicable to research, development and innovation.

The President of the Chamber of Madrid, Ángel Asensio, highlighted the role of Kaudal as a driving force for innovation, which has generated a volume of investment in excess of €200 million and promoted 155 projects in a wide

range of sectors over the last three years. A commitment to research, development and innovation that “is decisive for progress, as a driver of productivity; for the internationalisation of the productive fabric, for satisfying the needs of consumers and for quality employment, creating increasingly competitive companies”, declared Asensio.

This model of Technological Patronage, based on the transfer of R&D deductions that Kaudal has been promoting since 2016, generates numerous opportunities in sectors such as Health, Environment, Agri-Food, Energy, Industry and Digital Industry, Space or Biotechnology… although this initiative also faces some challenges. “The main challenge in innovation compared to other countries is that we must be faster than the rest, be more agile”, said Fernández, who recommended that companies should not wait for European recovery funds to launch their innovation projects. “We cannot wait for the European manna to arrive, because other countries are faster”, he noted.

With regard to the uncertainty generated by the coronavirus, the President of the Chamber of Commerce emphasised the importance of “supporting private investment, which is one of the key pillars for the recovery of economic activity and social welfare in our country”. He also acknowledged that, although much remains to be done in terms of promoting innovation, “there is an increasing tendency for Spanish companies to invest in R&D&I, based on tax incentives”.

For his part, the president of Kaudal pointed out that those countries that invest the most in R&D&I are the richest, and he encouraged businesses to support innovation within their companies, given that “there is more money in the market today than ideas to invest in, and this is what generates actual employment”.

About the Chamber of Commerce of Madrid.

The Official Chamber of Commerce, Industry and Services of Madrid is a Public Law Corporation that represents, promotes and defends the general interests of all companies in Madrid and collaborates with the Public Administrations in the promotion of commerce, industry and services in the Autonomous Community of Madrid. Its purposes are to promote the creation of companies and their development through services adapted to their needs, to promote the internationalisation and competitiveness of companies, to guide companies towards innovation and the improvement of their productivity, as well as to improve the skills and training of human capital.