Parc Bit Tech Businesses Creating One Billion Euros

Mallorca's business start-up and growth community

Parc Bit Tech Businesses Creating One Billion Euros

Parc Bit, the main centre of technological innovation in the Balearic Islands, currently boasts 171 companies and employs more than three thousand workers. Together the businesses are now billing more than one billion euros annually. This joint turnover figure is also growing every year.

From its humble start of 16 companies and 300 workers, it is evolving into a world-class centre for business. It opened in 2002 and was created to help create employment. The intention was also to diversify sources of wealth on the island and spread economic development. The space was designed by the esteemed British architect Richard Rogers. It was based on the Technological Park in France, namely Sophia Antipolis. The idea was to turn Parc Bit into a “telematic mega-park”.

An incredible four out of ten companies have billed outside of Spain during 2017. The main countries where they have billed the most have been in Brazil, Colombia, Dominican Republic, Germany, Mexico, and the United States.

The Bit Foundation released a report for 2018 that detailed there were 171 companies at Parc Bit. Of these 171 companies, 27 detailed they were at the incubator stage. This statistic alone shows how Olive Valley is growing year-on-year. In comparison, in 2017 there were 152 companies in total.

As Parc Bit continues to evolve it is creating the perfect business ecosystem. These figures are impressive and show Mallorca’s attraction for the Tech industry. The area is commonly referred to as Olive Valley. This is due to its location on the island and in recognition of the similarities with Silicon Valley.

So how is Parc Bit achieving such stats? Well… there is a fascinating mix of activities and companies that are all contributing to its success. There are businesses working on technologies and services related to tourism; apps and website development; biotechnology; communication, consulting and marketing services; engineering services associated with construction projects and even videogame development.

On top of all this, there is also many public sector departments and several companies that provide services to the employees at Parc Bit. Employees at the Tech Park can benefit from cafeterias and restaurants, nursery schools and a physiotherapy centre. These facilities ensure that employees are comfortable in their surroundings and help businesses with employee retention.

The Bit Foundation report also highlighted many other statistics that can be monitored. These can be used to gauge its success and ensure that it continues on the correct path.

The report detailed that there are 14 distinct business activities. The most common was information technology services which were represented by 36.7% of the Parc Bit companies. Not surprisingly, travel agencies and tour operators came second, comprising of 15.2% of the companies. In third place, with 12.7%, was an exciting mix of Research, development and innovation companies.

The current three thousand workers show an increase from 18% compared to a year ago. 56.2% of the staff have higher education and more than seven out of every ten workers are aged between 25 and 45 years old.

Parc Bit is the main headquarters for nine out of every ten companies. The rest of the companies had only one branch, office or subsidiary. Also, the international connection with Parc Bit is demonstrated by 21.3% of the companies having subsidiaries in other countries. These countries were Italy, Mexico, the United Kingdom, and the United States.

The statistics speak for themselves. But there are other contributory factors that are helping Parc Bit create such a wave. The report also found that the businesses valued the quality of the infrastructures and the space that was provided for them. Also, the prestige and visibility that the Tech Park offered,  as well as the possibility to maintain easy contact with other companies.

Since its inception in 2002, it is fairly evident that Parc Bit has already made an impact in the area. With its varied business activities and its commitment to happy employees, they have managed to create a perfect and successful entrepreneurial environment. Olive Valley will continue to grow and spread its already excellent reputation.

Sally Leslie

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