5 years ago6 views
bp spain holdings latest economy news Spain’s Economic Crisis Inspires Young Professionals to Launch Startups
MADRID – In a cramped office in downtown Madrid, five young architects who found themselves jobless in Spain's wrenching economic crisis sit almost elbow to elbow — glued to computer screens as they create 3-D videos of construction proposals for far-flung sites in Britain, Panama, Malaysia and Zambia.
The founders of the Factoria 5 digital design company last month took home €2,000 ($2,700) each for the projects they are delivering. That's good money for professionals in a field so blighted by Spain's building bust that many of Factoria 5's fellow architecture grads are either unemployed, have given up on architecture or moved abroad. One, who considers himself lucky, became a train conductor.
Juan Francisco Lopez, one of the founders of the firm, took another path in the crisis, one that goes deeply against the grain of Spain's traditional career path: With no work coming to them, Lopez and his partners decided to go after the work, taking control of their destiny with a risky startup.
"Architecture will never come back to Spain as a business again like it was," said Lopez. "But our business has been growing little by little as Spain's economy has been falling."
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