This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Class Of 2012: Young Spaniards Launch Startups

By ALAN CLENDENNING

MADRID (AP) â¿¿ 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 â¿¿ 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."

By spawning astonishing 50 percent youth unemployment, Spain's crushing crisis appears to be starting to force ingenuity, innovation and creativity among young professionals who are taking risks and bucking the pattern of seeking security under the umbrella of an established business. That means embracing a more American-style entrepreneurial spirit â¿¿ breathing a new spirit into the workforce of a country where "making it" typically meant a good, stable job with a blue chip company or in the family business.

___

EDITOR'S NOTE: This is the latest installment in Class of 2012, an exploration of Europe's financial crisis through the eyes of young people emerging from the cocoon of student life into the worst downturn the continent has seen since the end of World War II. Follow the class on its Google plus page: http://apne.ws/ClassOf2012

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,194.93 -19.49 -0.11%
S&P 500 2,111.12 +0.38 0.02%
NASDAQ 4,981.0960 -6.7940 -0.14%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs