Abstract
Against a backdrop of industry regaining its central role in Europe, a context characterised by growing geo-economic competition, the fragmentation of international trade and debates on strategic autonomy, understanding existingindustrial capabilities is becoming increasingly important. This report analyses the phenomenon of ‘Hidden Champions’ in the Basque Country, identifying companies that are leaders in international niche markets (International Niche Market Leaders, INML): firms that are not widely known to the general public, but are highly internationalised, competitive and closely linked to their local production environment.
The study identifies 53 established Hidden Champions in the Basque Country and highlights the existence of a business ecosystem characterised by international leadership, deep local roots and models focused on the long term, investment and value creation. Combining company analysis, a review of specialist literature and comparison with other firms, the report also situates these companies within a context of profound geo-economic, technological and business transformations, with the aim of identifying the main challenges that may affect their future leadership. On this basis, the study concludes with a series of recommendations aimed at strengthening the Basque ecosystem of Hidden Champions.
