Suffering terribly from the economic downturn, Spain's unemployment rate is at 17.4%, twice the amount in comparison with the rest of the European union.  

Here in Zaragoza, a center for technological innovation in Spain, Innovate!Europe kicks off.  Its goal, to accelerate the global expansion of Europe's most promising startups.

Established in 2005 and in its fourth edition, the conference takes place at the Teatro Central in Zaragoza.  Built in 1798, this is the most important theater in the city.  The venue has been used mainly for dance, music and plays, but this week will be used to hold panels, keynotes and valuable workshops from leading figures in the industry.  For a full list of mentors see here.

The video embedded in this post is from the opening night of the event where the theme subject was no doubt, the recession.

Is there a recipe to foster entrepreneurship in this time of crisis?  If so, what are the key elements?  See for some great answers and a glimpse into Innovate!Europe 2009.  

For a look at the 35 European statups presenting at the conference, check out Innovate!Europe's competition on Vator. Click here.

Check back for more videos in the next few days.