Lisbon’s startup scene is flourishing, with Portugal poised to become a European tech tiger. A combination of government support, increased foreign investment, and a growing talent pool are contributing to this rise. In 2020, despite the pandemic, Portugal saw a record-breaking €488m in venture capital investment. Lisbon’s tech ecosystem is particularly thriving, with its startups raising €18m in 2015, a figure that rose to €150m by 2019.
The Portuguese government is actively fostering this growth, offering a variety of incentives for startups and entrepreneurs. This includes a €200m fund for co-investment in venture capital and business angels, and a startup visa programme aimed at non-EU entrepreneurs.
Portugal’s tech success is not solely Lisbon-based. Porto, the country’s second city, is also experiencing a tech boom, with a 160% increase in tech companies since 2015. The rise of remote work has further boosted Portugal’s appeal, with the country offering an attractive quality of life and cost of living.
Despite these successes, challenges remain. Portugal still has to overcome a brain drain of talent, with many skilled workers opting to work abroad. However, the country’s growing reputation as a tech hub, coupled with government support, is beginning to reverse this trend.
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