Portugal Arises as Europe's Start-Up Powerhouse

The Financial Times, a distinguished British newspaper, has recently unveiled its inaugural list of European start-up hubs, titled 'Europe’s Leading Start-up Hubs'. This comprehensive compilation aims to spotlight the primary technological hubs across Europe.

Portugal boasts 2 technology hubs positioned within the Top 10. Startup Braga claims the 7th spot on this list, while the Startup Lisboa – Unicorn Lisbon Factory secures the 10th position. Both initiatives were idealised by local authorities, driven by the ambition to foster innovative concepts within their respective cities.

Furthermore, it's worth noting that Portugal's technological scenery has garnered international acclaim and attention in the past, particularly in Lisbon. One notable instance is the European Commission's iCapital award, which designated Lisbon as the European capital of innovation for 2023.

The Portuguese start-up scene boasts four additional hubs, each one representing the investment of the country in modernising its economy:

• Building Global Innovators, positioned in 25th, is based in Lisbon.
• IPN – Instituto Pedro Nunes is positioned in 44th and is based in Coimbra.
• Casa do Impacto, positioned in 75th place, is based in Lisbon.
• BETAi, securing the 124th position, is also based in Lisbon.

Casa do Impacto, positioned at 75th, stands out as the sole start-up hub on the list dedicated exclusively to addressing social and environmental challenges.

Lisbon ranks as the third European city with the highest number of recognised hubs on this list, tying with Berlin and Amsterdam, each with four hubs. Madrid claims the second position with five acknowledged hubs, while London is the city with the most start-up hubs on the list, with 17 of them. Compiled by the Financial Times, this list features 125 start-up hubs from 19 different countries.

At the top of the ranking sits UnternehmerTUM, a German hub. It's worth noting that the United Kingdom emerges as the most prominent country on this list, with 24 distinct hubs. Portugal, with six recognised hubs, shares the same standing as Italy.

The start-up ecosystem serves as a driving force fostering innovation, job creation, technological advancements, and overall economic growth. Recognising the immense benefits of nurturing such an environment, the Portuguese government established a specific regime for start-ups, marked by the implementation of a groundbreaking start-up law (Law No. 21/2023), which took effect on May 26, 2023.

The “Europe’s Leading Start-up Hubs” list was made by the Financial Times in collaboration with Statista R, a subsidiary of the German company Statista specialising in statistics and market data, and with Sifted who is a leading media brand for the European Start-up Community. This comprehensive list is the result of a meticulous survey involving over 2,000 European entities and the evaluation of more than 2,600 alumni. It showcases the cities and countries across Europe that serve as thriving business incubators and accelerators, highlighting their pivotal role in fostering entrepreneurial growth.

In the year 2024, Europe stands on par with the US in the start-up landscape, underscored by the fact that, to date, 98 European cities have birthed at least one unicorn. In the business realm, a unicorn refers to a start-up company valued at $1 billion or more, privately owned, and not listed on a share market. This remarkable achievement solidifies Europe's position as a player in the global start-up arena.

Portugal stands at the forefront of Europe in this era of technological advancement, actively transforming innovative ideas into business-ready concepts. To thrive in Portugal's business environment and harness the full potential of your business activities, you need robust support and expert legal guidance to establish your company in Portugal.

If you are seeking assistance with establishing your company in Portugal or with related corporate matters, reach out to us. We are here to extend our help and offer you tailored expertise every step of the way.