BDO LLP | INTERNATIONAL TECH HUBS THIRD EDITION
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THE TECH LANDSCAPE Portugal has demonstrated real resilience in the face of economic upheaval. In the wake of the 2008 financial crisis, the country actively sought to create new opportunities for business, establishing special vehicles such as venture capital funds dedicated to supporting technology-based start-ups. It has continued ever since to push technological development and innovation, and was highlighted by the World Bank as one of the world’s top 40 best countries to do business in 2020. Regionalised tech-hotspots centre on Portugal’s high-ranking universities: Instituto Superior Técnico in Lisbon (ranked #11 among European engineering schools), the University of Aveiro, and the Universities of Porto and Minho near the Braga tech hub. These institutions have spawned an ideal environment for tech innovation and business growth, with their incubator centres, innovation hubs and start-up facilities all successfully drawing both venture and seed capital into the country. Since 2014, Lisbon based start-ups have raised more than USD$230 million. As of 2018, 7,264 start-up companies were registered in Lisbon, with 743 of them in the high-tech sector. In terms of digital infrastructure, Portugal is currently in the process of establishing a country-wide 5G network. THE TECH ECO-SYSTEM While Portugal’s start-up ecosystem is not as mature as the likes of London, Paris or Berlin, this in itself can be seen as a notable asset for start-ups and foreign investors. As an EU member, boasting a number of highly ranked universities, competitive wages and a young skilled workforce, Portugal provides a
FARFETCH , A LUXURY FASHION RETAIL PLATFORM NOW PUBLICLY LISTED AND HEADQUARTERED IN LONDON, WAS T HE FIRST EVER PORTUGUESE TECH UNICORN , SURPASSING A $1BILLION VALUATION IN 2015.
dynamic launchpad for internationally-minded businesses to grow and break into the global market. Several Portuguese start-ups have gained international recognition over the last few years. Farfetch, a luxury fashion retail platform now publicly listed and headquartered in London, was the first ever Portuguese tech unicorn, surpassing a $1billion valuation in 2015. Talkdesk (a call centre solutions company) and OutSystems (app software developers) have also joined Farfetch on the country’s list of tech unicorns. Unbabel, a human translator platform using artificial intelligence to allow for seamless translation into any language, is the latest Portuguese start-up to break into the international market. Established in Lisbon in 2013, Unbabel’s headquarters have now relocated to San Francisco from where it services a global market.
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