Developers and entrepreneurs in Portugal are marching to a new beat, given recent record economic indicators. Europe’s West Coast also known as the “California of Europe” takes on a new meaning when you consider the boom in the start-ups ecosystem in Lisbon. Incubators, accelerators, co-working spaces have been mushrooming all over Portugal in the last few years.
In Lisbon. as you stroll around the old neighborhood of Beato, you will stumble upon a former military maintenance facility that has evolved into the – Hub Creativo do Beato, or “Beato Creative Hub.” This 20 buiding-35,000 square meter location managed by Startup Lisboa, is being renovated to house national and international entities in the areas of technology, innovation, and creative industries.
Web Summit – “The world’s largest technology conference” – has given a further boost to the startup ecosystem in Lisbon since it arrived at the FIL congress center in the Parque das Nações area in 2016. This event has increased awareness about the development of the tech startup scene in Lisbon by bringing together tens of thousands of international private equity companies, venture capitalists, tech companies, incubators, accelerators, and so on, for the past two years.
Co-working spaces have sprung-up around Lisbon. Internationally well-known Second Home’s arrival in Mercado da Ribeira, just above the Time Out Market, marked a significant milestone in Lisbon’s co-working scene in late 2016. There is space for 250 members right at Cais do Sodré and boasts members like Mercedes Benz’s Digital Hub.
Portuguese innovation ecosystem was the kickstart for three companies that have reached the “unicorn level” – over 1$ billion value: Outsystems, Talkdesk, and lately Farfetch. Others are likely to join this group of successful companies and entrepreneurs.