Here’s some insight into the Portuguese city of Lisbon and how it is a great place for entrepreneurs. If you didn’t know enough yet, this is the chance to catch all the hints that this sunny city in Europe could be a great place for you to start an enterprise.
Do you know that Lisbon has been ranked as one of the innovation hotspots in Europe? The start-up community the world over that has discovered the potential of this city is investing in business the start-up entrepreneurs are starting in this city for great returns!
Portugal is a country that has a unique ecosystem and conditions that can attract top talent and foreign investment. It’s a fact that the focus of start-ups in Portugal is on technology and digital enterprises. But overall, the country is a breeding ground for many other types of businesses.
What makes Portugal and Lisbon such highly potent places for start-ups and business ventures? Well, that can be attributed to so many factors. It includes an open-minded and vibrant culture, a society that lives and thrives walking in the mid-path running between old and modern ways of life, good climate, and world-class infrastructure.
Portugal has all the virtues of a rapidly developing start-up scene, which was a result of opening its economic landscape to the world to come and invest in when the economic crisis of 2007 gripped it. While it has still a long way to reach up to the level of development that London, Berlin, and Paris, Lisbon with its unique features has made itself a great place for young workers and entrepreneurs to pitch their careers.
So, when we look at the reasons for Lisbon to be a hotspot for start-up enterprises, these are what you can find.
Fortunately, Lisbon has a culture that does great with cooperation and networking that characterizes the city’s technology industry. There’s a friendly competitive spirit where companies share knowledge through regular tech conferences and networking events. The web summit in Lisbon has been happening for the past 10 years. The Portuguese government also helps tech companies with a handsome amount of money.
Venture capital assistance
When companies want to grow, venture capital helps them do so. The European investment fund in collaboration with other individuals and institutions via the tech facility funds education and research institutions. When investment and mentorship were the needs, they have been backing up most companies over the years. It was in 2019 that Lisbon welcomed its highest ever amount of Greenfield foreign investment in IT and software projects.
The presence of the giants
Lisbon is home to hubs of many big companies like Google and Mercedes. So, it’s no surprise that the city churns out hundreds of job opportunities and innovation platforms. This benefits both local and international talent.
Quality of life
So, when people are arriving to stay in Lisbon, the cost of living becomes a major factor to consider. Lisbon features relatively affordable living with affordable rentals for both offices and residential spaces. Lisbon is safe, clean, vibrant, and eco-friendly. Why would anyone have a problem with moving into such a city?
Shining up talents is another way in which Lisbon helps the youth to build careers in areas like technology and software development. From various universities like the University of Portugal, thousands of graduates, undergoing over 40 courses come out ready to work as the new tech talents in the industry. Even international students join these courses and join the tech industry.
The advantage of low salaries
It’s a fact that compared to cities like Paris, Berlin, and London, salaries for professionals in Portugal are much lesser: from two thirds to half in comparison. As there is still time for Lisbon to catch up with other major European cities, companies that employ talents in Lisbon can take advantage of the low-cost talent pool in this city.
Portugal has an excellent educational system. It fuels the tech sector in the country with young talent, qualified, and highly skilled. Universities like UpTech, Novo school of economics, and institutions Politecnico, produce numerous qualified entry-level graduates and engineering graduates. The booming economy is serving them with ample job opportunities.
Support from the government
The Government of Portugal is focused on developing the existing start-up ecosystem in the country. It is ensuring more funding opportunities for these young enterprises. Also, a strategy to encourage entrepreneurship is formulated. Such initiatives by the government help start-ups get the necessary financial support without the burden of bank loans. In 2018, “The Startup”, a program designed by the Portuguese government to encourage young entrepreneurs, helped them tackle challenges that emerged in their enterprises in the beginning.
Lisbon plays host to some of the largest tech conferences in the world. It’s a stage to connect founders, CEOs, start-ups, influential investors, global leaders of companies, and leading journalists. No matter the size of the start-up, these events give new ideas and fresh perspectives to imbibe and apply in business.
The culture of co working spaces
Hundreds of co working spaces create the ideal environment to work and stay charged up with open spaces and professional interactions, leading to better performance and even tie-ups. These co working spaces are relatively cheap with all the infrastructure a professional can wish for.
So, if you feel inclined to work overseas and start an enterprise in Lisbon now, there’s not a better time to go for it.
If you found this blog engaging, you may also like…