Report_Startups_ShortVersion_26.pdf

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INDEX
About the Report
Executive Summary
Talking with the Ecosystem - Experts Opinions
The Voice of the Founders
Ecosystem Snapshot
Startups and Scaleups
Talent
Knowledge
Enablers
Corporations
Policy, Regulation & Incentives
Capital
Now What?
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Welcome to the short version of the
Download the full
version of the 2021
report here!
Portuguese Startup & Entrepreneurial
Ecosystem Report, 2022
After the first edition in 2021 where we mapped the key pillars of the
Portuguese startup and entrepreneurial ecosystem, the purpose of this
study is to provide an updated overview, and identify the main areas
and measures needed to further accelerate the Portuguese ecosystem
and Build a Scaleup Nation!
It is the voice of the entrepreneurs who chose Portugal to start their
startup, as well as of the leading experts who contributed to the
development of the ecosystem in the last decade, and who suggest
a series of measures in order to make it more competitive and sustainable.
It provides a detailed view of where we are today, who the major players
are, what the key KPIs are, and how the Portuguese ecosystem is
evolving.
This report was developed based on existing IDC research, public data,
a survey carried out among more than a hundred startup founders, and
more than 20 in-depth interviews with leading experts in the Portuguese
ecosystem.
We interviewed 26 ecosystems experts in the second and third
quarters of 2022
The Voice of the Founders survey was carried out in the second
and third quarters of 2022, and it was responded to by 125 founders.
The number of startups and the capital data was based on the latest
Dealroom database data. All numbers, if not indicated, refer to
year-to-date data based on October 2022. All other ranking and
public data used in this report refers to the latest date available,
years 2022 or 2021.
Talent
Knowledge
Enablers
Policy,
Regulation &
Incentives
Capital
Startups
Scaleups
Corporations

4
Executive Summary
The Portuguese startup ecosystem has evolved positively
in the last decade and is now reaping the rewards, the evidence
is in the emergence of 7 Portuguese unicorns, an average
of one per year in the last 7 years.
And the startup ecosystem has enormous potential for the
transversal development of the national economy, and for putting
Portugal in the spotlight in terms of innovation at a global level.
The country today attracts the gaze of foreigners, and it is
recognized as one of the European countries with better quality
of life, safety, climate, a favorable geographical location. Portugal
has gone from a country of tourism to a country with huge potential
for innovative businesses, especially after hosting the Web Summit,
an event that put Portugal on the investors' map. Key strengths
are that Portugal has also its own high-quality talent, high-quality
universities, and is able to attract talent and foreign investment.
There is, however, much to be done!
In our opinion, and based on the data in this report, interviews with
leading experts of the ecosystem and the feedback from more
than hundred founders, for the development of the ecosystem it is
necessary to see it as strategic for Portugal, and enthusiasm is not
enough, it is necessary to define concrete objectives and the way
to get there.
What have to be done to boost the ecosystem:
Position Portugal has an International Hub: Establish strategic
innovation areas for Portugal and promote Portugal as a solid
international hub for startups. Becoming a reference in Ocean
Economy, Sustainability, Life Sciences and Health Care, and
reinforcing the current position in the FinTech and Tech markets.
Regulatory and Taxation Measures: Improve taxation, particularly
in the early stages, and create appropriate regulations for startups,
besides debureaucratization of all processes, such as: visas and
documentation for the regularization of startups and foreign talent.
Keep and Attract Talent for Portugal: Develop new policies and tax
incentives to retain and attract more Talent for Portugal.
More Capital: Promote Portugal and develop new policies and tax
incentives to attract more qualified investors, and at the same time
create incentives to retain more scaleups in Portugal.
Continue to improve infrastructure and enablers: Improve
the ecosystem infrastructure and promote more connections
between large companies and startups.

5
Key Metrics in the
Portuguese Startup
Ecosystem
#7/64
ENGLISH PROFICIENCY
INDEX
Education First 2021
#30/63
IN INFRASTUCTURES
IMD, World Competitiveness
Ranking, 2022
Talent
Knowledge
Enablers
Policy,
Regulation &
Incentives
Capital
Startups
Scaleups
#28 PORTUGAL
GLOBAL STARTUP ECOSYSTEM
IN THE TOP 100 COUNTRIES
Startup Blink
2022
#83 LISBON
IN THE TOP 1000 CITIES
Startup Blink
2022
49 800 TOTAL EMPLOYEES
Dealroom October
2022 #28/134
GLOBAL TALENT
COMPETITIVENESS
Insead, Accenture,
Portulans Institute 2021
#17/64
UNIVERSITY
EDUCATION
IMD 2021
#26/64
IMD WORLD
TALENT RANKING
IMD 2021
#16/64
GRADUATES
IN SCIENCE
(ICT, Engineering, Math
& Natural Science)
IMD 2021
1,69% OF GDP IN
EXPENDITURE ON R&D
DGEEC- IPCTN21 2021
14 PORTUGUESE UNIVERSITIES
IN RANKED AMONG THE BEST WORLD
Times Higher Education World University
Rankings 2023
#32/132
GLOBAL INNOVATION
INDEX
WIPO 2021
4th
IN
QUALITY
OF LIFE
Internations Expat
Insider 2022
6th
MOST
PEACEFUL
COUNTRY
Global Peace
Index 2022
#18/EU27
IN CONNECTIVITY
DESI 2021
47th
INSTITUTIONS
Global Inovation Index, 2022
#25 POLITICAL
ENVIRONMENT
Global Innovation
Index 2021
#43 GOVERNMENT
EFFICIENCY
IMD World Competitiveness
Ranking, 2022
1 473M
THE CAPITAL RAISED
Dealroom, 2022
421M
THE CAPITAL RAISED
BY STARTUPS WITH HQ
IN PT
Dealroom, 2022
7 UNICORNS
#41-50 LISBON
STARTUP GENOME
RANKING 2022

6
Key Metrics of the Portuguese Startup Ecosystem
Talent
Knowledge
Enablers
Policy,
Regulation &
Incentives
#83 LISBON
#82 LISBON
IN THE TOP 1000 CITIES
Startup Blink 2022
#28 / 134
#28 / 134
GLOBAL TALENT
COMPETITIVENESS
Insead, Accenture,
Portulans Institute 2021
#17 / 64
#14 / 64
UNIVERSITY
EDUCATION
IMD 2021
#7 / 64
#7 / 64
ENGLISH PROFICIENCY
INDEX
Education First 2021
#26 / 64
#26 / 64
IMD WORLD
TALENT RANKING
IMD 2021
49 800
41 800
TOTAL EMPLOYEES
Dealroom October 2022
#16 / 64
#15 / 64
GRADUATES IN SCIENCE
(ICT, Engineering, Math & Natural Science)
IMD 2021
1,69%
1,62%
OF GDP IN EXPENDITURE
ON R&D
DGEEC- IPCTN21 2021
14
12
PORTUGUESE UNIVERSITIES
IN THE INTERNATIONAL RANKING
Times Higher Education World University
Rankings 2023
#30 / 63
#27 / 63
IN INFRASTUCTURES
Ranking, 2022
4th
3th
IN QUALITY OF LIFE
Internations Expat
Insider 2022
6th
4th
MOST PEACEFUL
COUNTRY
Global Peace
Index 2022
#18 / EU27
#16 / EU27
IN CONNECTIVITY
DESI 2021
#25
#25
POLITICAL
ENVIRONMENT
Global Innovation Index 2021
47th
25th
INSTITUTIONS
Global Innovation Index 2021
1 473M
710M
THE CAPITAL
RAISED
Dealroom, 2022
421M
169M
THE CAPITAL RAISED
BY STARTUPS WITH HQ IN PT
Dealroom, 2022
Startups
Scaleups
Capital
7 UNICORNS
3 UNICORNS
2021
#28 PORTUGAL
#27 PORTUGAL
IN THE TOP 100 COUNTRIES
Startup Blink 2022
#43
#38
GOVERNMENT EFFICIENCY
Ranking, 2022
Most Recent Year Most Recent Year -1
#41-50 LISBON
#17 LISBON
STARTUP GENOME
RANKING 2022
#32 / 132
#31 / 132
GLOBAL INNOVATION
INDEX
WIPO 2021

7
Key Players of the Portuguese
Startup Ecosystem
Talent
Knowledge
Enablers
Policy,
Regulation &
Incentives
Capital
Startups
Scaleups
Corporations
ACCELERATE
STARTUP WORLD

9
We interviewed 28 ecosystems experts in the second and third quarters of 2022. The main objective of the interviews was to combine
the experience and vision of different stakeholders in the startup ecosystem, bringing reflections and relevant contributions from those
who work in it and feel the need to improve the environment of Portuguese startups.
They were asked for their views on three simple topics:
1 Evolution of the
ecosystem
2
Perceived strengths
weaknesses, eventual
threats and opportunities
3
And if they could transform
something, what would
they change?
Talking with the Ecosystem
EXPERTS OPINIONS - INTERVIEWS

10
André Jordão
Barkyn
TO THOSE THAT HAVE VOLUNTEERED THEIR TIME
AND POINTS OF VIEW, A VERY BIG THANK YOU!
Inês Sequeira
Casa do Impacto
José Vale
IAPMEI
Miguel Amado
EY- Ernst & Young
Stephan Morais and Cristina Fonseca
Indico Capital Partners
André Ortola
Microsoft
João Ricardo
Moreira
NOS
Luís Rodrigues
Startup Braga
Nelson Machado
AGEAS Portugal
Group
António Ferrão
Portugal Fintech
João Trigo
da Roza
Investors Portugal
Marcelo Lebre
Remote
Paulo Ribeiro
PWC
Vítor Ferreira
Startup Leiria
Bernardo Correia
Google
João Veloso
Universidade
de Aveiro
Marco Costa
Exclaimer
Pedro Bizarro
Feedzai
Pedro Carvalho
Altice Labs
Diogo Patão
Demium
Joaquim Sérvulo
Rodrigues
Armilar Venture
Partners
Maria Antónia
Saldanha
Mastercard
Ricardo Marvão
Beta-I
Hugo Gonçalves
Pereira
Shilling VC
José Gonçalves
Accenture
Miguel Alves
EIF – Fundo Europeu
do Investimento
Sofia Santos
Faber
Experts Opinions - Interviews

11
The data above represents all the answers to each question regarding the ecosystem's strengths, weaknesses, opportunities and threats.
WEAKNESSES
THREATS
OPPORTUNITIES
Specialized Talent
100%
Attractive country
for foreigners
50%
High quality
universities
35%
Ability to attract
foreign talent
31%
Proximity and ease
of creating connections
27%
Favorable geographic
location and time zone
27%
Ease of speaking
other languages
19%
Specific programs to attract
foreign companies and talent
19%
Become a reference
in Economy of the Sea
42%
TICS (Big Data, Internet das
Coisas, Cloud Computing, etc..)
42%
Life Sciences
and health Care
35%
Working in areas related
to sustainability
35%
Renewable
energy
31%
Cybersecurity and
Artificial Intelligence (AI)
27%
Digital nomads market
23%
Global market
uncertainties
54%
Impact of the global crisis
on the capital market
31%
Impact of war
on economies
19%
Escape of specialized
talent to other countries
19%
Emergence of new
attractive hubs in the
startup ecosystem
8%
Other areas such as: Tourism,
Industry 4.0, Textile, Software
and cryptocurrency market.
19%
Fees and Tax
85%
Limited Capital
81%
Difficulty retaining
talent
38%
Difficulty in obtaining capital
for more mature phases
38%
Regulation and bureaucracy
associated with the processes
27%
Difficulty raising foreign capital
23%
Conservative mindset when
it comes to pension funds
15%
STRENGTHS
Experts Opinions - SWOT Analysis

12
The data above represents all the answers to each question regarding the ecosystem's strengths, weaknesses, opportunities and threats.
CAPITAL TALENT
COMMUNICATION
REGULATION AND TAXATION
Attract more
qualified investors
46%
Government measures
to support funding
42%
Create incentives to retain
startups at more mature stages
23%
Turn Startups
into Scaleups
12%
Work more on “Exits”,
generate more success stories
4%
Improve taxation, particularly
in the early stages
54%
Create appropriate
regulations for startups
50%
Measures for more
attractive salaries
12%
Appropriate regulation for
startups. Ex: Fintechs; Stock
Options
4%
Debureaucratization of processes,
such as: visas, documentation for
the regularization of startups and
foreign talent
31%
Create and encourage more
connections between large
companies and startups
31%
Making Portugal a solid
international hub for startups
19%
Qualify support
structures
15%
Drive innovation beyond
marketing
12%
Promoting connections
to Testbeds
12%
Map, build and communicate
more indicators for the
start-up ecosystem
12%
Talent protection
measures
50%
To be a reference in key areas
for the Portuguese economy
19%
Promoting and developing
entrepreneurial literacy from
the early school years;
12%
Develop more management skills
in the founders, such as: financial
and market strategy
8%
Empower society for the digital
4%
Promote connection between
Universities and Companies
4%
Create and communicate
more role models
4%
Experts Opinions - What they say can be improved

14
To assess the profile and opinion of Portuguese startups this study surveyed the founders of 125 startups.
The online survey was carried out in the second and third quarters of 2022.
Information and Comunication Technology
Medicine and Health Care
Automobiles and Mobility/Logistics
Consulting and Agency
Media and Creative Industries
Tourism
Energy and Electricity
Industrial Goods
Nutrition and Food /Consumer Goods
Education
Human Resources
Leisure, Sports and (online) Gaming
Banking and Finance/Insurance
Textile Industry
Biology
Chemicals and Pharmaceuticals
Other
39%
12%
7%
6%
5%
5%
4%
3%
3%
3%
2%
2%
2%
2%
2%
1%
1%
WHAT IS YOUR STARTUPS PRIMARY
INDUSTRY SECTOR?
WHERE IS YOUR STARTUP LOCATED?
4%
2011
2012
2013
2014
2015
1%
10%
16%
2016
2018
2017
2019
19%
2020
7%
2021
9%
2022
6%
1%
2%
6%
Lisbon region
Center
Porto region
North
Alentejo and Algarve
Other
Azores
Madeira
1%
1%
13%
21%
43%
12%
2%
8%
20%
WHEN WAS YOUR STARTUP FOUNDED?
The voice of the founders - The survey
N=125

15
How Founders Classify the Ecossytem
The voice of the founders
The aspects they consider most relevant in the ecosystem are related to infrastructure,
and they point out co-working spaces, ICTS technologies, accelerators, incubators and startup hubs.
MORE THAN 60% OF FOUNDERS CONSIDER PORTUGAL A SUITABLE COUNTRY TO PROMOTE
THE CREATION OF A STARTUP.
ITC technologies
Co-working and office space
Hub Startups, Incubators, Accelerators
Access to knowledge
Access to start-up networks & alliances
Transportation, logistics & distribution
Availability of trade fairs/events
Availability of qualified personnel
Attracting talent from abroad
Counselling and coaching offerings
Concierge service offerings and support
Support in finding a business partner
Access to capital and investments
Government politics and support
Administrative services
State venture capital
Taxes
3,6
3,1
3,2
3,6
N=92
PORTUGAL, A GOOD DESTINATION TO START A COMPANY? HOW DO YOU CLASSIFY THE FOLLOWING ASPECTS OF
THE STARTUP ECOSYSTEM IN PORTUGAL?
AVERAGE CLASSIFICATION (1 TO 5)
3,1
2,8
2,5
2,6
2,9
3,1
3,3
3,4
2,3
2,3
2,3
2,3
1,8
5% 26% 24% 30% 14%
68%

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N= 92
What They Recomend
RECOMMENDATIONS FOR ECOSYSTEM IMPROVEMENT
Most founders indicated Tax reduction as a point of improvement.
WHAT AREAS DO YOU RECOMMEND TO ENHANCE PORTUGAL’S STARTUP ECOSYSTEM?
N=92
The data above represents all the answers obtained in this multiple choice question.
71%
TAX
REDUCTION
55%
50%
47%
46%
37%
34%
28%
28%
24%
5%
Creation investment offers
for private investors in startups.
Simplifying administrative services.
Expanding state VC services
in the early stages.
Strengthening of state services
in the start-up phase.
Simplifying employee participation options.
Creating financing lines for green
and sustainable startups.
Creating exchange programs
for established companies and startups.
Simplifying or creating opportunities
for late-stage investments.
Targeted expansion of financing
in certain technology fields (e.g. AI or 5G).
Other.
The voice of the founders

17
Huawei Portugal is a proud supporter of Startup Portugal as well as the Portuguese innovation
and entrepreneurship ecosystem.
Over the last two decades in Portugal, we have been pursuing our mission to bring digital
to every person, home and organization for a fully connected, intelligent world.
In 2021, Huawei invested even more in research and innovation, as part of our greater effort to
sustain development in the future. We are sparing no efforts as we explore the endless frontiers
of science and technology. We are also devoting efforts to identifying the needs of different
industries and overcoming global challenges. Guided by our vision of a fully connected, intelligent
world, we work openly with the scientific community to explore new theories, architectures, and
technologies, which support the ongoing development of the industry.
These are the benefits that we have been bringing to Portugal for almost 20 years. Over this
period, the outcome of those major investments in innovation has been used to serve the local
communities, business and ecosystem.
Whenever we think of e-commerce, payments, communications, remote work, digital nomads,
and so forth, we must keep in mind that all of that is possible thanks to an appropriate and
innovative ICT infrastructure. We are proud to be a key contributor to all of this.
But we are looking into the future, the future of the country. Through the 5GAINER - 5G+AI
Networks Reliability Center, a joint project between Huawei, Universidade de Aveiro and Instituto
de Telecomunicações, Portuguese researchers are testing new concepts and evaluating the
creation of products that can be exploited for innovation and industry development activities.
However, in every discussion about the ecosystem, there is always a common trending topic:
talent. According to this Startup & Entrepreneurial Ecosystem Report “the people behind
Portuguese startups and top scaleups are highly qualified, with the majority of them holding
at least a master’s degree”. Also, three quarters of the Founders of the Top 25 scaleups hold
master’s or even PhDs.
This means that for the country to be able to develop its innovation and entrepreneurship
ecosystem it is fundamental that we increase the available talent pool. That is why Huawei
Portugal developed a program to support Portuguese students, allowing them an opportunity
to unleash their full potential and focus on their academic and personal development.
In 2021/2022, the first edition of the Huawei Portugal University Scholarship Program received
nearly 3.000 applications and recognized the performance of 50 students in the fields of ICT.
Among the winners, half of them are female students, with different academic degrees, from
undergraduate (40%) to PhD. 72% are within the 18-23 years old group. We hope our example
can contribute to a future generation of leaders, innovators and entrepreneurs, and also to
inspire other companies to invest in local ICT talent development.
Talent, infrastructure and global mindset: these are key ingredients for Portugal to be
increasingly attractive to entrepreneurs, investment and talent.
Bringing digital to every person, home and organization
for a fully connected, intelligent world.

19
184
Ecosystem Snapshot
Nº OF STARTUPS LAUNCHED IN THE LAST 12 YEARS
Source: Startups and scaleups registered in Dealroom database, with headquarters in Portugal
or founded in Portugal, October 2022. Verified: means that the data has been verified by Dealroom team
There are 2039 startups and scaleups registered and verified
by Dealroom, with 49.800 employees, and with a total valuation
of 34,5 billion euros in 2022.
Considering all data
(verified and unverified)
its possible to identify
a potential of 3880
startups and scaleups,
69.100 employees
and a valuation
of 34,7 billion euros.
NUMBER OF EMPLOYEES
thousands
2018 2019 2020 2021 2022
10,8
29,8
36,4
48,7
69,1
Verified Unverified
131 131
11
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
140
209
241 249 251
261
183
256
289
Verified
Unverified
136th
83rd
432nd
441st
667th
949th
965th
LISBON
PORTO
BRAGA
COIMBRA
AVEIRO
FUNCHAL
LEIRIA
out of 100 countries/1000 cities
Portugal is in the 28th
position
(-1 than in 2021)
GLOBAL STARTUP ECOSYSTEM INDEX 2022
Portugal is in the 32nd
position
(-1 than in 2021)
GLOBAL INNOVATION INDEX 2022
out of 132 countries
Source: WIPO
Lisbon in the tier 41-50
(17th
position in 2021)
TOP 100 EMERGING ECOSYSTEMS
Source: Startup Genome 2022
Source: Startup Blink 2022
YTD
YTD

20
Ecosystem Snapshot
Source: Dealroom database, October 2022 Source: Dealroom database, October 2022; Jornal de Negócios:
capitalization on October, 28th
In Portugal there are 7 unicorns valued at 29,7 billion
euros, representing:
86% of the valuation of all startups founded in Portugal
6 of the unicorns have headquarters outside
Portugal. Only Feedzai keeps its HQ in Portugal.
2015 2021
2018
Ecosystem Snapshot
UNICORNS VALUATION / PSI20 CAPITALIZATION
billion euros
EDP Renováveis
EDP
Jerónimo Martins
Outsystems (Feb 2021)
Talkdesk (Aug 2021)
Galp Energia
Farfetch (Oct 2022)
Anchorage (Dec 2021)
Remote (Apr 2022)
BCP
NOS
Sonae
REN
Corticeira Amorim
Greenvolt
Altri
Semapa
CTT
MOTA-Engil
Feedzai (Sep 2021)
Sword Health (Nov 2021)
Navigator
0 20

21
STARTUPS BY STAGE
Seed
Early
growth
Late
growth
0 50 100
0 50 100
0 50 100
62%
28%
10%
DISTRIBUTIONS OF STARTUPS
WITH HQ IN PORTUGAL
LISBON PORTO CENTER NORTH
ALENTEJO ALGARVE AZORES MADEIRA
43% 21% 19% 10%
2% 1% 1% 1%
% BY INDUSTRY
8%
29%
63%
B2B/B2C
B2B+B2C
B2C
B2B
Real
Estate
Fashion
Education
Transportation
Travel
Energy
Food
Fintech
Media
Marketing
Health
Enterprise
Software
5%
5%
5%
6%
6%
7%
8% 7%
9%
13%
14% 8%
Ecosystem Snapshot
Source: Dealroom database, October 2022

22
KEY TAKEAWAYS POINTS TO CONSIDER
The number of startups has been declining during
the last 5 years, probably due to the covid pandemic
and the 2022 crisis.
Lisbon and Porto are the main entrepreneurship hubs,
however more Portuguese cities are gaining
international attention.
More than 60% of startups are still in the seed stage.
The most valuable startups have their headquarters
outside Portugal. To become valuable, do they have
to go outside Portugal?
It is possible to find an inclination of Portuguese
startups towards enterprise software and B2B focus.
Besides incentives for
the creation of startups,
it is necessary to
support startups in their
growth process.
There is an opportunity
for Portugal to become
a leader, an authority
and a specialist in some
areas which would help
the promotion of the
ecosystem.
Continue to incentivize
the creation of startups
during crisis.
Valuable startups put
their headquarters
outside Portugal because
of capital and taxation.
To keep companies in
Portugal these two
aspects need to change.
Ecosystem Snapshot

23
A proximidade entre empresas corporate e start-ups é cada vez mais crucial nos dias de hoje.
A sobrevivência e diferenciação num mercado competitivo pede a que, cada vez mais,
as empresas e as start-ups se unam em prol de novos modelos de negócio que assentam
em inovação aberta e colaborativa. Sabemos que não é fácil nem linear. É complexo. No entanto,
vale a pena arriscar, testar, falhar, criar e tentar outra vez. O caminho para a transformação
é mesmo assim.
Espaços de co-criação são importantes para o desenvolvimento das soluções do amanhã.
A colaboração entre empresas e start-ups em espaços físicos que fomentem a criação,
desenvolvimento e teste tornam os processos de inovação mais ágeis e menos burocráticos.
Ambas as entidades beneficiam deste espírito colaborativo. Por um lado, as empresas têm
acesso às mais recentes tecnologias, assim como a novos mercados e muito talento. Por outro
lado, as start-ups conseguem discutir ideias com pessoas e estruturas mais experientes, angariar
investimento, aceder a clientes que outrora não conseguiriam. Estas sinergias são necessárias
e já há projetos em Portugal que têm vindo a juntar estes dois mundos.
A nossa aposta na liderança do 5G vai para além do investimento nas infraestruturas de rede.
Este ano quisemos dar um salto em processos de inovação aberta, já parte do nosso ADN,
e criar um espaço que apostasse numa cultura de transformação perto de agentes capazes
de agarrar a mudança. O NOS Hub 5G, laboratório colaborativo e de co-criação, resultante de
um investimento de 1,8 milhões de euros, é um espaço de desenvolvimento e experimentação
para todo o tipo de organizações, desde start-ups a universidades, que vêem valor a ser
criado a partir do 5G. Tem, portanto, como objetivo materializar esta visão e abrir portas
a novas soluções e use cases que potenciam o desenvolvimento económico nacional.
Qualquer start-up, developer, empresa ou organização pode visitar o NOS Hub 5G e
experimentar o portfólio de soluções que já temos disponíveis desde realidade aumentada
e virtual, Analytics, até soluções de IoT, assentes na primeira rede privada Core 5G
StandAlone implementada em Portugal.
Não há limites para a liberdade de criar. Cabe às empresas e start-ups terem coragem para
assumir o desafio, resolver os problemas do amanhã e criar soluções que melhorem a vida
dos cidadãos.
João Ricardo Moreira
Diretor Centro de Transformação das Empresas NOS
Não há limites para a liberdade de criar com o 5G

24
Talent
0
20 000
40 000
60 000
80 000
100 000
79849
81138
85799
90920
5456 6388 7734 8777
2020
2021
2019
2020
2018
2019
2017
2019
Foreign
17%
Total
4%
Graduates in tertiary education per 1000
of population aged 20-29: Portugal = 66,7 / EU = 63,4
(2020, last available)
Source: INE, Eurostat
Source: 1. Eurostat; 2. INE, FJN-Relatório Estado da Nação 2022;
3. ManpowerGroup.
Higher education
has been growing.
And the growth
is high for foreign
students.
STUDENTS GRADUATED IN PORTUGAL
Portugal has the 8th
lowest average annual net earnings (PPS)
for a full-time worker among EU states.
1
The average monthly salary of workers with higher education
hasn’t increased from 2011 (1647€) to 2020 (1617€).2
Portugal is the 2nd
with the largest talent shortage
in 40 countries studied in the 2022 Talent Shortage Survey.3
IMD WORLD TALENT RANKING
Portugal above
the average in
talent rakings.
Stagnation in
recent years.
out of 64 countries
GLOBAL TALENT COMPETITIVENESS INDEX
ENGLISH PROFICIENCY INDEX
2017 2018 2019 2020 2021
#24 #17 #23 #26 #26
STRENGTHS IN 2021: WEAKNESSES IN 2021:
Language Skills (#8)
University Education (#17)
Employee training (#60)
Labor force growth (#47)
2017 2018 2019 2020 2021
#31 #29 #28 #28 #28
2017 2018 2019 2020 2021
#18 #19 #12 #7 #7
Source: IMD –Institute for Management Development,
INSEAD/PortulansInstitute/Accenture, EF-Education First 2021
Ecosystem Snapshot

25
Talent – Founders Profile – Survey
WHAT IS THE AVERAGE AGE OF YOUR FOUNDERS?
31 - 40 41 - 50 +50
30 or less
48% 40% 7% 5%
GENDER OF THE FOUNDERS
73%
27%
WHAT ARE THE FOUNDER’S NATIONALITIES?
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
19%
14% 15%
80%
Portugal Europe Brazil Others
A slight increase in the female gender,
when compared with last year results.
The number of foreign founders who choose
Portugal to startup their companies is increasing.
38% of the surveyed companies have foreign
founders. 20% have only foreign founders.
More than 90% of founders have
a university degree.
5%
39%
67%
21%
WHAT IS THE LEVEL OF EDUCATION
OF YOUR FOUNDERS?
University
(PhD)
Technical/
Professional School
University
(Master)
High School
University
(Bachelor)
6%
WHAT ARE THE FOUNDER’S
FIELDS OF STUDY?
N=117
Ecosystem Snapshot
5%
Law
9%
Other
7%
Medical
8%
Mathematics or Statistics
9%
Humanities, Cultural or Social Sciences
9%
Natural Sciences
11%
Economics
13%
Graphic Design / Other Artistic Field
21%
Marketing
27%
Computer Sciences
41%
Management
56%
Engineering

26
Talent – Experts opinions
Founders have good technical competencies
but poor financial literacy and not so good
marketing and sales skills.
Portuguese talent is highly recognized
for its technical-scientific competencies
and language skills.
Retaining business is crucial to retaining talent,
so it is important to create mechanisms for retaining
both talent and startups, supporting them in all their
phases, from the earliest to the most mature.
Measures to protect and retain talent are critical,
for example: incentives for more attractive salaries,
especially for specialized IT professionals.
Portugal is good at attracting talent from
other countries
The tech visa and Startup Visa are great
incentives to hire foreign specialized talent,
however the bureaucracy involved delays the
hiring and the business involved in the processes.
Talent is good but scarce.
Currently, talent is much bolder, taking more risks,
looking for opportunities both in terms of creating
their own job or working for a startup.
The data above represent all the most relevant opinions about the talent outlook in Portugal.
N=26
Ecosystem Snapshot

27
Talent
Portugal is recognized among several players in the
ecosystem for having excellent technical competencies
and good language skills.
Portugal has several factors favourable
to attracting foreign talent.
Talent shortage is a global concern and in Portugal
it has been noticed by the founders, the corporations
and the ecosystem in general.
Salary for qualified talent is an important challenge for
the ecosystem, as it is increasingly easier to be recruited
by foreign companies, without having to leave the country.
Urges to implement
measures to attract
and retain.
Promoting diversity
attracting more women
will also contribute to
adding talent to the
start-up ecosystem.
Continue to strengthen
the network of incubators,
creating a community
sharing knowledge and
co-working
for the development of
the ecosystem.
Reskilling and upskilling,
and continuous
development of talent,
should be a target of
public measures as well
as a concern of private
corporations.
Startups may need
support in their initial
recruitments.
Ecosystem Snapshot

28
The qualitative leap that the world has seen in this millennium due to the start-up movement
is, to say the least, impressive. Portugal, in due time, embraced this movement and created
conditions for the country to be able not only to take advantage of the fantastic talent that
swarms in national universities, but also to attract international talent and capital.
That alone explains why a country with the dimension as Portugal has such a large ratio
of unicorns as a percentage of GDP, higher than many of the nations in the forefront.
Maintaining this dynamic requires persistence and the measures that have been announced
by the government promise to continue to be an excellent incentive to have technological and
business innovation taking place indoors and to capture the attention of global players such as
Mastercard. We see this as very promising fact that Portugal was selected by the European Union
to host the European Start-up Agency (ESNA), which will contribute, of course, to the mission
of affirming the country as a "Start-up Nation".
The digital and innovation ecosystem that soon made the Portuguese early adopters and made
the country a test market for technological-related solutions is now an excellent platform for
many companies, which are coming here to base their hubs of innovation and development.
The 3rd edition of the New Global Index of Digital Intelligence of the Mastercard and the
Fletcher School Index, from Tufts University, from 2021, had put Portugal in the 32nd place
among 90 countries, in terms of development trajectory and pace of digital adoption. In the
same index, in terms of trust in the digital ecosystem, Portugal is in a top position (13th), ahead
of countries such as the United States, Australia or Japan. But this is a reality that also
impresses in other dimensions, for instance the internet access or the level of infrastructure in
which Portugal stands out in 20th place, ahead of countries such as France (21st), Spain (26th)
or Ireland (29th).
Start-ups have a particularity that is very relevant to large companies. They are like “the hares”
in track and field races, which “force” the athletes to maintain a fast pace. In other words, they
help to break with the inertia that sometimes characterizes large structures and pushes
decision-makers to be bolder and to step out of their comfort zone.
That's why Mastercard has supported numerous startups and fintechs under its Mastercard
Accelerate program, which includes the Start Path initiative - that provides a single entry point
for any fintech to access APIs, services and tools they need to evolve in every phase of their
journey, transforming bold ideas into reality, and achieving scale at a rapid pace - but also the
Mastercard Fintech Express program, which promotes easy access to a range of resources, rules
and customized services, designed to respond to their unique needs. Given the emerging
challenges of today, such as blockchain and crypto, we are also continuously launching new
programs to support startups, such as Start Path Crypto or the Crypto Source service, which
aims to safely bring the next million users for the cryptocurrency ecosystem.
These are just a few examples of projects that can be useful to our collective future.
Maria Antónia Saldanha
Country Manager da Mastercard Portugal
The pace of innovation doesn't let us stop.
And that´s a good thing.

29
In 2021, Portugal invested 3 565 million euros in R&D and
had 69 628 human resources dedicated, a number that has
grew on average 6% each year since 2017.
In 2020, the field of R&D with the biggest expenditure - 46%
of the total -was Engineering and technology.
Portugal now has
14 higher education
institutions in the
rankings, 2 more
than in the 2022
ranking.
Expenditure in R&D
has been increasing
and is getting closer
to the EU average.
European
Union
Portugal
Knowledge
RANK
Catholic University of Portugal,
Portugal
University of Porto, Portugal
University of Lisbon, Portugal
University of Coimbra, Portugal
NOVA University of Lisbon, Portugal
University of Aveiro, Portugal
University of Beira Interior, Portugal
ISCTE-University Institute of Lisbon,
Portugal
University of Minho, Portugal
University of Algarve, Portugal
Instituto Politécnico de Bragança,
Portugal
Lusophone University of Humanities
and Technologies, Portugal
Polytechnic Institute of Porto,
Portugal
University of Trás-os-Montes and
Alto Douro, Portugal
351–400
401–500
501–600
601–800
601–800
801–1000
801–1000
801–1000
801–1000
1001–1200
1001–1200
1001–1200
1001–1200
1001–1200
Source: Times Higher Education World University Rankings,
2023.
WORLD UNIVERSITY RANKING 2023
RESEARCH AND DEVELOPMENT EXPENDITURE
( % OF GDP)
Source: Eurostat Database - GERD by sector of performance;
DGEEC - IPCTN21 – data is provisional.
Source: DGEEC -IPCTN20 / IPCTN21 – last data available.
2016 2017 2018 2019 2020 2021p
2015
1,28%
1,32%
1,35%
1,40%
1,62% 1,69%
1,24%
2,12% 2,15%
2,19% 2,23%
2,31%
2,12%
Ecosystem Snapshot

30
Knowledge
Academia also contributes to promoting entrepreneurship
and innovation. Several programs are in place with
the participation of different universities. For example:
UI-CAN (seven different universities); Starters Academy
(Nova University); iUP25k (University of Porto);
Startup Your Point (Minho University); Poliempreende;
Portugal has been developing a great knowledge in
the areas of engineering and ICT and is already recognized
as having strong expertise in these areas.
It's necessary to continue
to improve the teaching
of matters related to
entrepreneurship, mainly
key aspects related to
financing, taxation and
go-to-market.
Portugal must continue
to increase its investment
in R&D. Recently the
government established the
“appropriate programming”
of public investment in R&D,
with this expenditure
expected to represent 3%
of GDP in 2030.
There should be a greater
link between universities
and entrepreneurship.
Universities, need to be
closer and closer to the
reality of companies
and the economy.
There is an opportunity
to increase and promote
Portuguese leadership
in areas where quality and
capacity have already
been recognised.
Become specialists!
Portugal continues to increase the recognition
for the quality of its higher education institutions.
Some interviewees within the ecosystem referred to
the fact that the knowledge of entrepreneurs must be
improved mainly in areas of taxation and marketing.
Ecosystem Snapshot

31
The Altice Group's commitment to Portugal in ubiquitously connecting
people and businesses to the world, and is strongly supported by advanced
connectivity solutions, developed by Altice Labs, Altice Group's Research,
Development and Innovation Center, with headquarters located in Aveiro,
Portugal. Altice Labs is focused on ensuring that the Altice Group acquires
and transforms knowledge into technological innovation, improving people’s
lives and contributing to a better and more sustainable society.
Altice Labs’ capacity to take innovative solutions to the market as a means
to create differentiation in the markets and value for all stakeholders, is
leveraged by its Innovation Ecosystem, a dynamic network of the finest
Universities, Incubators, Accelerators, Spinoffs, Startups, Industrial Partners
and Public Research and Innovation Institutes.
Altice Labs takes an active role in the Portuguese entrepreneurial ecosystem,
by promoting both the ENTER open innovation program with startups and
the Altice International Innovation Award (AIIA) with startups and academia.
Through the ENTER program and the AIIA award, Altice Labs identifies the
startups that best fit Altice Group’s goals, challenging them to either develop
their innovative technology in partnership with Altice Labs in the spirit of
co-creation, or to go directly to the market together with Altice B2B or B2C
product, pre-sales and commercial teams, addressing the needs of existing
or new Altice customers.
Open Innovation serves as BBVA’s connection between the bank
and the global entrepreneurial community. Open Innovation strengthens
ties with the most innovative companies and communities in the world
and is committed to creating opportunities and bringing innovative ideas
to the organization.
Open Innovation’s global activities include introducing new technologies
and business models to the bank, engaging with high growth companies
via proof of concepts & partnerships, and developing market intelligence
to inform business units across the organization. Open Innovation also
works closely with BBVA Spark, the bank’s full financial services proposition
for innovative, high growth companies.
BBVA Spark provides growing companies sophisticated financing products
like venture debt and growth loans, as well defining and managing the
investment strategy for venture capital. The team works closely with BBVA’s
venture investments including Propel, the bank’s FinTech & Web3 venture
capital arm.
Open Innovation is a global group with teams across Latin America, Europe,
Asia and the United States. The group is overseen by the bank’s San
Francisco office.

32
Enablers
GLOBAL PEACE INDEX 2022
out of 160 states and territories
EXPAT INSIDER SURVEY 2022
out of 52 countries
EY ATTRACTIVENESS SURVEY 2022
501 decision makers in European countries
Portugal is the
6th
most peaceful in the world.
Portugal is the 4th
in Quality of Life
Lisbon is the 9th in Local Friendliness.
Portugal is the 8th
most attractive
for foreign direct investment (FDI).
Portugal is
attractive for people
who want to live
and do business
in the country.
Portugal ranks 15th
out of the 27 EU Member States in the Digital Economy
and Society Index (DESI).
Portugal ranks 30th
in Infrastructures, out of 63 countries,
in the IMD World competitiveness ranking 2022.
LISBON PORTO BRAGA COIMBRA
AVEIRO
FUNCHAL
LEIRIA
There are more than 160 Incubators/Accelerators in Portugal.
Examples located in the 7 main startups hubs cities:
Founders and
ecosystem
interviewees
highlighted the
good network of
hubs, incubators
and accelerators
Source: Dealroom, October 2022.
Ranks #18 in Connectivity, continuous falling since 2018 where it was in #9.
Ranks 14th in Digital public services, stable in the last years.
Ecosystem Snapshot

33
Enablers
Incubators may benefit
from training and
support in specific areas
like taxation, financing
to better support their
startiups.
Competitiveness
indicators should be
analysed to evaluate
where Portugal is not
improving or worse.
Continue to strengthen
the network of
incubators, creating
a community sharing
knowledge and
co-working for the
development of the
ecosystem.
If Portugal wants
to develop its
entrepreneurship
ecosystem and be a leader
in technological areas it
should improve its ranking
in technological and
digital infrastructure.
Portugal has been falling in the ranking of Connectivity
(DESI) among EU countries, mainly because of the mobile
broadband indicators and 5G development.
In the ranking of competitiveness (IMD) Portugal is best
positioned in the pilar Infrastructure. However there was
a drop in its position in comparison with the previous year.
There is a strong set of incubators in the country that
have been doing a good job supporting new startups
to become a business.
Portugal, with an excellent climate, food and beaches,
affordable cost of living and low crime, is an attractive
place for foreigners to startup their businesses.
Ecosystem Snapshot

34
There is already a wide range of large
companies supporting startups.
Support is provided through
co-innovation, market access,
investment access, training programs.
Corporations
In 2021, more than 2,1 billion euros
were invested in R&D activities by the
Portuguese enterprises. A value that
has been increasing since 2017
at an average yearly growth rate of
Investment on R&D by large Enterprise
Companies/Groups with the most expenditure
on R&D activities in 2020:
R&D investment of
over 67 million euros
R&D investment of
ACCELERATE
STARTUP WORLD
R&D investment of
R&D investment of
Source: DGEE, IPCTN20 / IPTCN21
Ecosystem Snapshot

35
Corporations
There has been considerable dynamism on the part
of companies in the commitment to co-creation with
the startup community, encouraging entrepreneurs
to put their ideas into practice.
Portuguese companies are increasingly investing in R&D.
Bring universities closer to
the corporate world.
Large companies must
continue to invest in startups,
not only with support for
innovation and go-to-market,
but also with capital.
Ecosystem Snapshot

36
The increase in highly qualified human resources, in players acting as early adopters of new
technologies, and the availability and combination of public and private financial instruments
are some of the factors that contributed to the innovation ecosystem evolution and this
generation of successful Portuguese start-ups.
In 2022, the country saw a remarkable achievement by reaching the number of 7 unicorns,
valued at more than 34 billion euros, which is equivalent to 1/3 of the Portuguese GDP.
The Rows ranking also shows that the 50 start-ups in Portugal with the fastest growth in the
last two years have raised more than 1.2 million dollars in funding, have together a valuation
of six billion dollars, and employ 3.500 people.
INOVA+ is aware of and has been an integral part of this growth of the ecosystem in Portugal,
consulting some of these start-ups which are now in prominent positions worldwide in the
research, innovation, and technology scenario, namely SWORD Health, Didimo, Knokcare,
MindProber, among other.
We provide tailored services for each new business project and start-up by raising national
and european public funding, in different stages. For entrepreneurship boost, INOVA+ acts
as an entity providing consulting services, studies, acceleration programs, and mentoring,
among others, to Business Incubation Centres, Scientific Entities, and Public Bodies.
The success we achieve for our clients lies in a segmented approach by selecting successful
ideas and developing of projects of excellence, as well as in our ability to enhance synergies
between different organizations.
Unquestionably, the innovation ecosystem will be even more sophisticated as a result
of current European policies. Some numerous initiatives and instruments appeared
to accelerate innovation and entrepreneurship – the Digital Innovation Hubs (DIH), National
Tesdbeds, and Free Technology Zones (ZLTs) – and will transform our economy for the next
10 years.
For that, knowing the mechanisms, understanding how to navigate and take advantage
of opportunities, and accessing public funding in line with the business strategy becomes vital
to boost the growth of organizations. It is not enough to have a good idea to grant the
company success. It is necessary to have specialized support to ensure investment
and consolidation in the market.
INOVA+ is a key player in supporting R&D and innovation projects, as well as in other areas,
operating on a European dimension, with a team of more than 100 employees, an annual
turnover of over 6.5M� and an international presence – Portugal, Belgium, Germany
and Poland.
We believe that innovation is not a talent, but a skill
and the key for organizations’ growth.

37
Institutions pilar
Entrepreneurship policies and culture
TECH VISA
attract specialized
technical staff.
EMPREENDE XXI
promote the creation and
development of new business
projects by young people.
INCUBATOR/
ACCELERATOR
VOUCHERS
supports accelerators
and incubators.
GREEN VOUCHER
AND DIGITAL PRODUCTS
supports startups with digital
business models with a green
component.
E-RESIDENCY 2.0 allows a digital identity and
residence in Portugal, and aims to attract
non-resident talent and foreign companies that
wish to pursue professional and business
activity without physical presence.
STARTUP VISA
welcomes foreign entrepreneurs who wish
to develop an innovative project in Portugal.
GOLDEN VISA PROGRAMME
Residency-by-investment program
to push more foreign investors.
INSTRUMENTS SUPPORTING STARTUPS
PORTUGAL RANKS #62
A decline in the
ranking of policies
and their suitability
for innovation and
competitiveness.
GLOBAL INNOVATION INDEX
new indicator based on GEM survey
IMD WORLD COMPETITIVENESS RANKING
out of 63 countries
2018 2019 2020 2021 2022
2022:
Societal Framework (#20)
Tax Policy (#56)
2018 2019 2020 2021 2022
#23 #22 #24 #25 #47
#34 #37 #34 #38 #43
Source: IMD – Institute for Management Development,
WIPO – World Intellectual Property Organization
Portugal 2030
application, between 2021
and 2027, of an overall amount
of 23 billion euros.
InvestEU
long-term funding to companies
and supports Union policies
in sustainable recovery.
SUPPORT PROGRAMS AND INCENTIVES
Horizon Europe
EU funding programme.
The Recovery and Resilience Plan (PRR)
is a nationwide programme, with
an execution period until 2026.
SIFIDE II Tax Incentives System to support Research and Development activities,
relating to the creation or improvement of a product, process, programme
or equipment.
Several important
programmes
and incentives
already in place.
Ecosystem Snapshot
Government efficiency pilar

38
Support for the creation of startups is good, but more
needs to be done to support the growth of these startups
and help them become an important contributor
to the economy.
A special tax regime for
startups would facilitate
business growth and
promote greater investor
interest.
A strong approach
is needed to further promote
the startup ecosystem on the
international stage and
create authority that leads
observers and investors to
trust the capacity of the
Portuguese ecosystem.
Establish a strategy for
the development of the
ecosystem and the
innovation areas where
Portugal can be an
authority.
Pay attention to the organization
of the ecosystem, improve
information about it, facilitate
communication channels
between the various
stakeholders, promote
approximation between the
academic, corporate and
entrepreneurs and incubators.
In the last 8 to 10 years the government has shown
strong enthusiasm towards promoting and encouraging
the startup ecosystem. Several measures were taken
to support its development.
The tax system is not competitive and innovative
and growth-oriented companies move out of Portugal.
The majority of the stakeholders are very critical in
relation to the complexity of several legal procedures
mainly the overall taxation policies.
Ecosystem Snapshot

39
2017 2018 2019 2020 2021 2022
2017 2018 2019 2020 2021 2022
Capital
The capital raised in 2021 was 1 473 million euros.
The total amount raised from 2017 to 2022 is 3 830 M�,
where 74% for startups with HQ outside Portugal,
mainly in USA.
Fundings raised in rounds sized more than 100M� went
for a small group of companies, mainly the Unicorns
(Remote, Anchorage, Sword Health, Talkdesk, Feedzai,
Outsystems, Farfecht) and Power Dot.
Source: Dealroom, October 2022
YTD YTD
YTD
CAPITAL RAISED
by round size M€
NUMBER OF EXITS
Nº OF ROUNDS
by round size 2017-2022
57
147
7
10
8
4
736
17 19 7
12
50 51
Anchorage: 350M, Dec
�250M+
�100
series C
series B
series A
seed
pre-seed
303
1 473
349
458
537
710
2017 2018 2019 2020 2021 2022
CAPITAL RAISED BY STARTUPS
WITH HQ IN PORTUGAL,
by round size M€
169
121
40
77
173
421
�250M+
�100
series C
series B
series A
seed
pre-seed
YTD
CAPITAL RAISED, BY STARTUPS
IN SEED ND EARLY GROWTH STAGES
M€
2017
11 16
2018
35
19
2019
43
68
2020
33
28
2021
38
53
2022
7
109
Seed
Early Growth

40
Ecosystem Snapshot
A strong percentage in total
funding for fintech and jobs
recruitment is related to the
amount of 430M raised
by Anchorage and 451M raised
by Remote.
Lack of interest for
the manufacturing model
(model exists in 15% of the startups)
30%
67%
SPLIT OF CAPITAL RAISED
by Business Model
saas
marketplace &
ecommerce
manufacturing 3%
fintech
enterprise software
marketing
jobs recruitment
health
fashion
security
energy
transportation
gaming
food
media
real estate
music
25%
9%
22%
21%
12%
7%
8%
2%
7%
16%
7%
2%
5%
4%
4%
4%
3%
4%
2%
2%
1%
8%
1%
5%
1%
4%
0%
3%
Capital
SPLIT OF CAPITAL RAISED
by Industry
Source: Dealroom, October 2022, Amount raised from 2017-2022
Total Pre-seed to serie A Total

41
Ecosystem Snapshot
Source: Dealroom, October 2022 Source: Dealroom, October 2022
Capital
2017 2018 2019 2020 2021
CAPITAL RAISED
by Investor type, M�
2022
70
363
25
149 190199
189
37 76
263
17 69
350
73
287
916
179
378
CAPITAL RAISED BY STARTUPS WITH HQ IN PORTUGAL
by Investor location M�
31
2017 2018 2019 2020 2021 2022
14
31
26
53
121
46
70 66
103
77
344
51
Corporate Other
Venture Capital Domestic Other country or unknown
The most common
investor type
is the Venture
Capital firms.
The majority
of the capital raised
by startups headquarter
in Portugal come from
investors located
outside the country.

42
Ecosystem Snapshot
A minority of
founders relied on
capital beyond their
own savings to found
their startup.
N=100 N=100
N=100
Capital - Survey results
Own savings
Venture
capital
Business
angels
Family and
friends
Bank loans
State venture
capital
Grants
Corporate venture
capital
Crowdfunding
Other
62%
27%
19%
16%
13%
9%
8%
7%
3%
3%
WHAT TYPES OF FUNDING SOURCES SUPPORTED
THE FOUNDATION OF YOUR STARTUP?
Most founders have
expectations regarding
venture capital.
Venture capital
Internal financing
(operating cash flow)
Corporate venture
capital
Business
angels
State venture
capital
Own savings
Bank loans
Crowdfunding
Grants
Family and
friends
61%
44%
41%
37%
20%
16%
13%
5%
7%
3%
WHAT TYPE OF FUNDING SOURCES IS YOUR STARTUP
LOOKING FOR IN THE NEAR FUTURE?
Founders find
the funding process
difficult, especially
in the early stages
of startups.
HOW DIFFICULT WAS/IS THE ACCESS
TO FINANCING IN EACH STAGE?
13%
13%
9%
6%
5%
5%
17%
10%
13%
13%
11%
6%
39%
41%
34%
23%
24%
17%
Pre-Seed
Seed &
Development
Scaleup
Growth &
Establishment
Expansion
Maturity/Exit/IPO
Easy Neither/nor Difficult
Not applicable

43
Capital for all stages of startups - Interviews
There is little capital for startups in Portugal.
Much of the existing capital is risk averse
and wants quick returns.
The global crisis derived from war
and inflation leads to a lower
availability of capital
Promote knowledge on financial
literacy and prepare entrepreneurs
in prospecting for capital.
Attracting more qualified investment funds for
more mature stages of startups, thus avoiding
their exit to other countries.
SIFIDE should be simplified, promoting
more information and facilitating access
for entrepreneurs.
France has an interesting model
for investors in the early stage
with tax benefits
Capital is poorly distributed. There is lack
of support for the pre-seed phase but also
for companies that are scaling up
There is some capital in Portugal for the early
stages but the bigger rounds are raised abroad,
mainly in United Sates
tax / other incentives required for
companies / private individuals to
invest.
There must be
co-investment
mechanisms
Portugal needs to develop more in terms
of venture capital and to attract foreign capital
that trusts the capacity of our startups.
Ireland is a success story that negotiated
a huge fund to encourage the creation
of technology companies.
The data above represent all opinions about the outlook for capital in Portugal.
N=26
Ecosystem Snapshot

44
Capital
Startups that are in the process of expansion and are
not yet known are the ones that have the most difficulty
in attracting greater investments.
The more mature companies, which are looking for large
investment rounds, do so outside Portugal, which takes
their headquarters to the country source of funding.
Several incentives must
be put in place to
attract private capital
for the start-up
ecosystem.
The attraction of foreign
capital to Portugal can be
facilitated, promoting the
ecosystem and creating
the conditions in terms of
procedures and taxation.
Founders must be
prepared for the process
of raising capital.
Incentives should help
conduit capital to
strategic areas for
Portugal.
It is important that there
is capital to support the
growth of startups so
that they stay in
Portugal.
The founders and the ecosystem stakeholders refer
to the difficulty for the majority of startups in accessing
capital.
There is still a culture of risk aversion, both among
investors and among the founders.
Ecosystem Snapshot

46
BRIEFLY TO CONCLUDE
Now What?
The Portuguese startup ecosystem has evolved positively in the last decade and has enormous potential for the transversal
development of the national economy, and for putting Portugal in the spotlight in terms of innovation at a global level.
The country today attracts the gaze of foreigners, and it is recognized as one of the European countries with better quality of life,
safety, climate, and a favorable geographical location. Key strengths are that Portugal also has its own high-quality talent,
high-quality universities, and is able to attract talent and foreign investment.
In spite of the very positive evolution, there is, however, much to be done. Portugal is losing its rhythm, as can be seen from
the drop in some positions in international rankings.
In our opinion, and based on the data in this report, interviews with leading experts of the ecosystem and the feedback from more
than a hundred founders, for the development of the ecosystem it is necessary to see it as strategic for Portugal, and enthusiasm
is not enough, it is necessary to have a clear value proposition, define concrete objectives and the way to get there.

47
Now What?
MORE CAPITAL TO DIFFERENT
STAGE STARTUPS
Portugal in terms of capital has had quite a remarkable
evolution in the last 10 years. However, access to capital
continues to be an issue. Capital is needed for the more mature
stages, and to avoid companies being forced to move their
headquarters to other countries in search of foreign investors.
The startups with a well known brand already, is easy to attract
foreign capital, but the ones that are trying to jump to a higher
stage of growth have more difficulty.
Attraction of private capital with the right incentives is key
to the development of the ecosystem.
The existing examples of matching funds (with private
investors leading and public money following), and fund
of funds approaches (with public money being a Limited
Partner in a VC fund), are both quite welcome in the market.
An initiative that would make a difference would be a tax
benefit for institutional (like pension funds) to allocate
a (even small) percentage of their assets under management
to venture capital asset class.
Another line of action can be to attract international
investors to setup residency in Portugal.
KEEP THE TALENT
AND ATTRACT NEW ONE
Nothing can be done without talented people.
Failing to train and retain people is a huge threat.
Portuguese talent is recognised by the ecosystem as one
of the strongest points although it is difficult to retain it.
This being so, it’s important to establish and implement
measures to keep highly qualified talent in Portugal.
The country has some attractive measures for foreigners
already. The Golden Visa and the non usual residents
programs have been absolutely key to attract them.
Programs like Startup Visa end e-Residency can also
play an instrumental role.
This and more must continue to be a priority. Bring back
the diaspora of Portuguese people can provide serious
short term returns on the ecosystem. Another line of action
is to attract senior executives and entrepreneurs, through
a proper set of incentives.
“MONEY MAKES THE WORLD GO ROUND BUT PEOPLE MAKE THE WORLD GO FORWARD” Paul Odafe Utho

48
TO BE A RECOGNISED
INTERNATIONAL HUB
Portugal is a country far beyond tourism and this requires
a consistent Marketing and Communication strategy,
promoting the ecosystem and the areas in which the
country is a leader.
Moreover, promoting more events like the Web Summit,
and generating more data about the ecosystem and
presenting ROLE MODELS, are also important elements
to attract even more investments and boost the Portuguese
startup ecosystem.
As far as infrastructure is concerned, there has been a clear
evolution, the emergence of incubators, accelerators and
start-up support networks, and for that reason, it is
necessary to have quality indicators, both to support them
and to evaluate the impact on the ecosystem.
Mapping and evaluating are essential elements to transform
and innovate the Portuguese startup ecosystem and thus
build a solid hub recognised internationally.
INNOVATE IN INFRASTRUCTURE AND
REGULATORY AND TAXATION MEASURES
The current tax model is not favourable for startups,
especially in the early stages, when it is necessary to have
more attractive tax incentives. Taxes and fees are very high,
making it difficult for startups to scale up.
A regulatory framework is needed for startups, especially
in areas such as: cryptocurrencies, fintechs, stock options,
which are a trend in the market, but little explored in the
Portuguese ecosystem.
In terms of legislation there were many changes in the
acquisition of visas, such as: Golden Visa, Startup Visa, and
the new visa for digital nomads, however, there is a need for
efforts for speed in the design of the same, it is necessary
that the government creates dynamic mechanisms that
support requests for documentation quickly and effectively.
Ease of opening and doing business, as well as the ability
to enforce rules through a simple and speedy judicial system
are again key.

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