Since the arrival of the Web Summit conference in 2016, Lisbon’s startup community began growing due to the help of the Portuguese government. In June of 2016, thanks to the StartUp Voucher a national network of technological hubs was created. This is one of the measures of the national strategy for entrepreneurship which helps the development of projects that are still in early phases, giving more than 400 young entrepreneurs a one-year fellowship to pursue their ventures.
There are more than 2400 startups in the Lisbon area and according to new data from Startup Portugal, in the last 12 months, 585 startups were created, generating, in average, in their first year 2.2 jobs.
Startups are growing in numbers and so are the incubators that help them thrive. According to recent news, Lisbon is going to be the home of the largest global campus dedicated to startups, “O Hub Criativo do Beato”. With an area of 35,000 square meters, the former military building, which is being renovated, will be ready to receive offices, laboratories and exhibition halls, along with spaces for refreshment, entertainment, exhibitions, and events.
Spaces like these are contributing to make Lisbon an entrepreneurial open city and world reference. But for those who don’t want a common space filled with other companies, a massive renovation of the city’s historic center took place, which means that there are many favorable conditions for foreign companies or startups to “set up shop”.
From massive workspaces to beautifully restored historic buildings, there is no shortage of space. This means that there are big opportunities for entrepreneurs who want to create their businesses and pursue their dreams. On the other hand, since the prices are rising in the city’s center, young people are being pushed away towards the periphery. This is bad for companies that are installed there because those areas are losing their vibrancy and spontaneity, and since it is young people who are behind the majority of startups, it might be important to take measures to keep this from happening and to help maintain the youth in the center.
Of course, there are ups and downs, but Lisbon is growing at a rate that doesn’t seem to be slowing down in the coming years. Let’s see where this crazy ride will take us!