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We all know that Portugal is a fantastic country of nice people and sunny beaches. The news is that recently we also started to get noticed for our booming startup scene!

In 2016, according to a report made by Tech.eu and Dealroom, Portuguese startups raised EUR44 million in investment coming from VC´s, more 50% than in 2015.

Reasons for this growth:

During the economic crisis, a young and highly qualified Portuguese generation was dealing with the perspective of unemployment and lack of job opportunities to begin or improve their careers in Portugal.

Due to world technological boom, low labour costs, available tech and engineering talent, significant opportunities arose to take advantage of this situation. It was decisive to keep talent in the country and to encourage young people to run after their projects and start their own business.

In the point below you can find some of the most relevant initiatives which boosted the Portuguese startup ecosystem:

A fresh and new business vibe started in Lisbon, anchored by the launch of Start Up Lisboa  - an incubator fully dedicated to help people to grow their projects and make them succeed.

Incubators and accelerators, VC´s, co-working spaces and fab labs started to appear, as well as universities willing to develop their talent.

This startup vibe was also felt in other cities, such as Oporto, Braga, Coimbra and Aveiro, being now accepted by major private and public stakeholders as a big opportunity to promote development and make part of this unstoppable tech and innovation movement.

Besides private investment, the Portuguese Government and several public institutions, like business associations and universities, have also given a huge support for this growing process.

Just to give an example, in 2012 the Government created a specific program for startup investment and has just announced a new programme to support startups , contributing with EUR200 million for co- investment in startups.

In 2017 Portugal will host the second edition of the Websummit, a major international startup event, which attracted more than 53,000 visitors to Lisbon in 2016. The event will take place (at least) until 2018 in Lisbon, the Portuguese capital who was elected European Entrepreneurial Region 2015 by the EU Committee of the Regions.

The growing number of Portuguese startups conquering the global market and attracting renowned investors is an excellent sign of this booming ecosystem.

From now on Portinnova will be here to bring you all these stories, and more. Stay tuned.