You have probably already heard all this buzz about Lisbon fast becoming a creative and tech startup hub in Europe. More innovative entrepreneurs are enjoying the opportunity to invest in Portugal and many respectful media outlets have written about it. So how Lisbon did achieve such success?
Involvement Of The Local Government
According to Forbes, the biggest impact for such rapid expansion of startup ecosystem may have come from the local government. Encouraged by the arrival of the annual Web Summit conference, the Portuguese government decided to take a step further and to develop a more growth-friendly infrastructure.
In June 2016, it created a national network of tech hubs and startups in Lisbon through the StartUP Voucher initiative that gave more than 400 entrepreneurs fellowships to pursue their ventures. The entrepreneurial network is backed by an impressive range of supports, with incubators such as Startup Lisboa, Labs Lisboa, Inovisa and Tec Labs, startup landing programs such as Launch in Lisbon and many other institutions, initiatives and acceleration programs. Since the launch in 2012, the most significant business incubator Startup Lisboa has already supported over 300 startups, received more than 4000 applications and contributed to 1870 jobs created.
As pointed out by Wired, Portugal’s capital is consolidating its rapid rise as a tech hub. The Portuguese government’s Golden Visa program, aimed at attracting startups from across Europe, follows moves by Mercedes and Volkswagen to create an innovation and incubation centre in the capital – and the talent is showing up. In 2018 it was announced that technological giant Google is to open its tech hub and services center in Lisbon.
Forbes suggests that some of the success could also be associated with the booming real estate market in Lisbon. Grants to property owners for the renovation of old properties are transforming the historic city centre while the government’s efforts to encourage direct foreign investment with its Golden Visa and Non Habitual Residence schemes for non-EU and EU citizens respectively has led to a surge in interest in residential property and a resulting increase in property prices, due to limited supply. Some of the profits from the real estate are reinvested in Lisbons’ startu-ps and grow-ups.
Get Started Together With BWorking Spaces
Lisbon is on the radar internationally and we’ve already acknowledged that. However, if you are a foreign entrepreneur that is interested in Lisbon to launch your business, you might feel a little lost in all the information that you need to know. That’s why we invite you to visit BWorking Coworking Spaces to talk about all the challenges! Here we have started monthly pitching days to help accelerate the start-up ecosystem in Lisbon and we are open to help new businesses.
Choosing the right working space to match the specific needs can be a challenge too. Different spaces are tailored to different uses. At the BWorking Coworking Spaces, located at the heart of Lisbon’s business district, well known for freelancers, startups and small/medium companies, there are a few subscription plans to choose from. So, you will easily find the one, most suitable for you.
The coworking space has been designed to welcome all types of professionals who want to work here. Obviously, here you will find the main coworking space with designated workplace, but also – private offices and meeting rooms.
Or, you can try the benefits of the Virtual Office services at the BWorking Coworking Spaces! The flexibility offered by the virtual office helps productivity and workforce satisfaction. You will also make cost savings in areas such as technology, as virtual offices require no purchase or lease of telephone systems or mainframe computer systems, and most software packages can be accessed via cloud-based systems for relatively small subscription costs.