How tech is transforming Portugal’s landscape

Entrepreneurship, a startup revolution, and the future of Portuguese cinema – find out what our speakers had to say about Portugal’s evolving ecosystem.

Web Summit 2023 brought together speakers from around the world to discuss everything from advances in technology to latest industry trends.

Speakers including Shilling managing partner Migual Santo Amaro, Startup Portugal CEO António Dias Martins and producer and actor Paulo Branco shared their insights on how Portugal has evolved over the last decade.

Take a look at what they had to say about the ever-changing Portuguese landscape.

The past, present and future of Portuguese tech

The European tech ecosystem is changing. Portugal in particular – according to Shilling managing partner Miguel Santo Amaro – boasts a “radically new landscape” compared to that of a decade ago.

“The last 10 years have been basically the inception of what the Portuguese ecosystem didn’t have. And I think now we’re in a very different stage, because there were little to no venture capitalists in Portugal 10 years ago,” said Miguel.

A decade on, the country now has seven unicorns, as well as “a lot of good, interesting, small early-stage venture capital money from Portugal, and a bunch of international tier-one investors,” according to Miguel.

Portugal Ventures executive VP Teresa Fiuza also discussed the success of Portugal’s tech community, saying “developed academia and entrepreneurship” have played a large role in the development of the country’s technical landscape.

“The network of incubators and accelerators, the help of the Portuguese government, and the mingling of all of these people together have been very important,” Teresa said.

For future success, Teresa believes Portugal must expand the range of locations offering entrepreneurs business opportunities: “Entrepreneurship in Portugal is not only developed in Lisbon and Porto; we have a lot to show in other regions of the country. And that’s what we have to do – expand this in other areas.”

Why do founders choose Portugal to kickstart their startups?

In the last 10 years, Portugal has experienced a “startups revolution” – that’s according to António Dias Martins, CEO at Startup Portugal.

The country, as well as being home to Web Summit, is home to more than 4,000 startups, with 100-plus startup incubators. Seven of the 15 largest companies in the country are tech companies.

“We believe that Lisbon can be one of the main centres of tech in Europe”

Gil Azevedo, executive director, Unicorn Factory Lisboa

“We believe that Lisbon can be one of the main centres of tech in Europe” said Gil Azevedo, executive director at Unicorn Factory Lisboa. This potential can be attributed to broad governmental and municipal support for tech, a world-class university system producing talented engineers, and a high quality of life.

António also believes that Portugal being a relatively small country works to its advantage. With a smaller ecosystem, it’s easier for people to connect, and everything is done on a “human scale” rather than on the scale of a massive, faceless, global company.

But what’s next? António and Gil both believe that Portugal’s historical ties with Africa and Brazil make it the natural gateway to these growing and thriving markets.

Streaming platforms, engagement and the end of creativity

The Portuguese film industry is undergoing a massive transformation, with streaming companies amassing increasing market share and besting traditional TV providers, and with the threat of AI on the horizon.

Paulo Branco is a producer and actor, and the founder of LEFFEST (the Lisbon and Estoril Film Festival). Paulo believes streaming platforms are not only reshaping the entertainment industry, but also stifling creativity for audiences and creators.

“Younger people are now in another world of how they consume images … everything that is being produced now is what the platforms want. And, at this moment, these platforms have the power,” said Paulo.

According to Paulo, production companies and streaming platforms are now creating films and shows not to make art, but simply to keep people engaged.

For the LEFFEST founder, cinema is a space for creation and creativity. But streaming platforms, especially with the introduction of AI, are now only interested in maintaining viewership rather than creating art.

“Real creation,” argued Paulo, “is finished.”

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