Lisbon’s tech scene is setting the world alight! Once a hidden gem, it’s now a magnet for startups, with impressive growth and a global buzz.

This young ecosystem packs a punch. Since 2016, investment in Lisbon’s startups has soared by 30% annually – twice the European average! The value of these startups has skyrocketed 26-fold, reaching a cool €21 billion by 2022.

But hold on, Portugal’s not just playing catch-up. It’s leaving its neighbours in the dust, boasting more unicorns (startups valued at over $1 billion) than Spain, Italy, and Greece combined! So, what is Lisbon’s secret sauce?

Web Summit 2023 image
  • Sunshine and Sangria (Almost):
    Lisbon offers a fantastic quality of life – think vibrant culture, affordable living, and a glorious climate with 300 days of sunshine a year. Who wouldn’t want to code under clear blue skies?
  • Top-notch Talent Pool:
    Portugal is an engineering powerhouse, churning out graduates at the second-highest rate in the EU. Plus, with competitive salaries, it’s a dream come true for budget-conscious startups.
  • Global Village Vibes:
    Lisbon boasts excellent air links, making it a great base for ambitious startups with international aspirations. And with the world’s 11th-ranked fibre optic network, you can be sure your internet connection will never slow you down.

No wonder Lisbon is a haven for digital nomads, with the world’s largest remote worker community! It’s a city that gets tech – and it shows, and no doubt the reason Lisbon is now the cherished home of the world’s biggest tech conference, the Web Summit with many Portuguese start-ups amongst the 70,000 attendees at the annual conference in November.

Web Summit 2023 image

Coworking, Coffee, and Collaboration
Lisbon’s bustling tech scene thrives on a vibrant coworking culture. Imagine a place where founders, freelancers, and tech wizards connect, share ideas, and fuel the next big innovation. That’s Lisbon’s coworking scene in a nutshell.

The city is also a hotspot for tech events and meetups. From intimate gatherings to the world-famous Web Summit, there’s always something brewing to keep you inspired and connected.

This collaborative energy is a breeding ground for startups, and Lisbon boasts an impressive seven unicorns already, including the world-leading low-code developer Outsystems, valued at a staggering €8.9 billion. That’s almost double the number of unicorns in Spain and triple the count in Italy – Portugal definitely punches above its weight!

Full Speed Ahead: Lisbon’s Tech Engine Keeps Revving
The future looks bright for Lisbon’s tech scene. The recent launch of Unicorn Factory Lisboa, an incubator specifically for established startups, is a testament to the city’s commitment to nurturing future tech leaders.

This initiative, announced at Web Summit 2022, underlines Lisbon’s focus on fostering growth and innovation. Mayor Carlos Moedas himself emphasized that innovation thrives not just on ideas, but on a supportive ecosystem.

Web Summit 2023 image

Lisbon: The Budget-Friendly Tech Powerhouse
Did you know Portugal is now officially Europe’s most cost-effective location for businesses? That, combined with a highly-skilled workforce and attractive tax breaks for multinationals, makes Lisbon an irresistible proposition for tech giants.

From Google and Siemens to Unilever and Mercedes-Benz, these global players are recognizing the advantages of setting up shop in Lisbon. They’ve got their eye on the talent, the business-friendly environment, and the city’s flourishing startup scene.

With all these ingredients in the mix, it’s clear that Lisbon is rapidly becoming a top destination for tech businesses seeking a competitive edge and it feels like Lisbon’s tech adventure is just getting started!

Useful links