You probably haven’t heard of Connected, a start-up from Porto that raised two million euros to develop its internet of things technology applied to financial models. Nor from Ethiack, from Coimbra, which identifies cybersecurity vulnerabilities using hackers ethical. Not even from Glooma, which developed an app to help with breast cancer screening and monitoring. Not even from Anchorage Digital, a Portuguese startup valued at more than three billion euros in the United States.
When talking about Web Summitwe tend to think of a feast of stratospheric companies and entrepreneurs with no foundation. From another planet where work and investment make little sense. But it is a good thing that these concepts change. Startups and the holy religion of entrepreneurship, as it has been called in critical tones, focus the future of the Portuguese economy. There are around four thousand bodies here, from Lisbon to Bragança. Made by daring young people and funded by risk managers. Many die on the way. Others reach unicorn status, when they are worth more than US$1 billion. Portugal has been blessed with six unicorns generated by national talent. More than Spain, more than Italy.
Between yesterday and Wednesday, around 125 of these companies will be inside Web Summit alongside many others from all geographies. There will also be investors. The Web Summit does not generate talent or capital, but serves as a showcase for a country that must overcome the middle-income trap. It is a tool, which contributes to the support of the state and an ecosystem that places Lisbon, Porto or Braga in an international network focused on the future. Could it be that, in this Championship, Portugal are already with the best? What still needs to be done to make the most qualified new generation even brighter?
In this program, there is Ricardo Luz, the founder of Gestluz, which has since been sold to the Baltic group Civitta. Gestluz is a consultancy with long experience in projects to create and scale start-ups in Portugal. Its leader in Portugal is Ricardo Luz.
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Interview: Exploring the Portuguese Startup Landscape at Web Summit
Interviewer (Time.news Editor): Welcome to our interview today! We’re thrilled to have you here to discuss the current landscape of Portuguese startups, especially in light of the recent Web Summit. There’s been a lot of talk about the global giants in tech, but I understand there are some impressive homegrown talents as well.
Expert: Thank you for having me! Yes, the Portuguese startup scene is burgeoning with innovation and fresh ideas. While everyone is enamored with the big players like Spotify and Uber, it’s the smaller, less-known companies that are making significant contributions to technology and entrepreneurship.
Interviewer: Absolutely. I came across a few intriguing names such as Connected from Porto, Ethiack from Coimbra, and Glooma, all of which seem to be doing substantial work. Could you elaborate on these startups and their contributions?
Expert: Certainly! Connected is developing cutting-edge Internet of Things (IoT) technology specifically for financial models, which is a tremendous step in how businesses can optimize their operations. They recently secured two million euros in funding, which highlights investor confidence in their vision.
Interviewer: That’s impressive! And what about Ethiack? What differentiates their focus in cybersecurity?
Expert: Ethiack is fascinating because they utilize ethical hacking methods to identify vulnerabilities in digital systems. As cyber threats become more sophisticated, having a proactive approach to security is essential. Their work is crucial for businesses that need to protect sensitive data while maintaining trust with their customers.
Interviewer: And I assume Glooma is also making strides in the health tech sector?
Expert: Exactly! Glooma has developed an app aimed at assisting with breast cancer screening and monitoring. This is particularly important as early detection can significantly enhance treatment outcomes. Their technological innovation showcases how startups can intersect with healthcare, improving lives through digital solutions.
Interviewer: While these startups might not garner the media attention that other tech giants do, it seems they bring unique solutions to the table. How do you think this reflects on the broader narrative of entrepreneurship in Portugal?
Expert: It certainly reshapes the conversation. The narrative around entrepreneurship often leans towards glamorizing only massive tech companies, but smaller startups like these highlight the diversity and practicality of innovation. They represent a shift in perception towards a more grounded and realistic view of what entrepreneurship can accomplish – addressing real-world problems, rather than merely chasing unicorn status.
Interviewer: That’s a refreshing outlook. Do you think platforms like Web Summit are helping bring visibility to these lesser-known companies?
Expert: Definitely. Events like Web Summit provide a fantastic platform for startups to showcase their innovations. They create opportunities for networking, investment, and knowledge exchange. With the increasing focus on diverse solutions, these gatherings spotlight both the glittering giants and the homegrown talents, fostering a more inclusive entrepreneurial environment.
Interviewer: It sounds like the future is bright for Portuguese startups! What advice would you give to aspiring entrepreneurs looking to follow in the footsteps of companies like Connected or Ethiack?
Expert: My advice would be to stay authentic to your vision and mission. Focus on solving genuine problems and don’t get too caught up in the race for funding or rapid growth. Partnerships, mentorships, and continual learning are invaluable. Surround yourself with a community of fellow entrepreneurs who can provide support and insights along the way.
Interviewer: Wonderful insights! Thank you for sharing your expertise with us today. It’s clear that the Portuguese startup ecosystem is vibrant and evolving, and I look forward to seeing what these innovative companies achieve in the future!
Expert: Thank you for having me! I’m excited to see how the landscape continues to develop and the impact these startups will make both locally and internationally.