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Companies incubated at UPTEC represent almost 300 million euros of national GDP

Companies incubated at UPTEC represent almost 300 million euros of national GDP
09 Aug 2021

2019 data show that, in that year, the economic impact of UPTEC – Science and Technology Park of the University of Porto on the Gross Domestic Product (GDP) reached 284 million euros, having also been responsible for new 6,464 job posts.

The study prepared by the Faculty of Economics of the University of Porto (FEP) highlights the incubator "as an important agent of innovation, entrepreneurship and qualified employment in the North of Portugal and as an interface between the university and the business world".

The conclusions were obtained by estimating the direct, indirect (generated by the supply of goods and services that are consumed or made available by companies) and induced (results from the economic activity associated with the consumption expenses of employees of the UPTEC community) generated on the economy in terms of GDP, employment, wages, and tax revenues, explains Notícias U.Porto.

The nearly 300 million euros were achieved by the work of the 176 companies under analysis – 119 installed at UPTEC and 57 graduated, which generated a turnover of around 135 million euros. Of these, 74 million euros come from the field of exports, a sector that accounts for 55% of the total turnover.

As for salaries, the more than 6,400 jobs earned 253 million euros in remuneration, contributing 49 million euros in tax revenue to the State.

Created in 2007, UPTEC has supported more than 630 projects and graduated 86 companies, Wisecrop, CoverflexknokDidimoAddVolt and Everythink, and Blip.