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Study distinguishes Porto as the biggest startup hub in Portugal

Study distinguishes Porto as the biggest startup hub in Portugal
18 Nov 2021
Startup Portugal study shows that nearly 1 in 5 Portuguese startups are in Porto. The results are promising for the North region and particularly for the city of Porto.

Three years after being classified by Atomico as the third fastest-growing tech hub in Europe, the city of Porto masters again in innovation and entrepreneurship.

The study "Startup & Entrepreneurial Ecosystem Report Portugal 2021", developed by IDC for Startup Portugal, presents Porto as the main hub for entrepreneurship in Portugal. The results presented by Startup Portugal at the Web Summit show that Porto concentrates 19% of Portuguese startups and scaleups, leading the national ranking of entrepreneurship ecosystems.

In the European panorama, Porto also stands out with a number of startups per capita 20% higher than the European average. In turn, the North region proved to be the most entrepreneurial region in the country, concentrating 43% of the national startups and scaleups.

According to the study, in 2020 Portugal had 2159 startups and scaleups. Together, these companies already represent more than 1% of the Portuguese GDP.

Although young, the national entrepreneurial ecosystem is one of the best assets the country has, having earned distinctions such as 12th place in Startup Genome's Top 100 Emerging Ecosystem Ranking and classified as the 12th most innovative European country by the European Innovation Scoreboard. Portugal also stands out from other European countries regarding the number of start-ups per capita, being 13% above the European average.