Portugal's Startup Ecosystem Report 2024: Insights for Job Seekers

Portugal's startup scene gets extra attention with the annual advent of Web Summit, and this year it coincided with the release of the Portugal Startup Ecosystem Report 2024, a report by Startup Portugal, IDC, and Informa. This comprehensive report offers a detailed look into the country's dynamic startup landscape, highlighting significant growth and emerging opportunities for professionals eager to join this vibrant sector.

It speaks of a robust expansion of Portugal's startup ecosystem, with a 16% increase in 2024, totaling 4,719 startups. These companies have collectively generated €2.6 billion in turnover and employ over 26,000 talented people. When compared with other European nations, Portugal stands out for its quality of life, vibrant innovation hubs, and competitive operating costs. While countries like Germany and France boast larger ecosystems, Portugal has carved a niche with its focus on creating a welcoming environment for startups, offering tax incentives, streamlined digital services, and a growing talent pool. Ranked 7th globally for peace and expat satisfaction (Global Peace Index 2024) and 29th in the Global Startup Ecosystem Index, it attracts entrepreneurs and professionals from across the globe, combining work opportunities with an unmatched lifestyle.

Why Join a Startup in Portugal?

Portugal’s startups offer unique advantages that make them highly appealing to job seekers:

• Quality of Life: Ranked 7th globally for peace and safety (Global Peace Index 2024), Portugal is a haven for expats, offering a mild climate, rich culture, and vibrant communities.
• Professional Growth: With 138 incubators nationwide, some world-class such as Startup Lisboa / Unicorn Factory, IPN, UPTEC, Startup Braga, Fábrica de Startups, BGI, and Beta-i, startups benefit from structured support and mentorship programs, ensuring talent works in environments designed for growth.
• International Reach: A significant 33% of Portugal-based startups generate revenue internationally (Startup Genome), creating opportunities to work on global projects while staying in Portugal. And let’s not forget all other major startups and unicorns with major hubs in Lisbon and Porto!

Challenges and How to Overcome Them

While the startup ecosystem is growing, it faces challenges that job seekers should consider:

• Salaries: With an average startup wage of €2,000 per month, salaries are 72% higher than the national average but still lag far behind countries like Germany or the Netherlands (OECD). However, startups do often offer perks like equity, flexible schedules, and remote work options.
• Talent Shortages: There’s high demand for IT, data science, and digital marketing professionals (OECD Talent Report), making this a prime opportunity for skilled individuals.

4 Steps to make it into Portugal’s Startup Scene

For those ready to join the ecosystem, here are a few tips into how you can maximize your employment chances:

1. Focus on Skills in Demand: engineering and data, and marketing and sales skills are sought after. The report actually mentions talent shortages in IT and data science but boasts 42% of tertiary education graduates in the 25-34 age range, aligning with the EU average (OECD and Eurostat).
2. Browse startupjobs.pt: We monitor 100+ top startups and scaleups with strong activity in the country and showcase what we consider to be high-quality jobs in an harmonized, easy-to-compare way.
3. Explore Startups with Recent Funding: Portuguese startups raised €306M in 2024 and are likely expanding their teams (Dealroom.co).
4. Leverage Incubators: Networking events and job boards hosted by incubators like Startup Lisboa/Unicorn Factory or Startup Braga are invaluable resources for finding roles.

The Future is Bright

The Portugal Startup Ecosystem Report 2024 paints a vibrant picture of growth and opportunity. Whether you’re an aspiring professional or looking to make a career shift, Portugal’s startups offer a unique mix of dynamic work environments, professional growth opportunities, and a great quality of life.

The time to act is now—take the leap into Portugal’s thriving startup ecosystem and shape the future alongside innovative companies leading the way.