On March 4, CATÓLICA-LISBON hosted a Fire Chat session dedicated to the top five Portuguese hubs featured in the “Europe’s Leading Start-up Hubs 2026” ranking by the Financial Times, announced on February 19, 2026. The event aimed to reflect on the factors behind the success of these hubs and to discuss the current challenges and future prospects of the entrepreneurial ecosystem in Portugal.
The session was opened by Céline Abecassis-Moedas, who highlighted the significance of Portugal’s presence in the ranking. According to the professor, around 10 to 15 years ago there were very few spaces in Portugal dedicated to supporting entrepreneurship, making this recognition a clear sign of the ecosystem’s evolution. At the same time, she emphasized that this progress also brings the responsibility to continue improving and strengthening the conditions for entrepreneurship to thrive in the country.
The event also featured Miguel Aguiar, Executive Director of Startup Portugal, who reinforced this point, noting that 12 Portuguese hubs were recognized in the European ranking, four of which are among the top 50, a significant achievement for a country with around 10 million inhabitants. Miguel Aguiar also highlighted the role of universities in the creation of startups and the remarkable growth of the national ecosystem, which currently includes more than 5,000 startups and represents approximately 1% of Portugal’s GDP and 1.5% of its exports.
Another key factor discussed was the global mindset of Portuguese startups. Due to the small size of the domestic market, many companies are born with international ambitions, which has become an important competitive advantage. However, the main challenge for the coming years is scale. Although the number of startups has grown significantly, with around 70% created in the past five years, these companies will need better access to capital, stronger international ambitions, and enhanced growth capabilities to scale.
The panel brought together representatives from Unicorn Factory Lisboa, Lispolis, The Fintech House, Startup Braga, and Build Up Labs, who discussed the main challenges faced by the ecosystem. Among the key issues highlighted were the need for stronger support for startup development within universities, greater international connections between founders and improved access to early-stage funding. Currently, there is a significant gap between the early-stage funding a startup needs and the point at which investors typically provide their first ticket. This situation is further compounded by the relatively small number of business angels and founders with successful exits who are able to reinvest in the ecosystem, in a society that has traditionally been more risk-averse and often favors safer investments such as real estate.
Beyond financial challenges, the speakers also pointed out that many entrepreneurs delay launching their startups because they believe their product is not yet ready, emphasizing the importance of testing, experimenting, and gathering feedback as early as possible.
Finally, the importance of networking, community and knowledge sharing was emphasized. The experience accumulated by these hubs helps new entrepreneurs avoid common mistakes and supports them in testing ideas, refining solutions and finding the right partners. In this context, organizing events, meetings and opportunities for direct interaction with investors and companies plays a key role.
Closing the session, the Dean of CATÓLICA-LISBON, Filipe Santos, also highlighted the role of universities in fostering entrepreneurship in Portugal. He noted that the institution has consistently ranked among the three most entrepreneurial universities in the country, reflecting the impact of startups created by its alumni. He also stressed that continued growth of the ecosystem will require stronger collaboration between entrepreneurs, companies, and investors, as well as the development of smart public policies, both at the municipal and national levels, capable of supporting innovation and entrepreneurship across the country.