Portuguese startups generate 2.3 billion turnover and create 25 thousand jobs

Written By Manuel Poças

Portuguese startups generate a turnover of 2.3 billion euros and create 25 thousand jobs.

According to the numbers released this week by Startup Portugal during the WebSummit, there are 4,073 startups in Portugal.

Note that Lisbon and Porto are the two districts that concentrate the most startups. There are 1,822 startups in Lisbon and 643 in Porto.

The term startup, according to the definition provided during the event, refers to companies that employ less than 250 workers and a turnover of less than, or equal to, 50 million euros. Note that there are other criteria, but these are the more relevant.

Of the 4,073 startups, 35% are exporting companies. This value (35%) is 11% above the number of Portuguese exporting companies that are not startups. Of the 2.3 billion euros in turnover, 1.3 billion come from those same exporting startups.

Between 2019 and 2022, the turnover produced by the national startups (not just the exporting companies) grew by 24.4%. This is way above the 9.1% of the total number of Portuguese companies (startups and not startups). Moreover, 26% of the 4073 startups grew non-stop during those 3 years.

When it comes to the impact on employment, Portuguese startups have already generated 25 thousand jobs. This corresponds to an employment growth of 17%, a value that is also way above the national average, which was 1.6%. 3.8% of the startups are High Growth Companies. The term refers to companies that have an average yearly organic employment growth of 20% for three consecutive years.

Wages are also above the national average. The average monthly wage paid by startups is 1,700 euros, a number that is 37% above the average monthly wage paid by all Portuguese companies.

70% of the 4,073 companies were created during the last five years, but the years 2021 and 2022 are the ones that hold the record. In 2021, 600 startups were created, and in 2022, 706.

In terms of ownership, the majority of the startups are owned by single partners. 83.2% are owned by single partners, 9.4% belong to foreign companies, and 7.5% by other national companies.

When it comes to their sector, the vast majority belongs to information and communication technologies. 3278 of the 4073 startups belong to this sector. 61% of the 2.3 billion turnover comes from these tech companies. Notwithstanding, even though the startups that belong to the industrial sector are significantly less, their combined turnover corresponds to an astonishing 26% of the total.

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