Though the elected government in Portugal has changed in recent months, politicians from all parties agree on several pillars that are integral to the future prosperity of the country. For Portugal to grow and flourish in the years to come, a combination of investment, innovation and opportunity must be part of the formula.
The benefits of investment are wide-ranging and include job creation, infrastructure development, and an increase in productive capacity for the economy. Investing in research and development directly correlates to increased innovation, which has been shown to enhance economic activity, health care outcomes, and public services while simultaneously attracting further direct foreign investment. The aforementioned elements also create opportunities for youth through education and skill development, allowing countries to retain young talent that might otherwise relocate for such prospects.
All of this explains why Empowered Startups’ HQA Visa Program has grown in popularity and continues to gain traction both domestically and internationally. The HQA Visa Program directly supports each of the pillars that Portugal is intent on fortifying and is being hailed by accomplished investors to prominent researchers to decision-makers at universities and polytechnics.
Startups: Catalysts for Change
Portugal has a thriving entrepreneurial ecosystem that is due in no small part to its vibrant startup community. Every investor in the HQA Visa Program creates a startup venture in Portugal that demonstrates the potential for significant growth.
Speaking at the recent Startup Capital Summit in Coimbra, João Rui Ferreira, Secretary of State for the Economy, stated that startups in Portugal are “great catalysts for change, challenging established conventions, bringing new technologies, transforming, more than the industry, an entire sector or set of sectors, some even with a very traditional basis, but which today are projected to a highly technological future. We need a Portugal that is truly interconnected between the different dimensions of the economic and business world, from universities to technological innovation centers and companies.”
Empowered Startups introduces further expertise to Portugal’s economy by finding proven entrepreneurs with a track record of business success, who are also keen to invest in startups beyond the ones they create.
“One of the unique aspects of our HQA Visa Program is that the people we’re bringing to Portugal have the experience and resources to contribute to the entrepreneurial ecosystem in various ways,” explained Chris Lennon, President of Empowered Startups. “Many of them are also Angel Investors who are eager to invest in compelling startups. These are accomplished businesspeople looking for attractive investment opportunities, and they are finding them thanks to our expansive Portuguese network and talented team.”
“Working with Empowered Startups for my HQA Visa was an absolute pleasure. Their expertise and attention to detail made what could have been an overwhelming process smooth and straightforward,” revealed accomplished entrepreneur and investor, Çağatay Çivici, a Turkish national who recently signed a research agreement with University of Beira Interior Medical to improve detection and diagnoses of abdominal afflictions. “From the initial consultation to the final submission, their team provided invaluable guidance and professional support, ensuring every aspect of my application was meticulously prepared. I highly recommend Empowered Startups for anyone navigating the complexities of the HQA process.”
Innovating through University Research
Supporting R&D through institutions of higher education is an essential component of the HQA Visa Program, which directs investment from its participants into Portuguese universities and polytechnics. Such institutions are the backbone of the research environment in Portugal and require proper funding to support the innovative people and relevant technology needed to advance the state-of-the-art in various industries. Empowered Startups has already grown its partnership network to 15 prominent Portuguese universities and polytechnics, which recognize the numerous advantages the HQA Visa Program offers.
Amílcar Falcão, Rector of the world-renowned University of Coimbra (UC), offered his endorsement of the program earlier this year when UC joined the expanding network of partner institutions.
“The agreement we are now signing with Empowered Startups is another contribution to fulfilling, in the best way, one of the pillars of the University of Coimbra’s mission: the transfer of knowledge to society”, declared Falcão. “We are a leading university, with a high number of patents and many projects capable of creating value. And I believe that this partnership can bring very positive results for all parties.”
American entrepreneur and investor Vijay Vaidyanathan echoed Falcão’s optimism upon signing his research agreement with the Polytechnic of Leiria in May. Through building startups and accruing technical expertise for the past three decades, Vaidyanathan has experienced the highest levels of technological advancement and was clearly excited by what he witnessed in Portugal.
“It was terrific to meet with the incredibly impressive researchers and students at Polytechnic of Leiria and talk about their fascinating applications of AI. I look forward to collaborating with them on new applications. The level of sophistication I’ve observed at European universities and Startup initiatives in these and related areas really should put Silicon Valley on notice!”
Opportunity for Young Talent
Not only does the HQA Visa Program facilitate funding for the collaborative endeavors that transnational entrepreneurs and Portuguese researchers will partner on, but it also creates significant opportunities for researchers and students who have often been forced to pursue such roles in other countries. These projects keep young Portuguese PhD and Master’s students at Portuguese institutions and improve the chances of having these talented individuals remain in Portugal to contribute to the country’s future.
Prime Minister Luís Montenegro has repeatedly stated the importance of retaining such talent, with his government recently creating measures aimed at reducing the obstacles for young Portuguese people to settle in Portugal. “We need young people Portuguese in Portugal, so that we all have a better future” declared Montenegro in late May, a message he has reiterated both domestically and abroad. The HQA Visa Program tangibly supports this initiative, specifically by partnering with universities and polytechnics in several smaller communities throughout Portugal’s interior where the issue of talent retention has been most pronounced.
“This agreement reinforces the work we have been doing to put the scientific and technological knowledge produced at our institution at the service of the community, through practical, innovative solutions aimed at solving society’s challenges,” asserted Sara Proença, Director of the INOPOL Entrepreneurship Academy of the Polytechnic of Coimbra. “We are convinced that the strategic collaboration that we have now begun with Empowered Startups will provide new opportunities for researchers and the academic community of the Polytechnic of Coimbra while also acting as a catalyst for the economic and social development of the region.”
Nuno Almeida, Pro-President of IP Leiria, is equally optimistic. “We expect growth in the transfer of technology and knowledge between academia and industry with a higher potential for internationalization. The connection with the regional economic environment will generate a dynamic of opportunities aligned with the strategic plan 2030.”
The Future is Bright
Having delivered more than 80 transnational investors to Portugal through its HQA Visa Program, Empowered Startups has directed nearly €5 million of direct investment to the country and its higher education research facilities. While the immediate advantages are evident, the future benefits will materialize into even greater rewards for the western European nation.
“Empowered Startups has been bringing direct investment to Portugal’s startup ecosystem and higher education institutions for more than half a decade through our HQA Visa Program. As the program continues to mature and expand throughout the country, the dividends it is bringing to Portugal are growing quickly,” expressed Lennon.
As the only government-endorsed delivery partner of the HQA Visa Program, Empowered Startups is committed to facilitating at least 25 projects and high potential founders to each of 10 Portuguese universities and polytechnics in the span of 36 months.
For more information on the HQA Visa Program can be found on Empowered Startups’ website.
