Last week we blogged about the educational partnerships between Portuguese universities and foreign institutions. This week, we want to update you on the results of these partnerships. Dozens of new companies have been formed through collaboration with international organizations. Feedzai was the first startup generated by the Carnegie Mellon Portugal program. The company, which uses artificial intelligence to fight fraud, is valued at over 500 million euros. This business is just one of hundreds started as a result of partnerships with foreign institutions. Others include Veniam, which creates technology for autonomous cars, and FuelSave, which helps companies reduce their fuel use by 20%.
UTEN Portugal reported that each euro that the Fundação para a Ciência e Tecnologia invested in these companies yielded 40 euros return. With these results in mind, the Portuguese government initiated the second phase of this project, GoPortugal, in February to keep the partnerships in place until 2030. 64 million euros have been invested into the second cycle, as the Minister of Higher Education Manuel Heitor discussed during a visit to the United States.
The rewards are not just monetary either; in the first five years of the program, universities were granted 20% more patents. Spinoff companies reported an increase in hiring of 38%. 1500 students have completed their higher education through one of these programs. Overall, it is clear that national markets can benefit from educational partnerships across borders just as much as international students can! The success of GoPortugal will likely contribute to a rise in educational cooperation in Portugal and abroad.