tech

International Success

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%.

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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.

Scientific Growth

Last year saw a dramatic rise in the number of patents granted to Portugal by the European Patent Office. Between 2016 and 2017, the number of patents granted rose 15.3%, the highest rate of growth in a decade! The areas with the most applications were medication and medical technology. Porto led the country with 16% of applications, and Universidade do Porto ranked in the top 5 applicants.

The growth was not contained to Portugal; Europe overall applied for more patents in 2017 with a 3.9% growth, highlighting the rising interest in STEM and tech knowledge across the continent. We've already reported on the emphasis of these fields in Portuguese schools and the growth of these markets in Portugal. This recent news highlights the ideal timing for international students to study abroad in Portugal!

Photo via  U.Porto

Photo via U.Porto