Although unemployment in Portugal has risen considerably, the Portuguese youth are adapting to cope with the changing economic environment. While parts of the commercial district in Lisbon may be quieter than in the past, this isn’t true for the whole of the city. In a former silversmiths Street in Lisbon enterprising graduates have set up to 45 brand-new start-up companies in a project called Startups Lisboa. Not surprisingly these companies are Internet-based.
For instance one entrepreneur has designed a web platform connecting professionals and tradesman to potential clients. In the past this business might not have done so well, but now businesses are more anxious to advertise their skills. The project has gained a lot of inspiration from the United States, as it is hoped that having several entrepreneurs working side-by-side will help boost optimism and ideas.
The project is already proving hugely popular, as the president of Startups Lisboa has already received more than 600 applications. According to its president, Joao Vasconcelos, studies have shown that Portuguese people are amongst the most enterprising in Europe, and many unemployed businesspeople are choosing to create their own jobs by moving into these types of places.
This entrepreneurship is also taking place outside the capital, as young people have begun starting up dozens of new companies using funds from the European Union and the state. Apparently many are turning towards farming, as government data shows approximately 260 new farms are being created every week. Even though they may not have any farming experience, they may have graduated with other skills such as business, technology and management that are invaluable in helping to set up a company.