Portugal can create two to three global deep tech champions by 2030, according to the Deep Tech Portugal Outlook 2026 report, presented by Porto Business School. The study identifies Portugal as already having the science, companies, and infrastructure needed to sustain a competitive ecosystem, but warns of the challenge of transforming this potential into global-scale companies that keep their headquarters, intellectual property, and decision-making capacity in the country.
The report identifies four main barriers to sector development: lack of growth capital after Series A, slow technology transfer, STEM talent shortages, and limited use of public procurement as an initial market for national technological solutions. In 2025, deep tech funding in Portugal reached around 400 million euros, about three times more than in 2018, but represented only about 2% of capital invested in Europe.
The study identifies six areas with scale potential for Portugal: Space and Atlantic, Defense, artificial intelligence, semiconductors and photonics, health and biotechnology, and blue economy and green energy. Companies such as Tekever, Sword Health, Feedzai, Critical Manufacturing, and Neuraspace are highlighted as examples of national capability. PBS recommends that Portugal should not seek to replicate the investment volumes of large markets, but concentrate resources where scientific capability, industry, and European demand intersect.
The report proposes six measures to be implemented over the next 12 to 24 months, including the creation of a national scale-up financing vehicle, the use of the State as "Zero Customer" of Portuguese technology, the standardization of intellectual property models in universities, strengthening capacity to attract European funding, and increasing the STEM talent pipeline. José Esteves, dean of PBS, states that Portugal needs to choose where it has real assets and there concentrate capital, talent, and demand.
