UnicornQuest | PACT brings together stakeholders again
On February 15th, 2024, the Partnership for Alentejo Competitiveness and Technology (PACT) convened its second Regional Key Group meeting, bringing together stakeholders from across the region to discuss initiatives aimed at stimulating entrepreneurship. Hosted by Professor Soumodip Sarkar and Professor Rui Fragoso, the meeting provided a platform for sharing progress, addressing challenges, and brainstorming solutions to bolster startup creation in Alentejo and Portugal.
The meeting commenced with an overview of the project's advancement and forthcoming activities. Following this, participants engaged in a fruitful dialogue, exchanging insights on best practices, obstacles, and recommendations concerning entrepreneurship promotion. Among the notable contributors was Professor José Bilau from IP Beja, who highlighted the challenges faced by students in developing startups or spinoffs, particularly in securing investment and navigating bureaucratic hurdles.
A recurring theme throughout the discussion was the need for streamlined processes and supportive policies for budding entrepreneurs. Participants expressed concerns over the scarcity of venture capital in the region and the absence of tailored legal frameworks for startup ventures. Additionally, the importance of integrating entrepreneurship education within higher education institutions (HEIs) was underscored, with Professor Sarkar shedding light on the "Startup PhD" program at the University of Évora as a proactive step in nurturing entrepreneurial mindsets among doctoral students.
Addressing the multifaceted challenges, Professor Paulo Quaresma emphasized the role of HEIs in providing infrastructure and support for startup development, albeit acknowledging the difficulty in attracting aspiring entrepreneurs to these initiatives. Professor Sarkar further highlighted the significance of professional training and intellectual property rights in fostering local entrepreneurship.
The discussion expanded to encompass broader socio-economic factors influencing entrepreneurial ecosystems. Concerns were raised regarding housing accessibility and the need for coordinated efforts between academic institutions, government bodies, and industry stakeholders. Representatives from the Coordination and Regional Development Committee (CCDR-A) and IAPMEI reiterated their commitment to facilitating entrepreneurship through policy interventions and investment mechanisms.
In a bid to address the identified gaps and enhance collaboration, stakeholders advocated for a unified approach towards simplifying procedures and aligning initiatives with regional needs. The importance of creating a conducive environment for startups to thrive and scale up was reiterated, with a focus on nurturing unicorns – high-growth startups with significant economic impact.
As the meeting drew to a close, Professor Sarkar urged participants to remain actively engaged in the project, emphasizing the critical stages of a startup's journey – from ideation to scaling. By fostering a culture of innovation, collaboration, and resource-sharing, stakeholders remain poised to drive meaningful change and propel Alentejo towards becoming a hub of entrepreneurial excellence.
In conclusion, the PACT Regional Key Group meeting served as a catalyst for dialogue and collaboration, laying the groundwork for concerted efforts to address the challenges and unlock the vast potential of entrepreneurship in Alentejo and beyond.