Venture capital vital for Portugal businesses

According to the Portuguese Minister for Economy, it is essential that companies look to venture capital as a way of financing new business projects in the future. Speaking at an award ceremony for businesspeople with high potential, Carlos Tavares pointed out that venture capital has traditionally been sidelined within the country, to the detriment of many newly-established businesses which have fallen by the wayside without proper financial backing. The Portuguese government runs a programme called Novas Empresas de Suporte Tecnológico (NEST) which provides financial backing to entrepreneurs, so that they have to provide no more than 5% of the capital themselves.

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• Southern Europe