Inside the Lisbon Factory Breeding Global Unicorns · TechNode

Lisbon’s Tech Revolution: From Cookie Factory to Global Innovation Hub

In the heart of Lisbon’s Beato district, history and technology have collided to create one of Europe’s most remarkable innovation ecosystems. What was once a sprawling industrial complex producing cookies, pasta, and bread has been transformed into the Unicorn Factory Lisboa—a vibrant hub where the past fuels the future of European digital economy.

Industrial Heritage Meets Digital Innovation

The moment you step into the Beato Innovation District, the contrast is striking. Red-brick buildings with decades of industrial heritage stand proudly alongside state-of-the-art laboratories and tech offices. This isn’t your typical glass-and-steel tech campus—it’s a place where innovation breathes through walls that once echoed with the sounds of food production.

José, Director of Unicorn Factory Lisboa, gestures toward the skyline with evident pride. “That used to be a cookie and pasta factory,” he explains, his voice carrying the weight of transformation. The surrounding buildings tell similar stories—a former bread factory undergoing renovation, a silent milling plant still standing as a monument to the site’s original purpose. Together, they form a 35,000-square-meter canvas that has been repurposed for a new mission: powering Europe’s digital future.

A Sanctuary for Deep Tech Pioneers

Since its launch in 2017, the Unicorn Factory has evolved far beyond a simple coworking space. With 10 of its 18 heritage buildings renovated and over 1,300 innovators now working within its walls, it has become what José calls “a unique sanctuary where major deep-tech companies, startups, and research centers coexist and collaborate.”

The ecosystem is hardcore in the best possible way. Micro Harvest has built a compact bio-factory right inside the building, using bacteria to cultivate protein for sustainable fish feed. They’ve already achieved large-scale production, proving that cutting-edge biotechnology can thrive in spaces once dedicated to traditional food manufacturing.

Claranet, a cybersecurity firm recently acquired by a telecom giant, has created something extraordinary within these historic walls. They’ve built a top-tier situational awareness room for their 500 employees, complete with a dedicated R&D and training center for cybersecurity. The juxtaposition is powerful—cybersecurity operations housed in a building that once secured food supplies for Lisbon.

Global Ambitions Born in Small Markets

Gil Azevedo, Executive Director of Unicorn Factory Lisboa, shares insights that challenge conventional wisdom about startup ecosystems. In just one year, 250 startups and over 1,000 students have joined their programs, with half of the startups coming from outside Portugal. This international appetite is remarkable for a country that many might consider too small to matter on the global tech stage.

Gil observes an interesting pattern: unlike startups in larger markets that often wait until they’ve scaled before pursuing global expansion, Portuguese businesses start seeking international opportunities at a very early stage. For them, overseas expansion isn’t a luxury—it’s an essential requirement for growth.

This mindset has nurtured a thriving ecosystem that has already produced seven unicorn companies. Six of these emerged years ago, with artificial intelligence playing a key role in each of their business models. The ecosystem extends beyond AI, boasting competitive enterprises in health tech, food tech, and fintech. Portugal leads Europe in green economy innovation within the sustainability sector, and even traditional industries like textiles are being reshaped by innovative solutions.

The Three-Continent Bridge

Portugal’s unique geographic and cultural position makes it more than just another European startup hub. As Gil emphasizes, Portugal is emerging as a unique global hub connecting innovators across three continents. With its solid talent pool and inclusive multicultural environment, it serves not only as a springboard to the European market but also as a natural bridge to South America (especially Brazil) and Africa.

Drawing on its open spirit dating back to the Age of Discovery, this former factory has become a truly international stage for innovation. “Our vision is to achieve true globalization,” Gil states with conviction.

A Comprehensive Support System

To support such ambitious growth, the Unicorn Factory has built a comprehensive six-pillar support system covering youth entrepreneurship, early-stage incubation, scale-up programs, innovation centers, international collaboration, and social innovation. This holistic approach ensures that innovators at every stage of their journey find the resources and connections they need to succeed.

The Third Option

Through our exploration of this remarkable ecosystem, we discovered what makes the Unicorn Factory truly special—it offers what we call “The Third Option” to global innovators. It’s neither the established tech hubs of Silicon Valley nor the emerging ecosystems of Asia. Instead, it represents a unique blend of historical authenticity, strategic positioning, and forward-thinking innovation culture.

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