The second USA location for Portuguese technology-based entrepreneurship in Kendall Square at the Cambridge Innovation Center (CIC), continues Portugal Ventures mission to provide ecosystem support to global businesses emerging from its Ignition Program.
Portugal Ventures (-Portugal Ventures-), announces its partnership with LB Ventures (-LBV-), a venture formation and acceleration entity, to establish a Center in Boston to complement the already established West Coast Bay Area location in San Francisco. The Center will cater for the needs of the growing portfolio of knowledge-based companies -born global- that are emerging in Portugal in various technology sectors, and will be of particular relevance for Life Sciences and Medical Technology businesses, as well as for ICT and Internet applications.
This initiative is part of Portugal Ventures Acceleration and Innovation Hubs in the World program, which is one of the 4 pillars of its Ignition Program. The Ignition Program was launched in 2012 with the purpose of spearheading the development of a modern and competitive economy open to the world, based on advanced knowledge, a strong capacity for innovation, and highly qualified human capital. Portugal Ventures expects to invest around 20 million per year in the creation of new tech-based startups, as the result of the periodic Call For Entrepreneurship.
Dr. Jos├® Franca, Chairman and CEO of Portugal Ventures, commented, -We are pleased to form a partnership with LBV, as it is led by an experienced entrepreneur, an investor whose track record includes venturing in the public and private sectors, and current management of the well regarded Industry and Venture Competition activities of MIT Portugal Program (MPP) . In addition, we look forward to a most fruitful set of collaborations in Boston, immersing in the cultural environment of Kendall Square and CIC, leveraging the vast presence of world-class startups in its ecosystem, and capturing the strong drive for entrepreneurship that is engrained in the MIT culture.-
Dr. Franca has a 40-year career as a professor, entrepreneur and business executive. He is a Full Professor of Electrical and Computer Engineering at IST (the Engineering School of the University of Lisbon) and was Co-Founder, Chairman and CEO of CHIPIDEA, a microelectronics startup company acquired by MIPS Technologies Inc. (NASDAQ: MIPS) in 2007. His distinguished set of honors include being an IEEE Fellow since 1997, recipient of its Circuits and Systems Society Golden Jubilee Medal as well as its Industrial Pioneer Award; Doctor Honoris Causa from the University of Macau; Ernst & Young International Entrepreneur of the Year Award (Portugal); -Grand Officer of the Order of Merit- of Portugal. In addition to his current role, he is the Chairman of PME Investimentos, Non-Executive Director of PVCi (Portugal Venture Capital Initiative), and member of the Portuguese National Council for Entrepreneurship and Innovation. Some of his former roles include: State Secretary for Education in the Government of Portugal and Non-Executive Member of the Board of Banco Espírito Santo S.A., as well as of several technology-based start-up companies, both in Portugal and abroad.
With 20 venture funds under management, and 100+ cos in its portfolio, Portugal Ventures startups and its Ignition Program Partners will work with LBV to have access to the vibrant entrepreneurial, knowledge-based ecosystem in Massachusetts to accelerate their development as global tech-based businesses. LBVs founder and Partner, Mr. Luis Barros is a serial entrepreneur including cos respectively acquired by TIBCO (NYSE:TBCO) and Microsoft (NYSE: MSFT). He was on management teams which architected and implemented investment programs such as: $1B Fund of Massachusetts Life Sciences Center (MLSC), Eli Lilly Ventures (NYSE:LLY), and I.C. Sciences Corp, which was established by co-founding family of Boston Scientific (NYSE:BSX).
In addition to his entitys relationship with Portugal Ventures, Mr. Barros will maintain his role as Co-Director of Industry and Innovation at MPP, a large-scale international collaboration involving MIT, Government, Academia, and Industry in Portugal to develop education and research programs.
Dr. Charles Cooney, MITs Robert T. Haslam (1911) Professor of Chemical Engineering, Faculty Director of the Deshpande Center for Technological Innovation as well as MPPs Entrepreneurship and Innovation Program comments, -Cambridges environment is ideally suited to promote cross-Atlantic synergies rooted in education, research and its commercialization. Further, Luis concurrent roles and capabilities in setting up venture development processes, education and ecosystem management, gives him unique perspectives to develop strategies and tactics to stimulate this effort.-
Luis Barros, said, -We are humbled by the opportunity to be associated with an initiative of such high importance to Portugals economic prosperity, competitiveness and employment. The current leadership has put together a visionary business model yielding companies that have great promise, and we look forward to building on the pillars of the Ignition Program.-
Tim Rowe, Founder and CEO of CIC, commented -We are pleased that Portugal Ventures has chosen CIC to be a strategic location for its outbound commercialization efforts, and we welcome them to our community. Sidi Gomes, CIC’s Lead Architectural Designer, who is from Lusophone country Cabo Verde, was recently in Portugal at the Emigrant Social Entrepreneurship Conference, and CIC has sponsored the IUL MIT Portugal Caixa Capital Venture Competition. We’re excited through the presence of Portugal Ventures to deepen our connections to this innovative country.-
Teresa Fernandes, Board Member of Portugal Ventures, commented, -Lisbon has been highlighted as an entrepreneurial hotspot in a recent article published by “Entrepreneur,” entitled “Emerging Tech: 9 International Start-up Hubs to Watch.- Our Cambridge location will be an important outpost to deliver on rise on the nations entrepreneurial environment, support the heated startup climate throughout Portugal, and provide the teams the best chance to realize the full potential of their companies-.
Portugal Ventures launch event, list of portfolio companies that will locate in the Center, and other news related to its Center will be announced in subsequent press releases and can be found on its website.
About MIT Portugal Program (MPP)
The MIT Portugal Program, launched in October 2006, is a strategic investment in science, technology and higher education, supported by the Government of Portugal through the Foundation for Science and Technology (Fundação para a Ciência e a Tecnologia). MPPs large-scale international collaboration involves MIT and Government, Academia, and Industry in Portugal to develop education and, leveraging MITs experience in four key areas: transportation, bioengineering, sustainable energy, and engineering design and advanced manufacturing. MPP involves a network Portuguese universities, research centers, and corporations in key areas for economic development collaborating to strengthen the countrys knowledge base through an investment in human capital and institution building. MPP seeks to demonstrate that an investment in science, technology and higher education can have a positive, lasting impact on the economy by addressing key societal issues through quality education and research in the emerging field of engineering systems.
About IUL MIT Portugal Caixa Capital Venture Competition
Building Global Innovators (BGI), The IUL MIT Portugal Caixa Capital Venture Competition, is part of a five year effort between IUL and MIT designed as a national competition to attract university spin-outs and new ventures with international product potential and to reinforce the transatlantic link between Portugal and Cambridge fostered by the MIT Portugal Program. 4 Finalists are eligible for 1,000,000 in Awards provided by Caixa Capital, the Venture Capital and Private Equity Arm of Caixa Geral de Dep├│sitos, the state owned and largest Portuguese banking group, with over 120B in assets and presence in over 20 countries. 200,000 gets awarded for three runner-ups and the 400,000 for the Grand Winner. In 4 editions the Venture competition has received nearly 400 applicants from 483 aspiring globalpreneurs from 14 countries in 3 continents. Cos have created more than 150 jobs and have secured an additional 15 million in financing.
About LB Ventures (LBV)
LB Ventures, LLC is a venture formation and acceleration entity. In addition to Portugal Ventures, its clients include venturing initiatives in Countries, Universities, Institutes, Industries and Governments, particularly in science, technology and economic development. LBV combines strategy, marketing commercialization “de-risking” processes and methodologies with access to entrepreneurial & non-dilutive financing to impact companies business model validation, customer acquisition, and enterprise valuation. LBVs network, affiliations and partnerships provide it with a comprehensive expert technical assistance offering in the public and private sector.
About Cambridge Innovation Center (CIC)
CIC Cambridge is the largest cluster of startups in the world. Founded in 1999, CIC Cambridge currently houses approximately 600 companies across 207,000 square feet in two adjacent office towers next to Massachusetts Institute of Technology (MIT). CIC Cambridge thus far has tracked approximately USD $2 billion of venture capital investment into the companies that started at CIC Cambridge. CIC companies include incubators, accelerators and nearly one hundred MIT and Harvard spinouts. CIC has also been the destination of choice for major technology firms, including Google, looking to set up their East Coast presence. In addition to providing a dynamic work environment, CIC serves as a community architect to support andthe work being done in local innovation ecosystems. Last year, CIC hosted over 500 events, seminars, and educational offerings in its facilities in Cambridge. Called -the most important building in Greater Boston, and for that matter the entire state- by the Boston Globe, CIC is perceived as an integral part of the innovation ecosystem in Massachusetts.
