Blue economy in Portugal: Isabel Carneiro Kahlen highlights potential for increased investment in startups

Isabel Carneiro Kahlen, partner at Morais Leitão and co-coordinator of Team Genesis, took part in the “Matosinhos e a Nova Economia do Mar” conference, where she discussed the growth of Portugal’s startup ecosystem and investment in the blue economy.

The blue economy still accounts for a relatively small share of startup investment in Portugal, despite the growth of entrepreneurship, applied research and investor interest. This was one of the key conclusions shared by Isabel Carneiro Kahlen, partner at Morais Leitão and co-coordinator of Team Genesis, during the “Matosinhos e a Nova Economia do Mar” conference.

During the panel “A Nova Economia Azul: Ciência, Biotecnologia e Startups do Mar”, Isabel Carneiro Kahlen discussed the evolution of Portugal’s entrepreneurial ecosystem and the growth opportunities associated with the blue economy.

Entrepreneurship and research gain momentum in Portugal

In her remarks, Isabel Carneiro Kahlen highlighted the momentum of Portugal’s startup ecosystem, characterised by increasingly close links between entrepreneurship, research and international ambition.

“What I see is that, here in Portugal, across all sectors, there is entrepreneurship and a focus on research within private companies, with ambitions for international expansion.”

Startup investment has kept pace with this development, driven by the emergence of new investors and public funding programmes. Isabel Carneiro Kahlen also identified the Portuguese and international business angel market as an increasingly relevant component of this ecosystem.

Blue economy accounts for around 5% of the investment analysed

Despite this progress, the blue economy’s share of startup investment still shows significant room for growth.

Based on an analysis of approximately €537 million channelled to startups through programmes under Portugal’s Recovery and Resilience Plan (PRR), managed by Banco Português de Fomento, Isabel Carneiro Kahlen sought to assess the share allocated to projects related to the sea.

Around 5% of the investment analysed was allocated to projects linked to the blue economy.

“I tried to make some simple calculations to understand the share of the blue economy in these investments, and the conclusion is that it is not as significant as it should be in Portugal.”

Nevertheless, Isabel Carneiro Kahlen identified positive signs in the development of this ecosystem:

“It still appears to be an emerging economy, but it is taking important first steps.”

Areas in which blue economy startups are already developing include aquaculture, robotics, software, clean energy and blue biotechnology.

New funding opportunities for dual-use technologies

The evolution of funding sources was another topic addressed. Isabel Carneiro Kahlen highlighted the growing momentum of the business angel market and the development of sea-related projects involving technologies with both civilian and military applications.

In this context, dual-use technologies are becoming increasingly relevant, creating new opportunities for technology companies and innovative projects linked to the blue economy.

The challenge of turning innovation into value

Beyond the ability to develop technology and attract investment, Isabel Carneiro Kahlen highlighted another challenge facing Portugal’s ecosystem: turning innovation and knowledge into products and businesses capable of generating greater added value.

“We have many ideas, innovation and investment in companies developing technologies. But then our challenge lies in creating added value. Sometimes we sell our technology cheaply, and someone abroad then takes it and creates the product.”

The ability to retain this value will therefore be an important factor in ensuring that increased investment and innovation also translate into greater competitiveness for Portuguese companies.

Isabel Carneiro Kahlen’s contribution offered both a positive and a demanding perspective on Portugal’s blue economy: the country has knowledge, entrepreneurship and technological capabilities, but a significant part of the sector’s economic potential remains untapped. Increasing investment and, above all, creating the conditions for innovation developed in Portugal to translate into higher-value businesses will be key to the growth of the blue economy.

Watch the full panel video here.