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Adamastor Weekly

Week 20

Growing up

CR

Carlos Resende

Expert Evaluator at the European Commission and Co-founder of Founder Institute Portugal.

4 min read

I returned from Porto with tired legs and a head buzzing in that familiar way these gatherings tend to provoke (and the party along Dragao, Ribeira and Aliados dried my batteries). The third edition of SIM Conference once again filled the Alfândega with energy, ambition and a density of conversations that you don’t often find concentrated in one place. And, as always, the city did its part, reminding us that entrepreneurship may be global, but its rituals are still very local.

But now that the badges are in a drawer and the rhythm of the week has reclaimed its usual shape, it’s worth pausing to look at what actually happened, not the LinkedIn version, but the real one.

According to Startup Portugal, this year brought together more than 4,000 people, around 400 startups, and close to 200 investors, with roughly one in five coming from outside the country. Numbers matter, of course. They tell us that Portugal can now convene a room that would have been unthinkable a decade ago. But what stayed with me wasn’t the scale, it was the density. People who raise capital and people who allocate it, actually meeting with intent. Not by accident, not by proximity, but by design.

That is still rare in Portugal. And it is still precious.

SIM has grown into something that sits in an interesting space: part marketplace, part checkpoint, part mirror. It shows us what we are becoming, but also what we are still not.

This year, more founders spoke about revenue than rounds. More investors asked about retention than about pitch decks. More conversations were about operations, hiring, and the unglamorous mechanics of building something that lasts. It’s a sign of maturity: the ecosystem is learning that the story is not the company. The company is the company.

And then there was the room, the one that matters. The one where people who build, people who fund, and people who support the ecosystem sat together with a level of seriousness that wasn’t always there in previous editions. Less noise, more signal. Less theatre, more intent.

As a side note, I was a very interested spectator of the Ecosystem Table during SIM, a conversation that deserves its own space, and that I’ll write about in the future. It was one of those moments where you feel the ecosystem thinking collectively, not competitively.

SIM Conference 2026 didn’t just showcase an ecosystem. It revealed one that is growing up. Not in size, that part is easy, but in posture; and that should make us optimistic.

A final note to acknowledge Startup Portugal. This is not a sympathy gesture toward an organisation that consistently receives me with warmth, but a recognition of a team that delivered and deserves to be credited for it.

  • 💡 The Startup Capital Summit is one of the main Startup Conferences in Portugal and will take place June 3rd. Tickets available.

  • 💡 PIRATE Night on June 24th applications open for free booth + two tickets.

  • 💡 Santander X Do you want to take your startup or scaleup to the global stage of innovation? Applications open until June 30.

  • 💡 Portugal Tech Week returns from November 6 to 15, 2026, and at the heart of it, PTW Palace returns as one of the spaces where the week comes alive. And they are looking for sponsors.

Keep following Adamastor to stay up to date with our ecosystem.

See you at the next event.

✍ Quote of the week

“If someone offers you an amazing opportunity and you are not sure you can do it, say yes – then learn how to do it later!”

Richard Branson

Highlights of the week

Congrats

  • 👏 GuideSofia, 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐨𝐧 and Lola Stories the winners of Nova Startup Club - Pitch Competition

  • 👏 merytu raised 1.5M

Something to read, listen and watch

Looking for your next spark of inspiration or connection? Discover what’s happening in the ecosystem—check out the Adamastor Events Calendar and find the perfect event that fits your goals, your vibe, and your stage. From founder meetups to investor talks, there’s something for everyone.

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A weekly read on Portugal’s startup scene. The raises, the launches, and the stories behind them. Every Tuesday by Carlos Resende, who’s curated it since 2017.

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Anonymous. Carlos reads every note that comes in.