The Rise of Madeira as a Startup Hub
The Madeira archipelago in Portugal is experiencing a surge in the technology sector, with emerging technologies like blockchain and artificial intelligence gaining traction. The finance secretary of Madeira’s regional government, Rogerio Gouveia, reveals that the technology sector now constitutes around 30% of the island’s businesses, marking a significant shift from its tourism-driven economy.
Gaming Studios Quietly Embrace Blockchain
Traditional gaming studios are cautiously adopting blockchain technology, avoiding Web3-related buzzwords to avoid backlash from players and developers. Redcatpig, a game studio, faced challenges in integrating blockchain features into its games. CEO Marco Bettencourt acknowledged the difficulty of convincing the team to explore the benefits of blockchain integration. However, despite their efforts, they have chosen to steer clear of buzzwords and focus on tangible advantages for players.
Insights for Web3 Startups Raising Funds
Alexandre Mendes, head of ventures and strategy at Subvisual, shares valuable advice for startups seeking capital. He emphasizes that not all money is the same and encourages startups to carefully consider their investor strategy and participation in governance. Mendes also questions the necessity of launching a token for every project, highlighting that many successful token launches have failed to deliver an actual product.
Madeira’s Support for Startups
Madeira is actively supporting startups by offering attractive incentives. The region’s free trade zone provides tax benefits such as one of the lowest corporate tax rates in the European Union and a capital gains tax exemption. Madeira is also developing a payment network using blockchain technology to facilitate currency exchange for tourists and optimize government operations.
Hot Take: Madeira’s Tech Transformation
The Madeira archipelago in Portugal is undergoing a remarkable transformation as it embraces emerging technologies and positions itself as a startup hub. With the technology sector representing a significant portion of the island’s businesses, Madeira is diversifying its economy beyond tourism. The region’s support for startups, avoidance of buzzwords in gaming studios’ blockchain integration, and insights for Web3 fundraising demonstrate Madeira’s commitment to fostering innovation. As Madeira continues to invest in technology and blockchain solutions, it is poised to become a prominent player in the global tech industry.
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