Portuguese startups showcase their innovative products in Shanghai

Six Portuguese entrepreneurs left Shanghai on Thursday after completing their roadshows and taking away valuable advice from local experts on how to enter the Chinese market.

Their startup programs, Agit, Glooma, and Gripwise, were chosen from over 200 teams in Portugal's sixth Protechting Acceleration Program and got the chance to travel to Shanghai to check out market potential.

The Fosun Foundation hosts Protechting, a startup accelerator and incubator program that combines the terms "protection" and "technology," to support global young entrepreneurship in the era of Internet+ and AI. It encourages young people to integrate technology into financial, insurance, and medical care, as well as to use innovation to improve the quality of life and security for all.

"I'm happy to be here. We were very welcomed, and it was beyond our expectations," said Frederico Stock, co-founder of Glooma, a startup that showcased a glove with sensors and an artificial intelligence system for early detection of breast cancer.

He said that the company was looking for partners to help them procure components for their devices.

"Of course, the Chinese market is enormous. We're talking about one-fifth of the world's female population, so we're looking for opportunities to see if there are any doors or windows that might open for us here," he said.

Ricardo Moura, CEO and Co-Founder of Gripwise, which demonstrated an integrated system capable of assessing and monitoring frailty in a simple and fast manner, stated that he and his partner intended to find a local partner.

"We need to have a partner that knows the market. We need to understand how to sell in such a big country with such a huge population, what the best way is to use the technology, and how we can go to the market with the best of the technology."

Tiago Santos, co-founder of Agit, an app that recognizes people's movements and provides feedback and guidance during physical exercises. Users can enroll in challenges and engage with friends on the platform to make dull activities more exciting. It targets not only fitness enthusiasts but also coaches, Internet influencers, and sports and health businesses.

A judge told the team that the most difficult part was that people may be unwilling to pay. He suggested that they leverage content creators to bring the group together and sell their own services.

"I consider the feedback to be highly significant. People in China, and I believe elsewhere, don't necessarily want to pay if they believe things should be free, such as fitness applications," Santos said.

He said that he would report the feedback to the team and make a decision on how to adapt their roadmap.

Santos said it was his first trip to China, and he was "blown away" by the vast market and culture.

"I think I will need to go back and think of what I have just experienced," he added.

"We are not currently fundraising in China or anywhere else, but we hope to be able to do so. Investing in startups involves a long-term commitment. It resembles a marriage. You don't marry at first sight; you need to get to know the person.

"So hopefully, on this trip, we can start to get to know potential investors for the future."