Bonnie Li is an MBA ’25 candidate and Director of the Ivey MBA Finance Club. She recently travelled to Portugal for the Ivey MBA International Study Trip. In her blog below, she discusses her experiences learning about Portugal’s economy as well as the many startups that generate great social impacts.
An introduction to Portugal’s economy and culture
Walking out of Portugal’s Lisbon Airport, the trees I saw immediately reminded me of Miami, Florida. On the Uber ride to our hotel, the Lisbon cityscape evoked memories of certain South American countries. This interesting blend of first impressions triggered my curiosity about Portugal, both culturally and economically.
We began to learn some of these details during our visit to the Bank of Portugal. João Amador, Deputy Head of the Economics and Research Department, shared some key statistics about the Portuguese economy. I was shocked to learn the average income in Portugal is only about half of the average income in the European Union. Recent years of high inflation have further accelerated financial challenges for many Portugal residents. Our local trip manager frequently mentioned Lisbon’s rising housing prices, which have forced many residents to relocate to the city’s outskirts. These surprising insights painted a more nuanced picture of Portugal than what a casual tourist might perceive.
Culturally, it was fascinating to discover that Brazilians form the largest immigrant group in Portugal due to historical and modern agreements between the two countries. This became apparent during our visits to local restaurants, where many of the waitstaff we spoke to were Brazilian. At first, we thought this was a coincidence, but as we learned more, it became clear that Brazil’s deep cultural and historical ties to Portugal have translated into significant immigration patterns.
Social impact in startups
Part of our trip included visiting Impact Hub Lisbon, a co-working space for entrepreneurs, where we learned about two inspiring social startups. In the past, when I thought of startups, I primarily associated them with creating innovative products or services to fulfill market needs. I rarely considered the potential for startups to drive meaningful social change.
My perspective shifted after meeting the founders of two local companies: We Cheffes and Reshape. These companies are not just businesses – they are agents of social transformation. We Cheffes is a catering service that empowers women to build sustainable food businesses. In offering an opportunity for immigrant women to gain financial stability, it also helps to build a supportive community. Similarly, Reshape, an organization that helps prisoners to reintegrate into society, is focused on making society safer.
These startups are not focused on maximizing profits. Instead, their primary goal is to create a lasting social impact, which is no less significant than the contributions of traditional technology companies. This experience broadened my understanding of entrepreneurship. I hope to start my own company someday so this experience gave me valuable insights into how businesses can serve both economic and social needs.
The value of face-to-face meetings in consulting
One of our key assignments during the trip was to develop a solution to a problem for Consultores de Engenharia e Arquitetura (TPF), a local consulting firm. Although we had virtual meetings with TPF representatives prior to the trip, it was challenging to fully grasp their expectations or the scope of the project in those initial meetings. Our limited communication and the absence of in-person interaction made it difficult to gain a deep understanding of TPF’s goals. It wasn’t until we met the TPF team in person in Lisbon that things became clearer. Face-to-face discussions allowed us to ask critical questions and establish a much more comprehensive understanding of their needs so we could execute this project. This experience highlighted the immense value of in-person meetings in the consulting world. On-site visits can help you to observe the client’s facilities and operations firsthand. Additionally, the personal interactions help to foster clarity, build rapport, and allow for more dynamic exchanges, which are often difficult to achieve in virtual settings.
Final thoughts
The MBA Portugal trip offered me invaluable insights into Portugal’s economic disparities, the country’s cultural fabric, and the power of socially conscious entrepreneurship. Additionally, it deepened my understanding of the consulting process and the importance of direct client interactions.
As I reflect on this experience, I feel inspired to approach my future career with a more open and socially conscious mindset. Whether it’s considering the broader impact of business ventures or understanding the nuances of client relationships, this journey has left a lasting impression on how I view my professional and personal aspirations.
The Ivey group in Portugal
