Whenever statistics about new businesses or new entrepreneurs appeared, we interpreted them as a sign of economic dynamism. But does creating more companies mean, in itself, creating a stronger economy?

The latest study by the International Monetary Fund leaves a message that deserves to be reflected. Portugal does not only suffer from a productivity problem. It also suffers from a persistent difficulty in transforming small businesses into high-growth companies. The so-called "gazelles", young companies that can grow quickly, continue to represent a very small percentage of the Portuguese business fabric, well below the European average.

This reality helps to explain why we continue to talk so much about innovation and entrepreneurship, but we see relatively few Portuguese companies gaining an international dimension.

The problem does not start with the ability to undertake. That one exists. Portugal has universities that train talent, recognised research centres, incubators, accelerators, private investors and a new generation of entrepreneurs much more prepared than two decades ago. The problem starts when these companies want to grow.

It is precisely at this stage that the greatest obstacles arise. Time-consuming administrative processes, complex regulations, difficulty in attracting funding for expansion phases, scarcity of venture capital, growing bureaucratic burden, and an administrative culture that is too often designed to control rather than facilitate. Growing in Portugal continues to require an enormous capacity for resistance.

And perhaps here lies one of the biggest differences between Portugal and many more competitive economies. In these countries, public policies seek to accelerate the growth of companies. In our country, there is often a tendency to treat everyone in the same way, regardless of their potential for innovation, export or the creation of qualified employment.

The responsibility does not belong only to a government or a party. It is a problem that crosses legislatures. For too many years, the government and the opposition have focused much of the political debate on the management of the immediate, leaving in the background the structural reforms that could transform the Portuguese business fabric. Administrative simplification, faster economic justice, fiscal stability, access to capital and a consistent strategy for innovation often remain hostage to the political calendar. However, the world does not wait.

Countries with which we compete are investing heavily in the creation of technological companies, advanced industry, artificial intelligence, biotechnology and the knowledge economy. They are not only competing to create more companies. They compete to create companies capable of leading international markets.

Portugal also has inspiring examples. Companies that were born small and today export technology, develop innovative solutions and compete globally demonstrate that talent exists. What is missing is to create an environment where these cases are no longer exceptions and become part of normality.

Rather than celebrating the number of companies created every year, perhaps we should start asking how many manage to double in size, invest in research, conquer new markets or create highly qualified employment.

Because a modern economy does not grow only through entrepreneurship. It grows when it manages to transform good ideas into great companies. And Portugal doesn't just need more startups. Above all, it needs more gazelles and much less bureaucracy.