The city of Rio de Janeiro is making significant strides in developing its technology ecosystem, with recent milestones including $200 million worth of deals being signed during the Web Summit innovation event. The three-day conference attracted over 35,000 attendees from more than 100 countries, and is expected to generate $286 million in economic activity for Rio by 2028. The city aims to make the conference as large as its flagship event in Lisbon, attracting over 70,000 attendees.
During the conference, 10 cooperation agreements were signed, a result of over 60 meetings organized by the city’s investment agency InvestRio. Investments doubled compared to the previous year, turning Web Summit into a major business generation platform for the city. Additionally, initiatives such as the launch of Porto Maravalley, an entrepreneurship and education hub, and the Instituto 12, backed by companies like TIM and Hashdex, are aimed at boosting the local tech ecosystem.
Local entrepreneurs are beginning to feel the impact of the efforts to create a thriving technology environment in Rio. While large events like Web Summit have the potential to transform Rio’s tech scene, there are challenges faced by local players, such as the need for more investment in niche events. The city is also focusing on driving internationalization, attracting companies from other countries and digital nomads to grow the local tech ecosystem.
The city has signed agreements with companies such as Unicorn Factory from Lisbon, aiming to attract tech businesses to Rio. Startup20, a startup engagement group, convened during Web Summit, bringing together participants from 22 countries and the European Union. This integration into the G20 framework is part of Rio’s strategy to foster international collaboration, ahead of the G20 Summit taking place in the city in November.
The Brazilian Startups Association organized the Startup20 meeting in Rio, focusing on public policies for innovation and regulation in sectors like artificial intelligence and finance. The city’s efforts to showcase its tech potential at Web Summit and other events reflect a broader push to establish Brazil as a leader in global innovation and technology. Despite challenges, local stakeholders like Fernando Paiva are optimistic about Rio’s potential to become a significant player in the national tech ecosystem.
Paiva believes that Rio’s traditional strengths in areas like satellite infrastructure and oil and gas could give it a specific focus within the innovation space. He notes that when the public sector is committed to supporting the tech ecosystem, success is more likely. Overall, Rio’s efforts to develop its technology ecosystem are showing promise, with events like Web Summit playing a key role in attracting investment, talent, and international collaboration to the city.
