Rio de Janeiro advances plans to become technology innovation hub

Rio's government is focused on efforts to develop the local tech scene

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The city of Rio de Janeiro in Brazil is pursuing a strategy to develop and strengthen its local technology ecosystem. The local government reported the latest milestones in the strategy, including deals worth $200 million signed during Web Summit, an innovation event held in Rio this week.

The second three-day conference attracted approximately 35,000 participants from more than 100 countries, an increase of more than 60% compared to 2023. Additionally, the technology event is expected to generate R$1.5 billion ($286 million) in economic activity for Rio. Until 2028, according to a study conducted by City Hall.

“We hope that next year's edition will be even bigger,” the city's Urban Economic Development Secretary Chico Burges told reporters at an event on Thursday (18th). Bruges said the city hopes the conference will be on par with Lisbon's flagship event, which draws more than 70,000 attendees.

As a result of more than 60 meetings held by the city's investment company Investrio, at least 10 cooperation agreements were signed during the meetings. According to Invest.Rio President Alexander Vermeulen, the number of investments has doubled compared to last year's event.

“We have turned Web Summit into the city’s leading business creation platform, where investors, venture capital funds, entrepreneurs, and academia all interact in the same space, aiming to close these commercial deals. '', Vermeulen added.

Officials also noted that other initiatives are underway focused on strengthening the local technology ecosystem in areas such as skills development for the digital economy. This includes the launch of Porto His Mara Valley, a center of entrepreneurship and education in Rio's historic port area. The new site will also be home to IMPA Tech, the city's first undergraduate course focused on areas such as data science and applied mathematics.

Other initiatives focused on supporting the development of Rio's tech scene include the launch of Instituto 12, a private initiative backed by TIM, PRIO, Hashdex and others, with infrastructure support from InvestRio .

The new institute, based in Leblon near the iconic Copacabana Beach, is expected to act as a catalyst to bring experts back to Rio. Bruges said this is “particularly relevant” given the expected establishment of a new stock exchange based in the city, announced by the Emirate's state-owned holding company Mubadala Capital.

Impact on local founders

Local entrepreneurs are beginning to realize the current momentum behind creating a thriving technology environment and the impact of events like Web Summit in the process.

“Having attended so many different types of events, I've been able to control my expectations, so it's easy to be pleasantly surprised at a conference like Web Summit Rio. It's a really great experience.” said Gilmer Bueno, chief executive officer of fintech company Unica Instancia. It aims to increase liquidity in the legal market by identifying potential consumer issues that can be converted into judicial assets.

However, Bueno noted that it is important for entrepreneurs to develop strategies to connect with key strategic partners and suppliers. “The grandeur of the event alone does not guarantee the founder's success,” the founder pointed out.

Gilmar Bueno, Founder of Unica Instancia

Julia Passos

“My experience has been a very positive one, mainly due to the scale and high quality of the event, but above all because of the preparation I have put in,” said the founder. Bueno said Djassi frica, a venture and ecosystem builder and angel investment platform focused on African and African diasporan entrepreneurs, is ready to take advantage of what this event has to offer. He added that this was a result of the program he led.

A major conference has the potential to change Rio's perception when it comes to its tech scene, but there are other challenges facing local stakeholders.

Despite the company's chief executive being based in Rio, Mobile Time, a news and events business with a focus on innovation and mobile technology, has been forced to leave the company for operational and tax reasons. It had to move its fiscal address to São Paulo, where the company holds most of its events. .

“I hold all my events in São Paulo because there are no big companies that want to sponsor a small, niche event like mine, and there aren’t enough people who want to pay to attend. “, said Fernando Paiva, CEO of Mobile Time and journalist. The company's corporate events typically draw an average of 250 attendees to discuss topics such as bots and trends in the mobile space.

Paiva said the scenario is changing as large-scale events like Web Summit and other innovation and technology conferences held in Rio, such as Rio Innovation Week and Rio 2C, begin to draw more companies' attention to the city. I think that may change. “Startups often don't have the investment needed to host an event, so they need the investment of big tech companies,” Paiva said.

While large conferences have the luxury of investment risk, the reality is different for smaller companies who are also looking to build communities around different technology areas. “But I would love to host an event in my hometown,” Paiva says.

Promoting internationalization

Attracting digital nomads as well as companies from other countries is a key aspect of Rio's strategy to grow the local tech ecosystem.

Some of the agreements signed this week with the city's investment agency, including one with Lisbon venture builder Unicorn Factory, will support that goal, with a focus on attracting high-tech companies from European capitals to Brazilian cities. is placed.

Ingrid Barth, President of ABSstartups

Ingrid Barth

Additionally, the city sought to integrate Startup20, a startup engagement group with the world's largest economies, into Web Summit. The conference was held inside the Rio Centro, the convention center where major conferences were held, and attracted 420 participants and delegations from 22 countries and the European Union.

Integrating the summit into the larger G20 framework is a strategic move to boost internationalization and cooperation ahead of the G20 summit, when leaders of the world's largest economies meet in the city in November. .

“The presence of international delegations and investment institutions at the summit is a way to strengthen competition and promote Rio as an attractive investment and innovation destination,” said Rio G20 Organizing Committee President Lucas Padilla. Stated.

The Brazilian Startup Association (ABStartups) held its Startup20 meeting in Rio, following its first conference held in February in Macapu, the capital of Brazil's northernmost state, Amapu.

While the first meeting highlighted the potential of the Amazon and focused attention on innovation and investment opportunities to address climate issues, discussions in Rio focused on public policy for innovation, ESG, regulation of the financial sector and artificial intelligence. focused.

“The second meeting of Startup20 in Rio continues the work we started with Amap, designed to draw the attention of international players to the extremely rich and innovative Brazilian ecosystem, which tends to vary from region to region. '' said Ingrid. Mr. Barth, President of ABSstartups.

Barth is a champion of the internationalization of Brazil's technology businesses and believes Web Summit is an important platform to showcase what the country has to offer. “It is vital that our entrepreneurial spirit transcends borders, makes more people aware of our immense potential, and establishes Brazil as a global innovation and technology leader.” said the president of ABSstartups.

Mobile Time's Paiva is optimistic about Rio's vision for a suitable technology ecosystem in the medium term. “I think Rio has the potential to play an interesting role in the country's ecosystem,” he said.

Paiva noted that local environments may call for specific segments within innovation. This is due to the city's heritage in sectors such as satellite infrastructure, where telecommunications companies such as TIM are based in Rio, and oil and gas, where companies such as state-run Petrobras are headquartered in Rio. [specific focus] Although still unclear, things could quickly take shape and accelerate. ”

“A real leap forward” [in the local ecosystem’s development] With the city government's efforts in this regard, it is possible that something like this could happen. The chances of success increase if the public sector wants to help and works hard to help,” Paiva said. “In that sense, Rio is doing a good job, and I believe it will pay off.”

Sources 1/ https://Google.com/ 2/ https://www.forbes.com/sites/angelicamarideoliveira/2024/04/20/rio-de-janeiro-advances-plan-to-become-a-tech-innovation-hub/ The mention sources can contact us to remove/changing this article

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