Tech

Rio wants to be the new Latin American innovation capital with Web Summit

Rio de Janeiro Mayor Eduardo Paes (right) speaks at the opening ceremony of Web Summit Rio 2024, as event founder Paddy Cosgrave looks on. Photo: Web Summit Rio

About two hours ago, Web Summit’s founder, Paddy Cosgrave, welcomed Rio de Janeiro’s mayor, Eduardo Paes, on the center stage to kick-start the second edition of Web Summit Rio. The dialogue revolved around how the Brazilian city has been chasing its goal of becoming Latin America’s innovation capital — a goal officially launched more or less at the same time as the event’s first edition last year.

A vital part of this plan is a project called “Porto Maravalley” (a portmanteau of Porto Maravilha, Rio’s former dock region that is currently being revitalized, and Silicon Valley). Announced last year, the complex had some of its facilities finally opened to the public a couple of weeks ago. Artur Pereira, Web Summit’s country manager in Brazil, was among the guests at the inauguration. “I’d like to think that we [at the Web Summit] have a little to do with this project,” he told The Brazilian Report last Friday.

Since November 2022, the municipal government has invested BRL 45 million in the renovation of a set of old warehouses in Porto Maravilha, turning them into a 10,000 square meter...

Fabiane Ziolla Menezes

Former editor-in-chief of LABS (Latin America Business Stories), Fabiane has more than 15 years of experience reporting on business, finance, innovation, and cities in Brazil. The latter recently took her back to the classroom and made her a Master in Urban Management from PUCPR. At TBR, she keeps an eye on economic policy, game-changing businesses, and people driving innovation in Latin America.