Upon careful analysis, there were some interesting developments. For example, Chile replaced Mexico as the regional leader in the tech world. At the same time, countries saw increased entrepreneurial activity in urban centers outside of the capital, which was also ranked.
To celebrate Latin America’s entrepreneurial growth, the following market map presents the top 10 nations (as well as their most robust cities) seeking to lead the region in technology and entrepreneurship.
Ranked 30th global
The so-called “Chillecon Valley” placed first as Latin America’s most active tech hub. Moreover, the Chilean capital of Santiago ranked 59th in the global ranking of cities followed by Viña del Mar (351st) and Valparaiso (457th).
Ranked 32nd global
Mexico boasts three cities in the top 100 important tech cities in the world. These include Mexico City (47th), Monterrey (81st) and Guadalajara (90th).
Despite having a estimate of 58 venture capital firms, though, Mexico descended from 30th to 32nd place, paving the way for Chile to take top honors. Grow Mobility and Clip are two of Mexico’s most successful startups.
Ranked 34th global
Colombia impressively climbed 13 positions in the global ranking to land in 34th place worldwide and third in Latin America. Although there continues to be areas for improvement, Colombia has much to offer.
Ranked 37th global
Brazil rose from 39th to 37th place this year. All the more, the cities of Sao Paulo (23rd), Rio de Janeiro (64th) and Belo Horizonte (70th) are the country’s major urban hubs.
Not only does Brazil showcase three cities in the top 100 cities worldwide, but also the most unicorns in Latin America and 30 impressive venture capital groups. At the same time, Brazil’s Nubank is redefining the alternative banking industry.
Ranked 44th global
Argentina heavily depends on its capital city as a hub since Buenos Aires (48th) ranked the highest. Other cities lagged behind in the global index, such as Cordoba (256th) and Mendoza (427th).
The disparities above may explain why Argentina declined from the 40th to 44th position this year. There’s still potential for the country based on its 19 venture capital firms, not to mention its cryptocurrency initiatives.
Ranked 57th global
Even though Peru descended a position in the ranking, it has a great entrepreneurial talent such as Crehana, Mi Media Manzana and Laboratoria. Additionally, there are seven venture capital firms in the Andean country.
However, the centralization of Lima (68th) as the sole urban hub becomes a double-edged sword for a country with a population of almost 32 million. Startup Peru will hopefully change this since they have toured the nation in search of new talent.
7. Puerto Rico
Ranked 70th global
While Puerto Rico shrunk seven places in ranking this past year, it ranked 70th globally and seventh in Latin America. Most of the tech activity took place in the capital city of San Juan (340th).
At the same time, this island deserves recognition as one of the top 100 tech hubs in the world. Top Puerto Rican startup performers include antivirus marketplace Polyswarm and the private messaging medical platform, BrainHi.
Ranked 71st global
After the Argentine and Brazilian economies stabilized and benefited tech entrepreneurs, Uruguay unexpectedly fell behind 12 positions compared to last year.
This will most likely change considering the country just premiered Latin America’s first 5G network. Uruguay has also launched successful companies such as the delivery app PedidosYa, productivity tool Kezmo, and payment platform dlocal.
Ranked 77th global
Ecuador placed on the global top 100 tech hubs at 77th, putting it in ninth place in Latin America. In terms of cities, the capital of Quito (183rd) is the country’s only urban tech center. Meanwhile, one of Ecuador’s most successful startups is YaEstá.
10. Dominican Republic
Ranked 79th global
This year, this Caribbean nation reached the 79th position in the global ranking. Seeing the major jump that the capital city of Santo Domingo (288th) performed, this country is one of the fastest growing economies in the Caribbean.
Great advancements have been achieved thanks to this index, especially in terms of more tech-savvy cities. Compared to 2017, Latin America only had a total of four cities in the top 100 ranking.
The number has since grown, meaning countries are developing internally at faster rates than before. Currently, there are nine Latin American cities in this group, including Sao Paulo, Mexico City, Buenos Aires, Bogota, Rio de Janeiro, Lima, Belo Horizonte, Monterrey, and Guadalajara.
We are certain that this number will continue to grow over the years.