São Paulo is the best place in Latin America for budding tech entrepreneurs, according to a study.
The study Global Startup Ecosystem Ranking 2015 ranks the largest urban center in Brazil as the 12th most attractive city to start a technology-based business.
According to the research, carried out by software development firm Compass, the city has gone up one position in relation to the previous study, published in 2012.
The criteria used in the study includes ability to expand internationally and local talent, as well as availability of capital, startup performance and market reach - the last three points being the strongest in São Paulo.
São Paulo was the only Latin American city to appear among the top 20 locations cited in the ranking. According to the study, the best locations to start a tech business are the Silicon Valley, New York City, Los Angeles, Boston and Tel Aviv.
The Global Startup Ecosystem Ranking is based on interviews with more than 200 entrepreneurs and industry players in 25 countries, as well as a five-year survey of more than 11,000 startups and investors worldwide.