São Paulo is considered the most important financial center in Latin America and hosts one of the most respectful universities in Brazil: the University of São Paulo (USP). In spite of having the potential to be a leader in technological innovation and startup output, this ecosystem has not produced satisfactory results in the last decades. This article analyses the innovation environment around São Paulo’s largest research university, using the factor analysis technique. Based on a workshop conducted with ecosystem experts, we identified the key anchors and processes present in the region. The analysis results led to recommendations of practical actions for both public and private sectors to engage in the ecosystem evolution.