In the late 1990s, Recife, on Brazil's northeastern coast, was in decline. Its picturesque historic center, made up of 17th century colonial buildings with Dutch, Portuguese, and French influences, had plunged into neglect, reflecting a deep economic crisis worsened by deindustrialization. Many young people were fleeing the city for opportunities in the commercial centers of São Paulo and Rio de Janeiro, or heading overseas. In 2000, a group of businesspeople, government officials, and academics came up with a vision to regenerate Recife's historic center by building a new technology district. With 33 million reais ($6.8 million) raised from the privatization of the local electricity company, they created Porto Digital, a nonprofit organization with the mission of turning Recife into a hub for technology and the creative industries.