This report contains an analysis of the AMP1’s entrepreneurial ecosystem. It aims to assess the external perceptions about the entrepreneurial ecosystem of the Metropolitan Area of Porto and the key variables to work on. We systematically analyse the perception of Porto as entrepreneurial ecosystem in the AMP itself, based social media analysis and on interviews with entrepreneurs and other stakeholders in the Porto ecosystem. As a reference case, we also conducted a survey and interviews in Amsterdam. This helps to compare the situation in AMP with that in Amsterdam. The analysis helped to understand the current strengths and weaknesses of the AMP’s ecosystem, seen from the eyes of insiders and outsiders. In particular, we focused on two key features: internationalisation and the role of the wider region.