A new study released by Startup Genome and funded by Spanish group Telefonica found that Silicon Valley continues to lead in number of technology entrepreneurs, followed by Tel Aviv, Los Angeles, Seattle, New York and Boston.

"Some years ago it was only Silicon Valley. Now there are also other innovation hubs and this trend is only going to strengthen," said Gonzalo Martin-Villa, chief executive of Wayra - a Telefonica unit that nurses start-ups.

"Flourishing communities in Latin America, Europe, the Middle East and Asia have grown considerably over recent years and are now beginning to challenge Silicon Valley's domination in technology innovation," the report said.

Phil Liblin, chief executive of Silicon Valley-based writing app maker Evernote, said in a recent interview: "Silicon Valley does have a lot of magic in it. It is still the only place you can get $20 million without owning a suit, but you do not need 20 million any more."