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Uruguay ranks better every day on the map of the LATAM startup ecosystem.
Setting a start-up in Uruguay means bringing your business idea to life in an ecosystem of incubators, accelerators, universities, innovation centers, public organizations at the service of the entrepreneur, collaborative work spaces and highly qualified talent.
The country, of just over 3.5 million inhabitants, is still in an early stage, however, it meets the conditions to be a reference in Latin America. With less than 500 startups in the country and with its first unicorn in 2020, Uruguay occupies the 8th position of Latin countries in terms of startup ecosystems, the 66th worldwide and Montevideo is located in the 275th position with the most cohesive startup ecosystem according to Startupblink.
Through government organizations, such as ANII and ANDE, enhancing the sector and foreign accelerators such as 500 Startups, the country is oriented to play a relevant role in promoting innovative startups, open to the world, sustainable, stable and at the forefront of innovation, while standing out for its values of inclusion, respect for the environment and sustainability.
The city of Montevideo is the epicenter of the country's startup ecosystem, where the main startups are concentrated, as well as investors, public-private support initiatives and other agents of the ecosystem. Qualified by MIT experts as the most collaborative entrepreneurship ecosystem in the region, Montevideo extends its experience of articulated and networked work to the whole territory.
"The City of Montevideo has a solid foundation to be recognized as an entrepreneurial ecosystem based on innovation, a reference in Latin America".
Source: GED & MIT D-LAB, August 2020.
Through the Uruguay Entrepreneur Network the ecosystem has national coverage. Different institutions that support entrepreneurship in its different stages, are part of the network to articulate actions, bring together the available resources and improve the opportunities for entrepreneurship in any part of Uruguay. Being supported by one of these institutions ensures the backing of the entire ecosystem.
Despite this global pandemic, Uruguay is strengthened, not only because it has been able to cope with the effects of the Covid19 , but also because it has a strong ecosystem, capable of responding to entrepreneurs. In this context, inter-institutional articulation and having a web platform to make the available support instruments visible was fundamental. The Uruguay Emprendedor portal, the web platform of the Uruguayan entrepreneurial ecosystem, created and nurtured by the Network's institutions, makes it possible to articulate the various existing actions and networks, enhancing the ecosystem and providing access to all available resources focused on generating impact at the global level to those who want to start up.
Developing a business in Uruguay means bringing your business idea to life in an ecosystem of incubators, accelerators, universities, innovation centers, public organizations at the service of the entrepreneur, collaborative work spaces and highly qualified talent.
Ana Luiza Beraba - Partner & Founder Weplot
"In 2019 we came for the first time and Uruguay XXI organized a strategic agenda for our decision. We were able to learn about the fiscal and logistic variables for the installation of the company, we met the ANII and the program Proyecta Uruguay, which we registered for and were selected from over 300 projects. Since then, WePlot is Uruguayan, with partners from Brazil and Colombia, and with great potential to scale up from Uruguay. None of this would have been possible without the support and guidance of Uruguay XXI."
Country of origin: Brazil