Israel Exports Startup Expertise to Uruguay

OurCrowd, Israel’s most active venture capital firm, is to collaborate on a technology mentorship program for early-stage startups in Uruguay.

The aim is to strengthen the country’s position as a technological hub for innovation and entrepreneurship. 

The Uruguay Innovation HUB Program (UIH) will support the acceleration of national and international startups, attract investment funds, and promote the installation of open laboratories that strengthen the national ecosystem by accessing disruptive technologies.

OurCrowd, which has incubated more than 60 early-stage startups, will offer its expertise in running the program, and leverage its in-depth technological knowledge, professional analyst teams, and networks of strategic partners to identify promising startups that can benefit from the support and guidance in their growth and future funding needs. 

Israel’s incubator program in the early 1990s was a key factor in its transformation into the Startup Nation. Becoming part of an incubator means supporting innovation, job creation, boosting the domestic tech ecosystem and rising to the challenges of the 21st century.

“OurCrowd currently operates five government-backed incubators in Israel and one abroad, which utilize Israel’s renowned technological and academic resources to support early-stage startups,” said Ori Sobovitz, OurCrowd Partner and head of the incubator programs.

“We plan to build on this model in Uruguay, already a regional magnet for innovation, which we view as a springboard to expand across Latin America. We seek to incentivize the private sector, including VC’s, MNC’s (multinational corporations), and local conglomerates, to invest in these companies, substantially contributing to the entire ecosystem.”

Omar Paganini, Uruguay’s Minister of Industry, Energy and Mining, said: “We are thrilled to advance tech ties between our two countries and the region overall.

“Uruguay is ready to take the leap that will make it a regional reference, with a global projection, in the attraction of innovative ventures at different stages.

“We have a thriving and mature technological ecosystem that serves as the foundation for the development and testing of new products and strengthens our innovative position. In the same sense, the economic, social, institutional and legal stability of the country provides certainty and confidence to attract long-term investment.”