“Uruguay Has the Conditions to Become a Vibrant Startup Ecosystem”

The First Private Capital Forum of Uruguay marked a turning point for the country’s entrepreneurial ecosystem. Organized by Uruguay XXI, Urucap, and the National Agency for Research and Innovation (ANII), the event gathered investment funds, entrepreneurs, investors, and government authorities for a day devoted to strengthening the connection between capital and innovation.

Across panels on venture capital, private equity, angel investing, and M&A, there was a clear consensus: investment is the engine of growth and of a more sophisticated economy. Among the international experts invited, Shawn Flynn (Silicon Valley Highpoint Capital) and Paul Ahlstrom (Alta Ventures Mexico) offered complementary perspectives that placed Uruguay on the global map with optimism.

“I was impressed by the stability, trust, and entrepreneurial energy.”

For Shawn Flynn, founder of SVH Capital, his visit to Montevideo was a pleasant surprise.
“This is my first time in Uruguay, and really only the second time I’ve been to South America,” he said. “Over the past few days, I’ve met incredible people, walked along the coast, enjoyed local food, and—most of all—understood the trust that exists among people and the entrepreneurial spirit you can feel everywhere.”

Flynn emphasized Uruguay’s stability as a regional differentiator. “It feels like Uruguay is a stable country, full of opportunities, business-friendly, and with a very close-knit community,” he noted. “In an entrepreneurial ecosystem, that’s fundamental, because so much of success is based on trust and on knowing that the people around you will work together toward the same goal.”

During his stay, the Silicon Valley investor found a promising environment for the growth of sectors such as fintech, cryptocurrencies, agritech, and logistics. “People kept telling me about fintech developments, about what’s happening with cryptocurrencies and the growing interest in that industry,” he said. “Agritech and logistics were also mentioned. But fintech came up the most in conversations, and it’s fascinating to see an ecosystem already thinking about the digital future.”

For Flynn, Uruguay brings together a unique mix of conditions—stability, talent, safety, and proximity to major markets. “When you have a strong economy, a supportive government, developed infrastructure, and huge neighboring markets, all that’s missing is for more people to execute ideas and take on challenges. Everything else is already here,” he stated.

With enthusiasm, he added: “You have to come here, walk around the city, talk to people. Once you experience Uruguay, you understand everything it has to offer.”

“Uruguay doesn’t need to look outside for solutions—it has the talent and structure to grow from within.”

It was also Paul Ahlstrom’s first visit to Uruguay. The founding partner of Alta Ventures has spent more than three decades building venture funds and startup ecosystems across Latin America.
“I knew Uruguay has about 3.5 million people—similar to the state of Utah, where I’m from—and that it already has a tech unicorn and a growing ecosystem,” he said. “What I confirmed is that the technical level of Uruguayan engineers is extremely high, in some cases world-class.”

Ahlstrom noted that Uruguay brings together the key elements for innovation: qualified talent, high social trust, safety, quality of life, and institutional strength. “Uruguay has an environment that could become an extraordinary setting for a vibrant startup ecosystem,” he explained. “It has human capital, technological infrastructure, clear rules, and a favorable climate. All of this forms a solid foundation to attract projects and global talent.”

The investor also highlighted that the country already has technology companies working with the United States and handling cutting-edge fields such as artificial intelligence and large language models. “These are very sophisticated capabilities with great potential,” he said. “Uruguay has the opportunity to scale and build major companies based on that knowledge.”

Ahlstrom underlined the key role of public-private collaboration. “Institutional support and partnerships between government and private funds are essential to accelerate the ecosystem’s maturity,” he stated. “Uruguay has all the pieces to make it happen.”

Reflecting on the country’s role in the region, he added: “Uruguay doesn’t need to look outside for solutions. The talent is already here to drive the changes the country needs. The important thing is to keep believing in your people and your entrepreneurs, and to strengthen alliances with other countries that can contribute leadership and a complementary vision.”

He concluded with a long-term perspective: “Building an ecosystem is a step-by-step process. Uruguay has already attracted the attention of international investors; the next challenge is to consolidate local funds and for successful entrepreneurs to reinvest in new startups. That’s when growth becomes self-sustaining.”