42 Geeks consider Uruguay as Latin America’s next Singapore or Dubai

“Can a country of 3.5 million people have a dynamic startup community?” and “How can a small nation create the conditions necessary to foster startups?” asked software entrepreneur, business development expert, and startup advisor Mark Birch, who recently set foot on Uruguayan ground as part of a tour by the renowned 42 Geeks group.

More than 20 representatives of the team of founders, executives, and investors, mainly from the entrepreneurial cradle of Silicon Valley, visited Uruguay on a tour that included San Pablo and Buenos Aires. The group, formerly known as Geeks on a Plane, travels worldwide to meet and connect with technology companies, governments, and ecosystem creators.

For Birch, it was “eye-opening” to learn about the Uruguayan startup ecosystem and discover the answers to his questions. “Uruguay is the most stable democracy in the region,” he explained in a post on his LinkedIn and highlighted the country’s leadership in global rankings on transparency and economic freedom, which he considered possible because of Uruguay’s openness to foreign investment, the efficiency of its regulations and the free zones it has.

“The country attracts the most outstanding talents and the founders of the most successful companies in Latin America such as MercadoLibre, Globant, Local & Kaszek, who settled here because of its location, stability, and quality of life,” he expanded.

On this occasion, the delegation of 42 Geeks visited Punta del Este and Montevideo, where they were received by the deputy executive director of Uruguay XXI, Inés Bonicelli, and the president of Ceibal (the center for educational innovation with digital technologies that the Uruguayan government has been implementing since 2007), Leandro Folgar.

The self-described “geeks” were able to learn about the advantages offered by Uruguay as a destination for productive investments seeking quality, efficiency, and a stable and reliable business environment in Latin America; also the innovative character of the country, which through the Ceibal program managed to position itself as an innovative nation at the educational level, promoting the integration of digital technologies in education to improve learning and encourage processes of innovation, inclusion and personal growth.

Regarding their interest in Uruguay, the 42 Geeks told the Uruguayan newspaper El País that “more and more people are looking at emerging markets” and that Uruguay is trying to implement programs similar to those of Singapore, Hong Kong, or the United Arab Emirates, which is why many entrepreneurs from Argentina and Brazil choose to settle there.

Andy Tsao, head of Global Gateway at Silicon Valley Bank, recalled his previous visit to Uruguay in 2013 and reflected on the changes he noticed in the country. “Montevideo and Punta del Este became a destination for founders and investors who choose stability, a solid legal framework, the most hospitable government for immigrants and quality of life, both to live and to settle during the launch of a startup designed for the region,” he said.

“No longer just great beaches, fantastic asado (the largest meat consumers per capita on the planet), and Tannat wine, Uruguay aspires to be the Singapore or Dubai of Latin America. Unicorns have emerged that will undoubtedly contribute to the developing virtuous circle," he assured.