Montevideo is becoming one of the best places to build a startup, but most of the early-stage entrepreneurs we speak to aren't aware of the local tech resources that are available to help them.
With applications for the Uruguay Founder Institute now open, we're excited to release the Uruguay Startup Resource Guide, which is currently in Draft v1 below! It was developed by the Uruguay Founder Institute and local leaders: CeciliaRuth Kancepolsky (Founder Institute Uruguay Leader. Mentor. CMO . External Relations & Strategic Networking New Business Opportunities Manager . Storytelling / Pitch coach., Helpways & Smart Women. ), Dan Piestun (Dan Piestun, PhD [Agr Eng], AguaceR)
This is just a draft, and while we spent many hours on this research, more input is needed. Please leave your comments on this collaborative Google document to help us complete the list. There are definitely omissions on this current version.
Are you looking to build a startup in Uruguay? Then apply to the Uruguay Founder Institute today!
Startup Stages
There is no one right way to build a technology company, but for the sake of simplicity we have outlined a basic, common, sequential framework.
1. Idea Stage
This is where new entrepreneurs get inspired, learn best practices, develop skills, validate ideas, and begin to build their team and product.
A. Inspire
- Montevideo Startup Media: Centralized local information, listings, and news. (i.e. startup blogs/ publications/ lists/ FB groups/ newsletters)
- Inspirational Montevideo Startup Events: Open, inclusive startup events that often focus on ideation. (i.e. Startup Weekend, idea fairs, and inspirational meetups)
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Startup Weekend Montevideo [discontinued]
B. Educate
- Best Practices: Beginner knowledge-sharing tech events. (i.e. beginner events that serve to educate more than inspire).
- Training & Feedback: Skill & Idea development events and startup bootcamps for entrepeneurs. (Includes comprehensive training programs, like Founder Institute, General Assembly, Lean Startup Machine, code camps, etc)
C. Validate
- Team Formation: Events for Finding Co-founders in Montevideo. (i.e. tech networking events or other resources that facilitate early-stage recruitment and cofounder matching)
- Build First Product: Hackathons & product events in Montevideo.
2. Launch Stage
In this stage, entrepreneurs establish and formalize the company, develop the product, get feedback from customers, and prepare for the next step.
A. Start
- Establish: Montevideo law firms & banks for startups
-
Fischer (now Andersen)
- Montevideo Workspaces: Co-working and flexible workspaces for startups in Montevideo.
B. Develop
- Formalize: Montevideo accounting, development and HR tools for early-stage startups.
Montevideo Incubators: Groups that prepare companies for seed investment and provide advanced mentorship. (i.e. advanced knowledge sharing, later stage events and resources)
C. Launch
- Montevideo Seed Accelerators: Seed funding mentor programs (Techstars-style programs that provide funding)
- Pitch & Demo Events: Tech events that showcase Montevideo startups for investment.
3. Growth Stage
Here, a startup proves their utility, receives recognition, and scales up. This usually requires funding, angels, VCs, and ways to connect them to startups.
A. Recognition
- Montevideo Investor Networking: Events and groups that connect professional investors with founders.
- Major Media: Mainstream local business press that often showcase local startups.
B. Funding
- Montevideo Angel Investors: Seed-stage investors and micro-vcs.
- Montevideo Venture Capitalists: Series A and beyond
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URUCAP
C. Growth
- Infrastructure: Office space, HR, local business insurance. (i.e. office space/ HR/ insurance providers for capital-rich companies to grow and scale)
- Expansion: Montevideo Growth accelerators and consultants. (i.e. programs and business consultants for capital-rich companies to grow and scale)
4. Montevideo Startup Success Stories
Successful homegrown companies that have raised significant institutional funding, employ a large workforce, or have achieved liquidity.
Supporters
To facilitate the steps, every ecosystem needs strong supporters.
1. Montevideo Startup Leaders
Successful local founders who lead the ecosystem & frequently mentor newbies.
2. Montevideo Government Startup Resources
Public organizations that facilitate local economic development
3. Talent
Major local business or tech universities and employers that attract and retain local talent.
- Local Uruguay Tech Universities (universities with prominent technical or business programs)
- Montevideo Tech Employers
-
Ericsson(?)
Learn more about the Startup Ecosystem Canvas here, and leave us your thoughts on the Montevideo Canvas on this collaborative Google document (This is just a draft, and more input is needed!)
