In a note entitled "The thriving technology scene allows Uruguay to shine during the pandemic", the prestigious British media Financial Times, highlights that Silicon Valley "pays attention to a small nation"
Uruguay praised by the Financial Times for its technology sector.
4 min.
The note highlights the "technological success of Uruguay"
The note entitled "The thriving technological scene allows Uruguay to shine during the pandemic" remarks that "Silicon Valley pays attention" to our country.
“Nestled between the giant economies of Brazil and Argentina, Uruguay has traditionally been at a disadvantage when it comes to attracting foreign investment to its promising tech sector. But with the recent appearance of the country´s first unicorn and another company that developed a sophisticated coronavirus app in a week, the tiny Latin American economy has been placed more firmly on the world map, "in the journalist´s words.
Furthermore, it is recalled that Google and Apple praised GeneXus “after the Montevideo-based software company led a push to develop a sophisticated COVID-19 advisory application with initial success that meant that Uruguay was one of the first countries to be chosen by US groups to test contact tracing technology.
The company "dLocal" obtained the status of "unicorn", after raising capital above 1,000 million, and for the development of the Coronavirus application.
“In September, the country´s technology scene was back in the spotlight after the international payments platform dLocal obtained the status of "unicorn", after raising capital in excess of 1,000 million, backed by the private equity firm with headquarters in the United States General Atlantic, thus becoming the first unicorn in Uruguay ».
"We are setting the bar very high," Uruguayan Industry Minister Omar Paganini told the Financial Times. «If Uruguay can become a player in this field it would be very valuable for the country. This goes beyond our government, it is a State policy, "he added, explaining that the technology sector is considered of strategic importance.
Several analysts were consulted by the journalist Benedict Mander in this article where they analyze the "technological success" of Uruguay in the context of the pandemic.
“Nestled between the giant economies of Brazil and Argentina, Uruguay has traditionally been at a disadvantage when it comes to attracting foreign investment to its promising tech sector. But with the recent appearance of the country´s first unicorn and another company that developed a sophisticated coronavirus app in a week, the tiny Latin American economy has been placed more firmly on the world map, "in the journalist´s words.
Furthermore, it is recalled that Google and Apple praised GeneXus “after the Montevideo-based software company led a push to develop a sophisticated COVID-19 advisory application with initial success that meant that Uruguay was one of the first countries to be chosen by US groups to test contact tracing technology.
The company "dLocal" obtained the status of "unicorn", after raising capital above 1,000 million, and for the development of the Coronavirus application.
“In September, the country´s technology scene was back in the spotlight after the international payments platform dLocal obtained the status of "unicorn", after raising capital in excess of 1,000 million, backed by the private equity firm with headquarters in the United States General Atlantic, thus becoming the first unicorn in Uruguay ».
"We are setting the bar very high," Uruguayan Industry Minister Omar Paganini told the Financial Times. «If Uruguay can become a player in this field it would be very valuable for the country. This goes beyond our government, it is a State policy, "he added, explaining that the technology sector is considered of strategic importance.
Several analysts were consulted by the journalist Benedict Mander in this article where they analyze the "technological success" of Uruguay in the context of the pandemic.
"Uruguay has played an important role by providing us with great talent"
"Small nations like Uruguay, which has a population of 3.4 million, should focus on developing and attracting talent and entrepreneurs, and be a relevant part of the [global technology] ecosystem," said Francisco Alvarez-Demalde, managing partner at Riverwood. Capital. A private equity firm based in Silicon Valley.
"The reality is that the most successful companies in technology are operating in a parallel universe without geographic borders," he told the aforementioned medium.
The article cites the case of dLocal, which has nearly doubled in size every year since its launch in 2016 and is now valued at $ 1.2 billion.
It began expanding abroad almost immediately and now operates in 20 emerging markets in Latin America, Asia and Africa, serving companies like Amazon, Spotify, Uber and Booking.com. «For us it is key to continue expanding. At the end of the day, if you want to be a global emerging markets payments company, you have to be in most emerging markets, ”Jacobo Singer, the company's chief operating officer, told the Financial Times. About two-thirds of its nearly 300 employees are based in Montevideo, Uruguay's quiet capital on the banks of the Río de la Plata.
"Uruguay has played an important role in providing us with great talent," emphasized Singer.
Analysts polled by the British media attribute Uruguay's technological success to several factors, including the concerted efforts of forward-thinking governments to promote entrepreneurship and innovation dating back more than half a century.
Reference: Montevideo Portal / El País newspaper
"The reality is that the most successful companies in technology are operating in a parallel universe without geographic borders," he told the aforementioned medium.
The article cites the case of dLocal, which has nearly doubled in size every year since its launch in 2016 and is now valued at $ 1.2 billion.
It began expanding abroad almost immediately and now operates in 20 emerging markets in Latin America, Asia and Africa, serving companies like Amazon, Spotify, Uber and Booking.com. «For us it is key to continue expanding. At the end of the day, if you want to be a global emerging markets payments company, you have to be in most emerging markets, ”Jacobo Singer, the company's chief operating officer, told the Financial Times. About two-thirds of its nearly 300 employees are based in Montevideo, Uruguay's quiet capital on the banks of the Río de la Plata.
"Uruguay has played an important role in providing us with great talent," emphasized Singer.
Analysts polled by the British media attribute Uruguay's technological success to several factors, including the concerted efforts of forward-thinking governments to promote entrepreneurship and innovation dating back more than half a century.
Reference: Montevideo Portal / El País newspaper