Uruguay has tapped Israeli venture capital platform OurCrowd to incubate tech startups, with government officials hailing the collaboration as a significant step towards strengthening the country’s technology ecosystem.
OurCrowd has access to hundreds of small investors who fund the startups the Israeli firm incubates in the hopes of reaping large profits later.
“Israel is known for producing innovative entrepreneurs due to incubators like OurCrowd,” stated Omar Paganini, Uruguayan Minister of Industry, adding that Uruguay aspires to follow in the footsteps of the Jewish country in producing promising entrepreneurs.
🔴 Uruguay y OurCrowd acuerdan impulsar lazos tecnológicos entre América Latina e Israel
La alianza se da en el marco del Programa Uruguay Innovation Hub, y busca la planificación para establecer una incubadora en Uruguay para empresas en etapa inicial
👉 https://t.co/r52um2pAes pic.twitter.com/WNIgCtaO7N
— ANII – Uruguay (@ANIIuy) March 27, 2023
The deal is a component of Uruguay’s Innovation Hub, a program that, according to President Luis Lacalle Pou, aims to establish Uruguay as Latin America’s top startup hub.
The country’s National Agency for Research and Innovation will manage the incubation program, assisting entrepreneurs in meeting with possible financial backers. Furthermore, the agency will establish laboratories for companies to experiment with the technologies in which they wish to flourish.
OurCrowd, which also collaborates with the New Zealand government, is in talks with Peru to develop a similar incubator. It provides market analysts who evaluate a startup’s chances of becoming a unicorn.
OurCrowd now co-owns five government-backed innovation incubators in Israel, which have incubated over 60 early-stage firms.