“Uruguay has everything it takes to become a regional innovation hub”

Passion for Transformation

An electronic engineer and MBA, Sylvia Chebi began her career as a telecommunications consultant. However, it was her interest in innovation and the impact of technology that led her to become an entrepreneur. She founded Greentizen alongside local leaders, and although the project did not succeed, it laid the groundwork for future challenges. With ThalesLab, she aimed to accelerate startups and promote a cultural shift toward innovation.

How did you discover your true calling?

I’ve always been passionate about understanding how technology transforms the world. Although I worked as a consultant in telecom regulation, in my free time I would only read about innovation, science, and startups. That’s when I realized my path was elsewhere. That’s how Greentizen was born, and later ThalesLab—with the mission of accelerating companies and fostering a culture of innovation.

What has your experience been like as a woman in such a male-dominated tech and financial ecosystem?

I’ve always been concerned about the lack of women in these sectors. That’s why I joined WeInvest Latam, a network of women in investment funds. Being part of those spaces helped me understand the importance of real representation and was key in shaping what would later become URUCAP.

Was the VC Latam Summit the trigger for URUCAP?

Yes. At that event, I realized Uruguay had no active investor presence beyond Uruguay XXI. There were only three Uruguayans at the entire forum. With the support of then Uruguayan ambassador to the U.S., Andrés Duran, we came back and gathered key players from the sector to found URUCAP, an association that today has nearly 100 members and plays a fundamental role as a connector between investors and the ecosystem.

What does URUCAP contribute to the investment ecosystem?

It came to fill a gap. There were many institutions supporting entrepreneurs, but none that connected investors with one another and with the system. URUCAP professionalizes the industry, promotes best practices, and acts as a liaison with the public sector.

Why is venture capital so important for countries like Uruguay?

Because it drives economic development in small markets with high talent. This type of capital bets on ideas and teams, not guarantees or financial history. And most importantly, it brings smart money—knowledge, networks, strategy—and can generate high impact with few resources.

How does the high interest rate environment affect venture capital?

It makes capital scarcer and more selective. Entrepreneurs must be more efficient, show revenue, have solid business models, and demonstrate financial discipline. A good idea is no longer enough—execution is what gets rewarded.

What’s happening with exits in Latin America?

They’re still limited, but venture capital operates with long-term horizons. Not all startups will achieve a successful exit, which is why diversification and patience are key. Many investors also focus on building relationships and delivering value beyond immediate returns.

What challenges does Uruguay face in consolidating this industry?

Scale is the biggest challenge—but also an advantage, as it forces us to think globally from day one. We have talent, stability, and public policies that support growth. What we need now is more projects, more entrepreneurial culture, and stronger regional integration.

What role can Zonamerica play in this context?

A fundamental one. Zonamerica provides infrastructure, services, and a business environment that attracts talent, ideas, and capital. Investment funds, startups, and tech companies are already based there, creating opportunities for synergy. It’s not just about attracting money, but also knowledge and opportunity.

What trends will shape the future of private capital in the region?

Definitely artificial intelligence and a focus on social and environmental impact. Uruguay has outstanding talent in AI and a profile well suited to impact funds. If we continue to build a collaborative ecosystem, private capital in Uruguay has a bright future.