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

A Passion for Transformation

An electronic engineer with an 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 endeavors. Through ThalesLab, she sought to accelerate startups and foster 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 telecommunications regulatory consultant, in my free time I read nothing but books on innovation, science, and startups. That’s when I realized my path lay elsewhere. That’s how Greentizen was born, and later ThalesLab, with a mission to accelerate companies and foster a culture of innovation.

What was your experience like as a woman in such male-dominated fields as technology and finance?

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

Was the VC Latam Summit the catalyst for URUCAP?

Yes. At that event, I noticed that Uruguay had no active investment presence beyond Uruguay XXI. There were only three of us from Uruguay at the entire forum. With the support of Andrés Duran, Uruguay’s ambassador to the U.S. at the time, we convened key figures in the sector upon our return and founded URUCAP, an association that now has nearly 100 members and plays a vital role in connecting investors with the ecosystem.

What does URUCAP bring to the investment ecosystem?

It came along to fill a gap. There were many organizations supporting entrepreneurs, but none that connected investors with one another and with the broader ecosystem. URUCAP professionalizes the industry, promotes best practices, and serves 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 a wealth of talent. This type of capital invests in ideas and teams, not in collateral or financial track records. And most importantly, it provides “smart money”—knowledge, networks, and strategy—and can generate a significant impact with limited resources.

How does the environment of high interest rates affect venture capital?

It makes capital scarcer and more selective. Entrepreneurs must be more efficient, demonstrate revenue, have solid business models, and practice financial discipline. A good idea is no longer enough; execution is what pays off.

What's the deal with exits in Latin America?

They are rarer, but venture capitalists take a long-term view. Not all startups achieve a successful exit, which is why it’s important to diversify and be patient. Many investors also focus on building relationships and adding value, beyond immediate returns.

What challenges does Uruguay face in consolidating this industry?

Scale is the biggest challenge, but it’s also an advantage: it forces us to think globally from the very beginning. We have talent, stability, and supportive public policies. Now we need more projects, a stronger entrepreneurial culture, and greater regional coordination.

What role can Zonamerica play in this context?

A key one. Zonamerica offers infrastructure, services, and a business environment that attracts talent, ideas, and capital. It is already home to investment funds, startups, and technology companies, which facilitates synergies. It’s not just about attracting money, but knowledge and opportunities.

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

Without a doubt, artificial intelligence and a focus on social and environmental impact. Uruguay has a wealth of talent in AI and a profile that aligns well with impact funds. If we continue to invest in a collaborative ecosystem, private capital in Uruguay has a bright future.