School:Universidad de Montevideo

Overview

The University of Montevideo (UM) started off in 1986 as the Institute of Business Studies of Montevideo (IEEM). Some months later the IEEM started a postgraduate in business law. From there and on the IEEM continued incorporating new courses mixing law and business, such as seminar in management, business administration, master's degree in business law and much more.

It wasn't until April 29 of 1997 that the IEEM was approved to function as a university and from there it's known as the Universidad de Montevideo. To be legally approved as a university it was demanded the existence of three areas of knowledge, these were:

• Law
• Business Science and Economics
• Engineering

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School of Engineering of Universidad de Montevideo

Now the UM has 7 different faculties :

• Law School
• Faculty of Business Science  and Economics
• Faculty of Engineering
• Faculty of Communication
• Faculty of Biomedical Sciences
• Business School (IEEM)
• Center for tertiary training in services and innovation

Actually the UM offers 20 different major for undergraduate students and 28 majors for graduate students, through the colleges listed above, also it has been ranked the best university in Uruguay by the QS ranking.

Student Entrepreneurship

There is an increasing number of students who choose to become entrepreneurs at Universidad de Montevideo. Most of them start this path before graduating but it is also often that alumni become entrepreneurs after some professional experience or completing an MBA.

One of the biggest successful entrepreneur story started in 2009, when Agustina Sartori and Carolina Bañales, two telematic engineers, decided to innovate in the beauty and cosmetics area. They received funds from ANII, settled their office at the university and with some student interns developed the first prototype of a virtual makeover. The product was sold to a local store and after that Start Up Chile, 500 Startups and Plug and Play supported and invested in their new app: GlamST.

Agustina and Carolina founders of GlamST

Social entrepreneurship is also something that is being fostered at UM. Valentina Quagliotti was one of the first entrepreneurs in Uruguay to combine a business model with a social cause when she found Ikusi, a social video production startup. She also was the first Director of Socialab Uruguay, a latin american pre incubator for social ventures.

Not everybody succeed at first attempt, that is why Ignacio Menafra started Wanna an e-commerce portal and his fourth venture. Fortunately there are a lot of successful stories and you can know more about them here.

Faculty Innovation and Entrepreneurship

The number of professors and faculty members fostering innovation and entrepreneurship has been growing in the last couple of years. This whole new spirit lead to the creation of Inituim. (agregar link en la palabra Initium. This center has created different courses and workshops stimulating students and professors to develop new skills and attitudes with an innovation and entrepreneurship mindset. It is also a place for connection between students, alumni entrepreneurs, accelerators and other extracurricular entities.There are also other courses that stimulate innovation in their areas, such as Engineering Labs or Investment Projects for example.

University Technology Transfer Function

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University - Industry Collaboration

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Regional and Local Economic Development

Latin America has become a breeding ground for new businesses led by young people and it is now the second most enterprising region in the world, according to the World Bank.

“What really differentiates Uruguay from its neighbors is it’s incredibly stable economy and political situation, as well as its notable middle class. Uruguay has created an environment welcoming to foreign investment: the legal framework is stable and dependable and in terms of policy, its infrastructure is highly developed and acknowledged to be one of the top countries for software. Uruguay is also well known to be progressive in several fields, such as gay rights and marijuana consumption, which has helped Uruguayan entrepreneurs create products adapted to emerging markets and developed markets” says SeedStars in his last report on Latin American Entrepreneurship.

Uruguay's startup culture is growing incredibly fast this last couple of years. The National Agency of Innovation and Investigation (ANII) has been an amazing partner of this movement. Other entities such as incubators, accelerators, co work spaces and Innovation Centers from the different Universities have also played an incredible role and especially because of the synergy they developed.

Related Links

Landscape Canvas

Leadership Circle

• Romina Dominzain
• Luis Gurméndez
• Matías Menéndez
• Cecilia Tejera