Startup Challenge +: Turning Entrepreneurial Dreams into Cape Verdean Reality

The Story Behind the Programme

Imagine Maria, a young engineer from São Vicente, with an innovative idea: to create a digital platform that would connect local artisans with international tourists. Before Startup Challenge +Her dream was nothing more than a simple sketch in a notebook. Today, thanks to the programme, Maria has found a clear path to turning her idea into a sustainable and impactful business.

Official Background

O Startup Challenge +The 2024 edition is much more than just a competition - it is a strategic initiative by Pró Empresa, designed to strengthen and energise the Cape Verdean entrepreneurial ecosystem.

Detailed Strategic Objectives

The programme's main objectives are:

• Increasing visibility of emerging business initiatives;
• Attracting investors to support new entrepreneurial ideas;
• Fostering opportunities integration into the business ecosystem;
• Stimulating the creation of start-ups as a source of income and development;
• Promoting inclusionwith a special focus on supporting women entrepreneurs.

The Path of a Cape Verdean Startup: The Case of Maria

Application

Maria would begin her journey by fulfilling the essential requirements:

• Have a degree in engineering;
• Present an innovative business project for implementation in Cape Verde;
• Ensuring that the planned initial investment did not exceed the limit of 1,500,000 CVE.

Selection Process

Maria's project would be assessed on the basis of four fundamental dimensions:

• Strategic Alignment (15%): Your digital tourism project would be in line with the country's social development and sustainability priorities.
• Innovation (30%)The digital platform, designed to connect local artisans to the international market, would be recognised for its originality and innovative impact.
• Team competences (20%)Maria's technical background, combined with her passion and commitment to the project, would be carefully analysed.
• Market Response (35%)The importance of creating a link between local artisans and the international market would be considered a crucial element in the success of the proposal.

Transformative Incentives

If selected, Maria would have access to:

Financial Support

• Seed capital of up to 250,000 CVE;
• Potential for venture capital participation, up to 49%.

Business Development

• Customised training programme, adapted to the needs of the project;
• Specialised mentoring by experienced professionals;
• Ongoing technical support in business incubators.

Technical assistance

• Organisation of the credit file;
• Development of a strategic marketing plan;
• Carrying out detailed market studies;
• Preparation of pitch for presentation to potential investors.

Participation Criteria

To join the programme, the entrepreneur must:

• Being a Cape Verdean citizen;
• Have professional training (Level I or higher);
• Propose a project with the potential to be implemented nationwide;
• In the case of partnerships with foreign partners, ensure that 51% of the capital is held by Cape Verdeans.

Programme stages

The Startup Challenge + includes the following phases:

1. Online Application SubmissionThe candidate presents the project via a digital platform;
2. Documentation check: Evaluation of the requirements and conformity of the documents submitted;
3. Initial Training: Training with the GERME methodology, to reinforce the foundations of the project;
4. Technical Project Assessment: Careful analysis of the proposal in terms of feasibility and impact;
5. Technical assistanceSpecialised support to refine and structure the project;
6. Presentation of PitchThe candidate presents the project to a specialised jury;
7. Final Selection and Awards: Selection and recognition of the most promising proposals.

The Real Impact

In Maria's case, the Startup Challenge + would be much more than a competition - it would be a real springboard to success. Your digital craft platform could:

• Generate local jobsstrengthening the economy;
• Increasing income of traditional artisans;
• Promoting Cape Verdean culture on an international level;
• Create a sustainable and scalable business modelwith the potential to grow beyond Cape Verde's borders.

Tips for candidates

• Read the full regulations carefully;
• Present complete and well-organised documentation;
• Make sure your idea is clear, innovative and viable;
• Demonstrate in-depth knowledge of the market in which you intend to operate;
• Show passion and commitment to your project.

Your idea could be the next great Cape Verdean entrepreneurial story!

Objectives Startup Challenge

The programme has been designed with clear goals, which include:

• Visibility and Opportunities: To highlight initiatives by young entrepreneurs, attracting the interest of investors and financiers.
• Training and Support: Provide training, mentoring and technical assistance for the development of business ideas.
• Inclusion and Diversity: Encourage the participation of traditionally under-represented groups, such as women and young people from different backgrounds.
• Economic and Social Impact: Promote job creation, income generation and economic diversification.

Structure Startup Challenge

Phases of the Challenge

The programme is structured in several stages, allowing for an organised progression:

1. Submission of ProposalsCandidates present their ideas via a digital platform, accompanied by detailed documentation and the CVs of the promoters.
2. Initial TrainingSelected projects take part in an intensive programme to refine their business model and strengthen core competences.
3. Pitch and EvaluationEntrepreneurs present their ideas to a specialised jury, which evaluates them on the basis of criteria such as innovation, strategic alignment and market impact.
4. Technical assistance and awardsFinalist projects receive cash prizes, seed capital, access to incubators and technical support for implementation.

Evaluation Criteria

The projects are assessed on the basis of strict criteria:

• Degree of Innovation: Evaluation of the solution's impact on the sector.
• Team competences: Analysing the adequacy of the team's skills to the project's requirements.
• Responding to Market NeedsVerification of the sustainability and relevance of the business model.

Impact of Startup Challenge

Fostering Startups and Job Creation

Since its inception, the Startup Challenge has been a catalyst for the emergence of start-ups in strategic sectors such as technology, tourism and sustainable agriculture. These companies are already helping to create jobs and strengthen Cape Verde's entrepreneurial ecosystem.

Innovation and Sustainability

By promoting creativity and social responsibility, the programme has encouraged the development of innovative solutions that tackle local and global challenges, such as the energy transition and the circular economy.

Social Inclusion and Diversity

With a clear focus on inclusion, the programme stands out for promoting the participation of young people, women and under-represented communities, guaranteeing equal opportunities in the business environment.

Challenges and opportunities

Challenges

• Access to Continuous FundingDespite the initial support, many start-ups face difficulties in securing financial resources after the programme.
• Limited infrastructureLack of access to advanced technologies and logistical limitations continue to be barriers to growth.
• Advanced TrainingThere is a need for more specific training in areas such as digitalisation and expansion management.

O Startup Challenge continues to evolve in response to these challenges, expanding the opportunities and impact on Cape Verdean entrepreneurship.

References

Proempresa (n.d.). Proempresa. https://www.proempresa.cv/index.php/promocao-empresarial-3/startup-challenge