In recent years, Cape Verde has emerged as a favourable environment for the development of innovative and sustainable businesses. This archipelago, strategically located in the Atlantic between Europe, Africa and the Americas, has been consolidating itself as a hub for innovation and entrepreneurship in the region. With the support of business acceleration programmes, entrepreneurs have the opportunity to turn ideas into viable businesses, contributing to the country's economic and social growth.
Business acceleration programmes in Cape Verde offer an essential platform for start-ups and small businesses looking to validate and scale their business models. Initiatives such as Startup ChallengeJovEmprego Cabo Verde, in partnership with the Business Incubation Centre (BIC), has played a crucial role in empowering young entrepreneurs by providing them with access to resources, mentoring and funding.
Another significant example is IDEA Cape Verde Incubation ProgrammeThis programme aims to boost the blue economy by supporting innovative businesses in coastal communities. This programme, developed in collaboration with United Nations agencies and the Government of Cape Verde, stands out for promoting socio-economic inclusion, especially among women and young people.
Participating in these programmes requires meeting certain criteria, such as submitting a robust business plan and being willing to start or diversify businesses in the country. Benefits include access to a network of contacts, specialised training and, in some cases, start-up funding. For interested entrepreneurs, it is crucial to be aware of the application deadlines and specific requirements of each programme, as detailed on the respective official websites.
Through these programmes, Cape Verde not only supports local business development, but also attracts international investment, strengthening its position as an innovative and sustainable business destination.
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Acceleration programmes in Cape Verde often set age and nationality criteria as essential requirements for participation. For example, many programmes require applicants to be between 18 and 35 years old and have Cape Verdean nationality. This criterion aims to foster young entrepreneurship and ensure that beneficiaries have a direct link to the country, thus promoting local development. (Pro Company)
Another common requirement is the need for academic or professional training. Participants must have at least level 4 or 5 training, which corresponds to higher education or professional qualifications. This criterion ensures that candidates have an adequate knowledge base to develop and manage a business effectively. (Pro Company)
Acceleration programmes in Cape Verde are often aimed at innovative projects, whether they are technology-based or not. Applicants must present a promising project, which may be in its embryonic phase or in the process of being set up. In addition, programmes can be specific to certain sectors, such as the Blue Economy, which includes activities such as fishing, the processing of fishing by-products, and maritime tourism. (Pro Company)
To be eligible, applicants must ensure that their company or project complies with Cape Verde's legal and tax requirements. This includes being regularised in terms of business licensing, taxation and social security. This requirement is fundamental to ensuring that businesses operate legally and contribute to the country's formal economy. (Pro Company)
Acceleration programmes can also set requirements relating to the capital structure and ownership of companies. For example, it is common for participating micro or small businesses to be formally incorporated and for at least 60% of the share capital to be held by young Cape Verdeans. This criterion aims to ensure that the benefits of the programme are directed towards young local entrepreneurs, promoting the creation of wealth and employment in the country. (Pro Company)
In some programmes, it is possible for foreigners to participate, but with specific restrictions. For example, in projects that include foreigners, it is required that at least 20% of the share capital be held by a Cape Verdean. This measure seeks to balance foreign participation with the need to ensure that the economic benefits remain in Cape Verde. (BIC)
Acceleration programmes often focus on strategic sectors for Cape Verde's sustainable development. Sectors such as tourism, renewable energies, health, and creative industries are often prioritised due to their growth potential and economic impact. Applicants who present projects in these sectors can have a competitive advantage in the selection process. (Digital Cape Verde)
The selection process for accelerator programmes in Cape Verde is generally rigorous, involving the assessment of criteria such as the strategic alignment of the project, the degree of innovation, and the market potential. In addition, candidates may be subjected to interviews to assess their profile and entrepreneurial potential. This process aims to ensure that only the most promising projects aligned with the programme's objectives are selected. (Digital Cape Verde)
Participants in accelerator programmes in Cape Verde can benefit from a range of support, including funding, training, mentoring and networking. These benefits are designed to help entrepreneurs validate their ideas, develop their businesses, and achieve market success. In addition, programmes can offer access to resources such as coworking spaces and specialised technical support. (Digital Cape Verde)
The requirements and eligibility criteria for accelerator programmes in Cape Verde are designed to identify and support young, innovative entrepreneurs who can contribute to the country's sustainable economic development. By establishing clear criteria and offering significant benefits, these programmes play a crucial role in promoting entrepreneurship and innovation in Cape Verde.
Financing is one of the main challenges faced by startups in Cape Verde. However, the growing attention of international investors has created significant opportunities for the country's entrepreneurial ecosystem. In 2024, the volume of foreign direct investment in the technology sector increased by 15% compared to the previous year, highlighting the growing interest in exploring the Cape Verdean market (African Development Bank).
Acceleration programmes such as Tech Hub CV play a crucial role in connecting local startups with international investors. These programmes offer mentoring, coworking spaces and access to a network of investors, which has resulted in an average increase of 30% in startup revenues after participation (Tech Hub CV).
Forming strategic partnerships is essential to increasing a startup's attractiveness to investors. In Cape Verde, collaborations with local universities can help startups access emerging talent and develop research-based solutions. These partnerships not only provide access to new markets and technological resources, but also facilitate the development of specialised knowledge that can be crucial to a startup's success (Cape Verde TradeInvest).
The Cape Verdean government has implemented policies that are favourable to entrepreneurship, including support for accelerator programmes and the facilitation of public-private partnerships. These initiatives are key to overcoming barriers such as bureaucracy and lack of access to capital. Continued government support, coupled with interest from international investors, positions Cape Verde as a potential innovation hub in West Africa (S&D Consultancy Cape Verde).
In addition, collaboration between startups, government and non-governmental organisations has been a key factor in strengthening the entrepreneurial ecosystem in the country. Support networks, such as incubators and accelerators, offer valuable resources to early-stage startups, contributing to their sustainable and competitive development (Tech Hub CV).
Through its Global Gateway strategy, the European Union has strengthened its support for the digital sector, port infrastructure and renewable energies in Cape Verde. In 2024, funding totalling 300 million euros was signed to support these strategic sectors, which represents a significant opportunity for startups operating in these areas (EEAS).
This support includes a 29 million euro grant combined with a 120 million euro sovereign loan from the European Investment Bank to achieve energy sustainability. In addition, the EIB will support Cape Verde with a 22 million euro corporate loan to expand the Cabeólica wind farm, reinforcing the country's commitment to green energy (Government of Cape Verde).
The IDEA Cape Verde programme, in partnership with UNIDO and Bridge for Billions, focuses on the Blue Economy as an accelerator of the Sustainable Development Goals. This programme aims to support 30 businesses with the potential to boost the value chains linked to the Blue Economy, generating new opportunities for decent work, especially for women and young people in the country's coastal communities (Bridge for Billions).
Participants in the programme benefit from a cycle of training, active recruitment and ongoing support in developing viable business plans. The programme culminates in a pitch event, where entrepreneurs present their businesses to local stakeholders, thus promoting innovation and sustainable growth in the region (Bridge for Billions).
Business acceleration programmes in Cape Verde have played a crucial role in the country's sustainable development. The programme Jov@EMPREGOThe programme, for example, is a joint initiative of the Cape Verdean government and the United Nations, with financial support from the Grand Duchy of Luxembourg, which aims to promote decent employment among young Cape Verdeans. This programme not only fosters entrepreneurship, but also contributes to changing mentalities and empowering at least 300 young people, attracting the attention of potential investors to new ideas and promoting the insertion of young people into the entrepreneurial ecosystem.
The Cape Verdean government has made significant efforts to speed up the transition from the informal to the formal economy, which is essential for sustainable economic development. According to the Secretary of State for Business Development, Adalgisa Vaz, this process aims to double the number of active companies in the country by 2026 and increase the weight of medium-sized companies to 30% and the employment generated by private companies to 51% (Ministry of Finance). This programme is a new aspect of PROEMPRESA, carried out in conjunction with local players and employers, with the aim of improving the business environment and promoting decent work.
The Blue Economy is highlighted as one of the main accelerators of sustainable development in Cape Verde. Prime Minister Ulisses Correia e Silva emphasised the importance of this sector in contributing to GDP, exports and job creation (Government of Cape Verde). Programmes such as IDEA Cape Verde, in partnership with UNIDO and Bridge for Billions, focus on the Blue Economy, supporting businesses with the potential to boost value chains linked to the sea, creating new opportunities for decent work, especially for women and young people in coastal communities.
The programme Digital Cape Verde is a government initiative that promotes digital entrepreneurship and innovation in the country. This programme aims to create a digital hub that serves Africa's growing tech scene, offering opportunities for tech startups to develop innovative projects. The Cabo Verde Digital Scholarship, for example, is a pre-incubation programme that selects startups for training and mentoring, providing access to funding and technical resources essential for turning ideas into real businesses (Ministry of Finance).
The programme Impact Bootcamp is an innovative initiative that promotes entrepreneurship and social innovation in Cape Verde. Launched by the Ministry of Family, Inclusion and Social Development, in partnership with Business Center Incubation and WeCare, this programme aims to reconcile economic and social goals, boosting inclusive and sustainable development. The Impactar Bootcamp reflects the government's commitment to strengthening the social and solidarity economy, promoting the creation and strengthening of social enterprises, contributing to socio-economic inclusion and the development of sustainable solutions to social problems.
Business accelerator programmes in Cape Verde play a vital role in fostering young and innovative entrepreneurship, contributing significantly to the country's sustainable economic development. Eligibility criteria, such as age, nationality, academic and professional background, and legal and tax compliance, are carefully designed to ensure that participants have a strong link to Cape Verde and are prepared to run businesses effectively. These programmes not only promote strategic sectors such as the Blue Economy, tourism and renewable energies, but also offer substantial benefits, including funding, mentoring and networking, which are crucial to the success of startups (Pro Company).
The impact of these programmes is amplified by strategic partnerships with international investors and academic institutions, which provide access to financial resources and expertise. Continued government support, combined with initiatives such as the Tech Hub CVIn addition, the European Union and European Investment Bank's funding reinforces Cape Verde's commitment to critical sectors such as energy sustainability, creating new opportunities for startups. In addition, funding from the European Union and the European Investment Bank reinforces the commitment to critical sectors such as energy sustainability, creating new opportunities for start-ups. The promotion of digital innovation through programmes such as the Digital Cape Verde and social impact through Impact Bootcamp underline the government's inclusive and comprehensive approach to strengthening the entrepreneurial ecosystem.
The implications of these programmes are profound, suggesting a clear path for the transition from the informal to the formal economy, with the aim of doubling the number of active companies by 2026. The emphasis on the Blue Economy as a pillar of growth highlights Cape Verde's potential to lead sustainable development initiatives in the region. The next steps should focus on expanding these initiatives, ensuring that more young entrepreneurs have access to resources and opportunities, and promoting a culture of innovation that can sustain long-term economic growth (Government of Cape Verde).
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