Business incubators play a crucial role in Cape Verde's economic development, providing a favourable environment for innovative companies to emerge and grow. These entities, such as the Business Incubation Centre (BIC), have the mission of boosting the success of micro, small and medium-sized enterprises in the country by creating a dynamic environment that fosters entrepreneurial initiative. The BIC, for example, is an incubator with more than 10 years' experience, offering programmes that support entrepreneurs from the initial ideation phase to the growth phase, increasing the competitiveness and sustainability of companies (Bridge for Billions).
Founded on 21 July 2012, the Associação Business Incubation Center is a non-profit organisation created by the Agência para o Desenvolvimento Empresarial e Inovação (now Pró Empresa) and the Associação de Jovens Empresários de Cabo Verde (AJEC) (BIC - About Us). BIC's activities are structured to respond to all the needs of entrepreneurs wishing to set up their businesses in Cape Verde, through a series of programmes that act on the entrepreneurial process.
In recent years, incubators in Cape Verde have had a significant impact on the local economy. For example, BIC has hosted 14 companies in the last 16 months, which together have generated a turnover of more than 36,000 escudos and created more than 40 jobs (Island Express). This impact is reinforced by entrepreneurial training programmes, which have already provided over 1200 hours of training to more than 800 participants, promoting a robust entrepreneurial dynamic in the country.
Cape Verde's economic context, characterised by consistent growth and driven by strategic sectors such as tourism and renewable energies, offers fertile ground for the development of business incubators. These entities not only support the growth of local companies, but also attract foreign investment, contributing to the archipelago's economic sustainability (S&D Consultancy Cape Verde).
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Business incubators in Cape Verde are entrepreneurial support structures that aim to facilitate the development and sustainability of new companies. These entities offer a favourable environment for innovation and business growth, providing essential resources and services so that entrepreneurs can turn ideas into viable businesses. The main aim of incubators is to reduce barriers to business success by offering technical, administrative and infrastructure support.
The legal framework for business incubators in Cape Verde is defined by Decree-Law 20/2017 of 12 May. This decree establishes that incubators must be registered and certified by a government agency or entity responsible for promoting entrepreneurship, business development and innovation (Pro Company). The certification ensures that incubators fulfil the necessary requirements to offer quality services to entrepreneurs, promoting an environment of trust and professionalism.
Business incubators in Cape Verde offer a variety of services designed to support entrepreneurs at different stages of their business development. Among the most common services are:
Business incubators play a crucial role in strengthening the local economy in Cape Verde. By supporting the emergence of new companies, they contribute to job creation, economic diversification and innovation. Incubators also help attract foreign investment by demonstrating that Cape Verde has a favourable environment for entrepreneurship and innovation.
One successful example is the Business Incubation Centre (BIC), which since its creation in 2011 has supported various multi-sector companies, helping them to implement business ideas and develop activities in a suitable workspace (Santiago Magazine).
Despite the significant benefits, business incubators in Cape Verde face challenges that can limit their effectiveness. Among the main challenges are the need for sustainable funding, the continuous training of incubator managers and adapting to technological and market changes.
However, there are also significant opportunities to expand the impact of incubators. The growing attention to the blue economy, for example, offers new areas of development for incubators, which can support innovative projects in this emerging sector. Programmes such as IDEA APP CV, which supports business incubation in the blue economy, are examples of initiatives that can be replicated to maximise the impact of incubators (Pro Company).
Business incubators in Cape Verde are fundamental to the country's economic development, offering essential support to entrepreneurs and promoting innovation. With a well-defined legal regime and diversified services, these organisations have the potential to transform Cape Verde's business landscape, despite the challenges they face. The continuous evolution and adaptation of incubators is crucial to ensure that they continue to be engines of growth and innovation.
Business incubators in Cape Verde have been expanding to several islands, creating a robust network that covers different economic sectors. This expansion is exemplified by the presence of seven incubators on islands such as São Vicente, Boa Vista, Sal, and Santiago Norte, among others (Santiago Magazine). Each of these incubators focuses on specific sectors, such as information and communication technology, agribusiness, and services, allowing for a diversified approach adapted to local needs.
Cape Verdean incubators offer a range of programmes designed to support entrepreneurs at various stages of their business development. These programmes include idea acceleration, business incubation and soft landing for international entrepreneurs (BIC). Through these programmes, incubators not only facilitate the development of new companies, but also promote innovation and competitiveness in the Cape Verdean market.
Despite their success, incubators face significant challenges, such as the lack of qualified human resources and the difficulty in establishing strategic partnerships (Santiago Magazine). To mitigate these challenges, it is crucial that incubators invest in the continuous training of their managers and in the creation of collaborative networks with national and international organisations. Furthermore, adapting to technological and market changes is essential to guarantee the relevance and effectiveness of incubators.
Business incubators play a vital role in strengthening the local economy, contributing to job creation and economic diversification. By supporting the emergence of new companies, they help to attract investment and foster a favourable environment for entrepreneurship and innovation (Mindel Insite). This impact is visible in the incubators' ability to transform ideas into sustainable businesses, promoting economic growth in various regions of the country.
International collaboration is a key component for the success of incubators in Cape Verde. Programmes such as IDEA APP CV, which supports business incubation in the blue economy, are examples of initiatives that can be replicated to maximise the impact of incubators (Unicv). These collaborations not only bring additional resources and expertise, but also help position Cape Verde as an innovation hub in the African and global context.
Innovation is one of the fundamental pillars of business incubators in Cape Verde. These organisations are constantly looking for new ways to support entrepreneurs, whether through emerging technologies or innovative business models. Sustainability is also a priority, with incubators promoting business practices that respect the environment and contribute to the country's sustainable development (Balai).
Access to finance is one of the biggest challenges facing entrepreneurs in Cape Verde. Incubators play a crucial role in facilitating this access, helping companies prepare for presentations to investors and draw up robust business plans. In addition, incubators are exploring new forms of financing, such as crowdfunding and guaranteed credit, to support the growth of small and medium-sized enterprises (Mindel Insite).
To effectively support entrepreneurs, incubators are investing in the development of appropriate infrastructure and the training of their human resources. This includes expanding the electricity grid, improving communications and developing industrial estates. In addition, education and training are priority areas, with incubators offering courses and training programmes that meet the demands of the labour market (Mindel Insite).
Business incubators in Cape Verde are fundamental to the country's economic development, offering essential support to entrepreneurs and promoting innovation. With a well-defined legal regime and diversified services, these organisations have the potential to transform Cape Verde's business landscape, despite the challenges they face. The continuous evolution and adaptation of incubators is crucial to ensure that they continue to be engines of growth and innovation.
Business incubators in Cape Verde have played a vital role in the country's economic growth. These structures not only facilitate the emergence of new companies, but also promote innovation and competitiveness in the local market. The Business Incubation Centre (BIC), for example, has welcomed 14 companies in the last 16 months, which together have generated a turnover of more than PTE 36 billion and created more than 40 jobs (Island Express). This economic impact is significant, as it not only contributes to reducing unemployment, but also to increasing tax revenue through the taxes paid by these companies.
Incubators in Cape Verde have been instrumental in diversifying the economy. They provide a favourable environment for the development of companies in various sectors, including information and communication technology, agribusiness, and services. This diversification is crucial for an island country like Cape Verde, which faces economic challenges due to its dependence on limited sectors. The expansion of incubators to various islands, such as São Vicente, Boa Vista and Sal, has allowed for a more comprehensive approach adapted to local needs (Santiago Magazine).
Business incubators in Cape Verde have also boosted innovation and sustainability. By offering programmes such as the Startup Challenge Bootcamp and Global Entrepreneurship Week, incubators encourage the creation of innovative solutions that can be applied to various sectors of the economy. These initiatives not only promote innovation, but also ensure that incubated companies are sustainable in the long term, thus contributing to a more robust and resilient economic environment (Island Express).
Another significant impact of incubators is the attraction of investment, both national and international. By demonstrating that Cape Verde has a favourable environment for entrepreneurship and innovation, incubators help attract investors looking for opportunities in emerging markets. This attraction of capital is essential for economic growth, as it provides the necessary resources for incubated companies to expand and innovate. The partnership between BIC and the Sotavento Chamber of Commerce, for example, has been a catalyst for increased investor interest in the country (Island Express).
Incubators also play a crucial role in training and empowering Cape Verdean entrepreneurs. By offering access to experienced mentors and consultants, incubators help entrepreneurs develop skills that are essential to the success of their businesses. This training is vital to ensure that entrepreneurs can effectively manage their companies and adapt to changes in the market. In addition, incubators promote continuing education through workshops and seminars, which are key to developing a skilled and innovative workforce (BIC).
Despite their positive impact, incubators in Cape Verde face significant challenges that can limit their potential. The lack of qualified human resources and strategic partnerships are some of the obstacles that these entities need to overcome in order to maximise their impact. However, there are significant opportunities to expand the impact of incubators, especially through the blue economy, which offers new areas for development and innovation (Pro Company).
The transfer of incubator management to the private sector represents an opportunity to strengthen Cape Verde's entrepreneurial ecosystem. This move aims to improve companies' ability to respond to the demands of an increasingly competitive and innovative market. Collaboration between the government and the private sector is essential to create a more dynamic environment that is conducive to sustainable economic growth (Pro Company).
Although no formal conclusion is included in this report, it is clear that business incubators in Cape Verde are a crucial engine for the country's economic development. They not only promote job creation and innovation, but also attract investment and empower entrepreneurs, thus contributing to a more promising and sustainable economic future.
Business incubators in Cape Verde play a vital role in strengthening the country's entrepreneurial ecosystem, promoting entrepreneurship, innovation and economic diversification. These structures offer a favourable environment for the development of new companies, providing essential services such as mentoring, infrastructure, support in attracting funding and networking opportunities. The legal framework established by Decree-Law 20/2017 ensures that incubators operate with professionalism and quality, contributing to an environment of trust between entrepreneurs and investors (Pro Company).
The economic impact of incubators is significant, evidenced by the creation of jobs, attraction of investment and diversification of economic sectors, such as information and communication technology and agri-business. Successful examples, such as the Business Incubation Centre (BIC), demonstrate the capacity of these entities to transform ideas into sustainable businesses, contributing to local economic growth (Santiago Magazine). However, incubators face challenges, including the need for sustainable funding and the continuous training of their managers. Exploring new opportunities, such as the blue economy, and international collaboration are crucial steps to maximise the impact of incubators and ensure their future relevance (Pro Company).
To ensure the continued success of incubators, it is essential that they continue to adapt to technological and market changes by investing in infrastructure and training. Transferring the management of incubators to the private sector can further strengthen the entrepreneurial ecosystem, promoting a more dynamic and competitive environment (Pro Company). With a strategic and collaborative approach, business incubators in Cape Verde have the potential to become engines of economic growth and innovation, contributing to a more sustainable and prosperous future for the country.
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