In the current economic context, Cape Verde is fertile ground for the development of innovative and sustainable businesses. With a strategic location in the Atlantic, between Europe, Africa and the Americas, the archipelago offers a favourable environment for entrepreneurs wishing to explore new market opportunities. This report aims to explore profitable business models that can be implemented by entrepreneurs in Cape Verde, highlighting emerging sectors and innovative strategies.
The Cape Verdean economy has proved resilient, with entrepreneurship emerging as one of the main drivers of the country's economic and social development. According to S&D ConsultancySustainable tourism, renewable energies and digitalisation are some of the areas with the greatest potential for growth. In addition Blue Economy offers a promising path to sustainable development, taking advantage of the country's vast ocean resources.
The Cape Verdean government, in partnership with civil society, has implemented various initiatives to support entrepreneurship, such as mentoring programmes and start-up incubators, which are proliferating in the country. These initiatives are fundamental to creating a favourable environment for investment and innovation, as highlighted in the Green and Blue Entrepreneurship Project.
Despite the challenges inherent to the island context, such as dependence on imports and vulnerability to external shocks, Cape Verde has significant competitive advantages. Political stability and improved infrastructure are factors that continue to attract investment, especially in the tourism, services trade and telecommunications sectors, as mentioned in the article Cape Verde 2025: At the crossroads of past and future.
This report thus aims to provide a comprehensive overview of business opportunities in Cape Verde, offering valuable insights for entrepreneurs who wish to capitalise on emerging trends and contribute to the country's sustainable economic growth.
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The blue economy in Cape Verde has significant potential for the development of new value chains, especially in the fisheries and aquaculture sectors. Sustainable fishing is a crucial economic activity, and the implementation of appropriate practices can guarantee the health of fish stocks and long-term food security. Selective fishing techniques and the creation of marine protected areas are strategies that can be adopted to achieve these goals (IFC and World Bank).
Aquaculture, in turn, offers opportunities for the cultivation of high-value marine species, such as algae and shellfish, which can be integrated into local and international value chains. Product diversification and innovation in farming techniques are essential to increasing the sector's competitiveness and sustainability. Government support and the creation of appropriate regulatory policies are key to fostering the growth of this sector.
The synergy between the blue economy and tourism is a strategic opportunity for Cape Verde. Sustainable marine tourism, including activities such as diving, snorkelling and whale watching, can be a significant source of revenue. However, it is essential that these activities are managed in a way that minimises environmental impact and preserves marine ecosystems (S&D Consultancy).
Developing tourism infrastructure that promotes sustainability and environmental conservation can attract a growing market segment of conscious tourists interested in authentic and ecological experiences. In addition, the formation of partnerships between tourism operators and local communities can ensure that the economic benefits are distributed equitably.
Cape Verde's strong digital infrastructure, together with its emerging technological landscape, presents interesting opportunities for the development of digital financial services and e-government. The implementation of digital payment solutions can facilitate transactions in the blue economy sector, promoting financial inclusion and economic efficiency (IFC and World Bank).
In addition, e-government can improve the transparency and efficiency of administrative processes, reducing bureaucracy and encouraging private investment. The creation of digital platforms for managing licences and concessions in the aquaculture sector, for example, can speed up business development and attract international investors.
Cape Verde has significant potential for the development of ocean renewable energies, such as offshore wind and wave energy. Investing in these technologies can reduce dependence on fossil fuels and create green jobs, contributing to the country's environmental and economic sustainability (S&D Consultancy).
Cape Verde's government has shown a growing commitment to sustainability, and the implementation of ocean renewable energy projects could position the country as a regional leader in energy innovation. In addition, exporting technology and know-how in this sector could open up new markets and opportunities for international collaboration.
In order to maximise opportunities in the blue economy, it is essential to invest in capacity building and professional training for the Cape Verdean workforce. Technical and vocational training programmes can equip workers with the necessary skills to operate in emerging sectors such as aquaculture and ocean renewable energies (IDEA Incubation Programme).
Collaboration between educational institutions, the government and the private sector can ensure that curricula are aligned with market needs and that graduates are prepared to face the challenges and take advantage of opportunities in the blue economy sector. In addition, promoting entrepreneurship among young people and women can encourage innovation and the creation of new businesses, contributing to Cape Verde's sustainable economic growth.
Youth entrepreneurship in Cape Verde has been boosted by a series of funding and support programmes aimed at facilitating access to capital and guidance for young entrepreneurs. A notable example is the Pro Empresa programme, which offers various lines of credit with state guarantees, such as the Stimula Empreenda+. This programme is particularly important as it covers 100% of the guarantee, making financing more accessible to young people and women entrepreneurs. The competitive interest rate of 5.5% is significantly lower than the market average, which represents a considerable advantage for new businesses.
In addition, the Youth and Women's Bank initiative, also promoted by Pro Empresa, focuses on the economic empowerment of young people and women, providing them with "decent and sustainable employment". This approach not only promotes the sustainability of families, but also contributes to the general improvement of business in Cape Verde.
Capacity building and technical training are crucial elements for the success of youth entrepreneurship in Cape Verde. Vocational training programmes are essential to equip young people with the necessary skills to operate in emerging and competitive sectors. S&D Consultoria highlights the importance of digitalisation and technology as growth areas where technical training can make a significant difference (S&D Consultancy).
Collaboration between educational institutions, the government and the private sector is vital to ensure that curricula are aligned with market needs. This partnership can ensure that graduates are prepared to face the challenges and seize the opportunities in the globalised job market.
Innovation is a key driver for the development of new businesses in Cape Verde. Emerging sectors such as digital technology, sustainable tourism and renewable energies offer unique opportunities for young entrepreneurs. The digitalisation of public and private services is opening up new opportunities in areas such as fintech, e-commerce and digital services (ITU).
In addition, sustainable tourism is gaining traction, with entrepreneurs exploring niches such as ecotourism and cultural tourism. These niches attract conscious tourists who are willing to pay for authentic and unique experiences. A UNWTO points out that this type of tourism not only minimises environmental impact, but also promotes community development.
Despite the opportunities, young entrepreneurs in Cape Verde face significant challenges, such as limited access to finance and bureaucracy. To overcome these obstacles, the creation of innovative financing mechanisms such as venture capital funds and crowdfunding platforms is recommended. These solutions can support startups and small businesses, providing them with the capital they need to grow and innovate.
Simplifying regulatory and administrative processes is also crucial to facilitating the creation and operation of companies. Reducing bureaucracy can encourage private investment and speed up business development. In addition, strengthening public-private partnerships can develop infrastructure and train entrepreneurs, creating a more favourable environment for young entrepreneurship.
The future of youth entrepreneurship in Cape Verde is full of opportunities, especially in the technology, sustainable tourism and renewable energy sectors. Digitalisation continues to be a growing trend, with the government implementing various initiatives to promote digital inclusion and technological innovation. This strategy could open up new opportunities for tech start-ups and digital services, such as fintech and e-commerce.
Investment in renewable energies, such as solar and wind, also offers opportunities for entrepreneurs who can provide innovative and sustainable solutions for energy production and distribution. The Cape Verdean government has ambitious targets to increase the share of renewable energies in the country's energy matrix (IRENA).
Finally, the creative industry, including music, art, fashion and gastronomy, represents fertile ground for innovation and economic growth. Cape Verde's rich culture can be exploited to develop unique products and services that not only cater for the local market, but also have export potential.
In conclusion, youth entrepreneurship in Cape Verde is on an upward trajectory, with various trends and opportunities emerging. With the right support in terms of funding, capacity building and government policies, young entrepreneurs have the potential to transform the country's economic landscape, promoting sustainable and inclusive growth.
Sustainable tourism in Cape Verde offers a unique opportunity to develop cultural and ecological tourism, which are growing segments globally. Diversifying tourism offers to include activities such as hiking, birdwatching and cultural tourism could attract a new segment of tourists concerned about sustainability (S&D Consultancy). This type of tourism not only minimises environmental impact, but also promotes community development by integrating local communities into the value chain, ensuring that the economic benefits are distributed fairly.
Investing in sustainable infrastructure is essential for resilient tourism in Cape Verde. Building hotels and resorts that use green technologies, such as renewable energy and efficient water management, can reduce environmental impact and attract conscientious tourists (CV Consultancy). This approach not only diversifies the tourism offer, but also promotes social inclusion and community development. In addition, the Cape Verdean government has implemented policies to stimulate sustainable entrepreneurship, such as the creation of business incubators and accelerators, access to credit and the simplification of bureaucratic processes.
Cape Verde offers strategic investment opportunities in niche tourism segments, including yachting, the creative industries and digital nomad tourism (IFC). By embracing sustainability initiatives and providing direct support to businesses, Cape Verde can maximise returns and propel its tourism sector towards inclusive and resilient growth. Niche tourism, such as ecotourism and cultural tourism, attracts conscious tourists who are willing to pay for authentic and unique experiences, thus promoting community development and the preservation of natural resources.
Public-private partnerships are crucial to the development of sustainable tourism in Cape Verde. The government has worked in collaboration with international organisations, such as the World Bank, to fund projects to develop resilient tourism and the blue economy (Ministry of Finance). This funding is aimed at improving tourism infrastructure and promoting sustainable practices, with the aim of increasing the participation of SMEs in tourism-related value chains. In addition, international financial support can catalyse the positive economic dividends that come from tourism, making it possible to amplify sustainable connections with greater added value for local communities and businesses.
Human resource training and capacity building are fundamental to the success of sustainable tourism in Cape Verde. Technical and professional training programmes can prepare the local workforce to meet the demands of the growing tourism sector, ensuring that sustainable practices are implemented effectively (Mindel Insite). In addition, the formation of partnerships between tourism operators and local communities can ensure that economic benefits are distributed equitably, promoting social inclusion and community development. Training in sustainable tourism practices can also help preserve natural and cultural resources, ensuring that tourism remains an engine of long-term economic growth.
The research report highlights several promising opportunities for entrepreneurs in Cape Verde, focusing on the blue economy, sustainable tourism, digital financial services and renewable energies. The blue economy, particularly in the fishing and aquaculture sectors, offers significant potential for the development of sustainable value chains. The implementation of selective fishing practices and the creation of marine protected areas are essential to guarantee the health of fish stocks and long-term food security. Aquaculture, with the cultivation of high-value marine species, can be integrated into local and international value chains, boosting the competitiveness and sustainability of the sector (IFC and World Bank).
In addition, the synergy between the blue economy and sustainable tourism presents a strategic opportunity, with sustainable marine tourism emerging as a significant source of revenue. Cape Verde's robust digital infrastructure also opens doors for the development of digital financial services and e-government, promoting financial inclusion and economic efficiency. Investment in ocean renewable energies, such as offshore wind power, can position Cape Verde as a regional leader in energy innovation, contributing to the country's environmental and economic sustainability (S&D Consultancy).
To maximise these opportunities, it is crucial to invest in capacity building and professional training for the Cape Verdean workforce, ensuring that curricula are aligned with market needs. Government support and the creation of appropriate regulatory policies are key to fostering the growth of emerging sectors. In addition, the promotion of youth entrepreneurship, through funding and support programmes, can transform Cape Verde's economic landscape, promoting sustainable and inclusive growth. Public-private partnerships and international funding are essential for the development of sustainable tourism, ensuring that the economic benefits are distributed equitably and that tourism remains an engine of long-term economic growth (Ministry of Finance).
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