The Start-Up Youth Programme, a nationwide initiative promoted by the Cape Verdean government, stands out as a strategic platform for fostering entrepreneurship among young Cape Verdeans. Officially launched in 2017 at the 3E - Entrepreneurship, Employability and Employment event, this programme aims to empower young people, especially women, to develop innovative ideas and turn them into sustainable businesses. With a focus on decentralisation, the programme ensures equal access throughout the archipelago, from Santo Antão to Brava, promoting inclusion and regional economic development Government of Cape Verde.
Aimed at young people between the ages of 18 and 35, with higher or professional education, the programme supports the creation of new or embryonic companies, encouraging innovative projects, with or without a technological base. Recently, a funding guarantee of up to 100% was introduced for disruptive projects, facilitating access to credit and reducing financial barriers for entrepreneurs The Nation.
This initiative is part of a wider context of public policies that prioritise economic growth, social inclusion and the reduction of inequalities. The government has invested in complementary programmes, such as business acceleration and technological training, to create an ecosystem conducive to entrepreneurship. These efforts are reinforced by international partnerships and development funds, which expand opportunities for young entrepreneurs Pro Company.
The Start-Up Youth Programme not only promotes job creation and innovation, but also contributes to strengthening the Cape Verdean economy, positioning the country as a hub for innovative businesses in the region.
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The main objective of the Start-Up Jovem Programme is to foster entrepreneurship among young Cape Verdeans by encouraging the creation of new companies and the expansion of existing businesses. This programme aims to train young people between the ages of 18 and 35, offering them an opportunity to turn innovative ideas into sustainable businesses. The initiative is aligned with the pillars of the Strategic Plan for Sustainable Development (PEDS), promoting economic activities that generate value and create jobs. (Government of Cape Verde)
The programme encourages innovation and creativity by providing conditions for the development of promising projects, whether they are new or in their infancy. Technology-based businesses or those that introduce innovative solutions in traditional sectors are particularly valued. This support includes not only funding, but also management training and technical support during project implementation. (Pro Company)
One of the most significant benefits of the programme is the availability of funding on advantageous terms. Projects can receive between 500,000$ and 5,000,000$ Cape Verdean escudos, with an interest rate subsidised by 50% by the state. This measure aims to reduce the financial barriers that often make it difficult for young entrepreneurs to access credit. (Government of Cape Verde)
By promoting business creation, the programme contributes directly to job creation, especially for young people. In addition, the focus on sustainable businesses ensures that the companies supported have a positive impact in the long term, both in the economic and social context. The initiative also seeks to stimulate the inclusion of women entrepreneurs, through a partnership with the Association of Women Entrepreneurs of Cape Verde (AMES). (Pro-Guarantee)
Another important benefit is the support offered to start-ups through incubators. These structures provide a favourable environment for business growth, offering everything from physical space to technical support and specialised consultancy. This support is essential to ensure the long-term sustainability and success of the companies. (Pro Company)
The Start-Up Youth Programme establishes specific requirements for individuals wishing to apply, ensuring that beneficiaries are aligned with the programme's objectives. The criteria include:
In addition to the requirements for promoters, the projects submitted must fulfil specific criteria in order to be considered eligible:
Funding under the Start-Up Youth Programme is structured to provide advantageous and accessible conditions for entrepreneurs. Although it has already been mentioned that projects can receive between 500,000$ and 5,000,000$ Cape Verdean escudos with a subsidised interest rate of 50%, this section details other complementary aspects.
The requirements for companies wishing to benefit from the programme are equally strict, ensuring that the resources are applied to initiatives with a high potential for impact:
As well as funding, the programme offers technical support to beneficiaries, ensuring that entrepreneurs have the tools they need to run their businesses effectively:
While the existing content has already addressed the conditions of accessible financing, this report expands the analysis by detailing the eligibility criteria for promoters and projects, as well as the specific requirements for companies and the financing structure, including credit guarantees and tax benefits. In addition, the aspects of technical support and follow-up, which were not previously mentioned, are explored.
The Start-Up Youth Programme has made a significant contribution to strengthening the entrepreneurial ecosystem in Cape Verde, promoting the creation of innovative start-ups. This impact is visible in the emergence of companies in sectors such as technology, the creative economy and renewable energies, which have seen remarkable growth. Through financial and technical incentives, the programme facilitates the implementation of disruptive business ideas, promoting economic diversification and reducing dependence on traditional sectors such as tourism. This approach is in line with Cape Verde's Digital Economy Strategy (consultancy.cv) has allowed the country to position itself as a digital hub in West Africa.
In addition, the programme promotes the integration of sustainable practices into startups' business models, encouraging the adoption of green technologies and ecological solutions. This focus on sustainability is essential for attracting international investment and ensuring the competitiveness of companies in the global market.
One of the programme's most important contributions is the inclusion of young people and women in the business market. By offering funding and training opportunities, Start-Up Joven has enabled groups traditionally under-represented in entrepreneurship to access essential resources to start and expand businesses. This economic inclusion has a direct impact on reducing social inequalities and promoting more equitable development.
The programme has also encouraged the active participation of young entrepreneurs in emerging sectors such as biotechnology and the digital economy. This involvement is reinforced by initiatives such as Cabo Verde Digital, which promotes training in technological skills and the creation of international collaboration networks (cabowork.com).
Start-Up Jovem plays a crucial role in the transition from the informal to the formal economy. By formalising businesses, the programme contributes to increased tax collection and the creation of formal jobs, strengthening the country's economic base. This transition is facilitated by administrative simplification measures and the provision of accessible financing, which reduce the barriers to formalising companies.
Formalisation also promotes the protection of labour rights and access to social benefits, improving working conditions and workers' quality of life. This impact is particularly relevant in a context where the informal economy represents a significant portion of economic activity in Cape Verde (consultancy.cv).
The programme has boosted the development of infrastructures to support entrepreneurship, such as incubators and business accelerators. These structures offer technical and strategic support to startups, from the ideation phase to expansion. Through public-private partnerships, the government has invested in the creation of coworking spaces and innovation centres, which facilitate collaboration between entrepreneurs and other players in the ecosystem.
In addition, events such as the Youth Investment and Financing Summit have promoted networking and attracting investment for Cape Verdean startups. These initiatives are key to strengthening the entrepreneurial ecosystem and attracting international talent and resources (proempresa.cv).
The impact of Start-Up Jovem on Cape Verde's economic sustainability is evident in the diversification of economic activities and the strengthening of strategic sectors. The promotion of innovative businesses in areas such as sustainable tourism and renewable energies has the potential to generate consistent income and reduce the country's vulnerability to external shocks.
The programme has also encouraged collaboration between startups and large companies, creating synergies that boost innovation and competitiveness. This integrated approach is essential to ensure that economic growth is inclusive and sustainable in the long term (mindelinsite.com).
Training young entrepreneurs is one of the pillars of Start-Up Jovem. The programme offers training in areas such as business management, digital marketing and technological innovation, preparing participants to face the challenges of the market. This training is complemented by personalised mentoring and consultancy, which helps entrepreneurs develop practical skills and implement effective strategies.
In addition, the programme promotes entrepreneurial education in schools and universities, encouraging young people to explore entrepreneurship as a viable career. This focus on talent development is crucial to creating a skilled workforce aligned with the needs of the global market (consultancy.cv).
Start-Up Jovem has played an important role in attracting investment to Cape Verde. By creating a favourable business environment and implementing incentive policies, the programme has attracted national and international investors interested in supporting promising start-ups. This influx of capital is essential for financing the expansion of companies and boosting economic growth.
Cape Verde's participation in international entrepreneurship and innovation networks has also increased the country's visibility as an attractive investment destination. This global recognition is testimony to the programme's success in positioning Cape Verde as a regional leader in the start-up ecosystem (cabowork.com).
The Start-Up Youth Programme has proved to be a strategic initiative to boost youth entrepreneurship in Cape Verde, promoting the creation of innovative and sustainable companies. Focusing on young people between the ages of 18 and 35, the programme offers accessible funding, technical training and personalised support, enabling promising ideas to be transformed into viable businesses. Through financial incentives, such as subsidised interest rates and tax exemptions, and support for emerging sectors, such as technology and renewable energies, the initiative contributes to economic diversification and reducing dependence on traditional sectors, such as tourism. This effort is aligned with the objectives of the Strategic Plan for Sustainable Development (PEDS), reinforcing sustainability and social inclusion in the country (Pro Company).
Among the most significant impacts have been job creation, the formalisation of businesses and the inclusion of women and young people in strategic sectors. The creation of support infrastructures, such as incubators and accelerators, and the promotion of international collaboration networks have strengthened the entrepreneurial ecosystem, positioning Cape Verde as an innovation hub in West Africa. However, in order to maximise the results, it is essential to continue investing in training talent, simplifying administrative processes and attracting external investment. This programme not only promotes sustainable economic growth, but also strengthens the country's competitiveness in the global market (cabowork.com).
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