Call for entrepreneurs Benin 2025

Published: 17/09/2024

1. THE OVO APPROACH

  • OVO serves as an accelerator and investment facilitator for small and medium-sized enterprises (SMEs) and non-profit ventures with an entrepreneurial focus in Africa. It provides crucial support that encompasses comprehensive coaching programs to assist these ventures in their growth and development. Recognizing that these businesses often face financial challenges that surpass what microfinancing services typically offer, OVO aims to bridge this gap by offering tailored programs that may lead to investment.
  • To support these ventures comprehensively, OVO adopts a dual approach focusing on both growth coaching and investment-readiness coaching. The process begins with growth coaching, aimed at assisting businesses in expanding operations, increasing market presence, enlarging sustainability and enhancing overall performance. This phase sets the groundwork for sustainable development and increased impact.
  • Subsequently, businesses undergo investment-readiness coaching to prepare them to attract potential investors effectively. This coaching ensures businesses have essential elements in place, such as a robust business plan, sound financial projections, and operational readiness. Following this coaching process, OVO's Investment Committee rigorously assesses businesses and grants approval by awarding the “OVO Certificate: Investing for Change”, signifying their readiness for investment. This certification enables ventures to be connected with OVO's network of potential business angels. Importantly, the final decision regarding investment rests with the business angels, who retain the authority to decide whether to pursue the investment opportunity.
  • OVO integrates personalized coaching support with a well-structured system aimed at fostering business growth. This system prioritizes promoting intercultural communication and facilitating knowledge exchange among stakeholders. It acts as a platform for transferring expertise, skills, capabilities, as well as valuable insights and best practices from experienced individuals to those in need of guidance and mentorship. The primary objective of this knowledge transfer process is to cultivate an environment that supports sustainability, drives growth, and encourages innovation within the private sectors of both Africa and Belgium. This systematic approach to knowledge sharing is implemented at various stages to ensure a comprehensive and impactful strategy benefiting all parties involved.
  • Moreover, OVO distinguishes itself through the establishment of an exceptional international ecosystem that unites dedicated volunteers, reputable companies, critical investors, influential NGOs, cooperative knowledge and educational institutions, and supportive government agencies. These strategic partnerships play a vital role in OVO's successful operations, enabling the organization to effectively tackle challenges within the "missing middle" sector. For example, by leveraging this extensive network, OVO can pinpoint target entities for support. This strategic selection process not only leads to significant cost savings but also accelerates the establishment of trust and collaboration between OVO and the ventures it assists.

Key characteristics of the OVO approach:

 

-        Primary Objective: OVO aims to support small and medium enterprises (SMEs) in Africa that fall within the "missing middle" category. These entrepreneurs face significant barriers in accessing capital, expertise, and technology, which hampers their valuable initiatives. However, growth-oriented entrepreneurs hold the potential to drive innovation, stimulate industry start-ups, reduce unemployment, and foster social prosperity within a country.

 

-        Target Market: OVO focuses its efforts on SMEs in Africa that possess a strong social and/or ecological dimension and aspire to expand their businesses. The maximum amount of funding is set at EUR 50,000 in the form of a loan at 7% interest per annum. Repayment terms are determined on the basis of the beneficiary company's financial projections over a maximum of 5 years.

 

-        Geographic Scope: OVO operates in Benin, Rwanda, Senegal, and Uganda.

 

-        Sector Focus: OVO is open to supporting ventures across various sectors, as it remains sector agnostic. However, the proposed business ideas need to incorporate the utilization of sustainable technology, such as resource conservation, recycling, and pollution reduction. Or they need to contribute to the transition towards a more sustainable society or economy, such as providing access to affordable healthcare or education through the application of technology.

2. CRITERIA FOR ELIGIBILITY

The eligibility requirements for the SusTech4Africa Grow Program focus on triple bottom line sustainability, which considers the impact on people, planet, and profit. This means that proposed solutions should benefit society, protect the environment, and be economically viable.

 

Technology plays a crucial role as an enabler for sustainable development in Africa. It can help address various environmental and social challenges by providing innovative solutions. For instance, technology can improve access to clean water, healthcare, education, and renewable energy. It can also enhance agricultural practices, promote conservation efforts, and support efficient resource management. By leveraging technology effectively, Africa can achieve sustainable development goals while creating opportunities for economic growth and social progress.

 

Financial Performance

  • The company operates primarily in Africa and is predominantly African-owned.
  • It has been formally registered as a legal entity for minimum 3 years.
  • The total investment required by the company is capped at EUR 50,000.

Social Responsibility

  • The business contributes to social impact through the creation of local employment opportunities and the provision of essential goods and services to vulnerable or underserved populations.
  • It upholds equitable and respectful relationships with employees, customers, and suppliers.

Environmental Sustainability

  • The company's value chain embodies, or aims to embody, principles of the circular economy.
  • It strives to minimize its environmental and human health impacts, surpassing the standards set by current product or service offerings.

Technological Innovation

  • The company's production facilities utilize sustainable technologies.
  • These technologies represent a significant advancement towards sustainability compared to similar production units.

 

The company participating in the ST4A programme must demonstrate its potential for economic profitability over the repayment period of the loan applied for.

 

In addition to the above conditions, companies qualify for participation in the ST4A programme if they meet at least two of the following criteria:

1.         Have achieved a minimum turnover of 15,000,000 FCFA in one of the previous three years

2.         Have a minimum of three employees, including fixed-term contracts, apprentices, contractors and other subsidised forms of employment, for whom the contributions required by law are paid (the payment must appear on the balance sheet)

3.         Have a functioning accounting system, or at least be able to show regular and up-to-date entries in the accounting journal.

4.         Be able to continue operations for a month if the promoter is absent.

3. PRACTICAL INFORMATION

Programme :

Candidate selection

The programme begins with the selection of 10 entrepreneurs invited to take part in a 3-day Boost Camp.
The selection is based on the above-mentioned selection criteria, an analysis of the required documents and a visit to the entrepreneurs. It is carried out in consultation with the implementation team.

 

Boost Camp (3 days)

During the Boost Camp, ICHEC, OVO's academic partner, will co-host a training session with a local partner based on various interactive tools, in particular the Social Impact Canvas. During the working sessions, the entrepreneurs are supported in their thinking by European and Beninese Business Coaches, with whom they are twinned. The training focuses on understanding the business model and establishing personal links between the project leaders and the coaching teams.
At the end of the Boost Camp, entrepreneurs are invited to present their business project in the form of a pitch to a wider audience and a panel of judges.
The programme also includes a visit by the Business Coaches to the company they have been invited to work with.

 

One-on-one coaching (6-9 months)

OVO's volunteer team, with extensive experience in various fields, offers holistic support to Beninese entrepreneurs, including the support of a Business Coach and specialist experts as required.
In six to nine months, entrepreneurs, with the help of their coach, develop an optimised business model, an ambitious but realistic business plan, and a detailed financial and investment implementation plan.


Access to the loan

Evaluation and submission: After the training and support programme, the Beninese company can submit a file to the OVO investment committee to obtain the ‘OVO Certified: Investing for Change’ label.
Committee decision: The investment committee assesses whether companies meet the criteria for the ‘OVO Certified: Investing for Change’ label.
Label and partners: This label guarantees that the company meets the minimum requirements for viability, sustainability, legal compliance, risk management and sustainability objectives. OVO then presents these dossiers to its network of Business Angels. Once their interest has been confirmed, OVO matches half the loan with the OVO Acceleration Fund.

 

Timetable for the event :

  • Application deadline: 25/10 at 23:59 CET
  • Final selection: November 2024
  • Preliminary meeting with selected companies : December 2024
  • Boost Camp: 29 to 31 January 2025
  • Pitch competition: 31 January 2025, from 4pm to 7pm

Boost Camp participation fee : 100€/ company, 2 people per company.

 


 

4. SUBMISSION

To submit your project, fill in the google form using this link:

https://forms.office.com/e/3jUzNkebYH 

 

Applicants must also submit the following documents:

- A brief description of the company, process, product/service, target customers, business strategy, etc.

- A few images of the company's achievements and/or installations

- Amount of financial investment required by OvO's intervention

- Preliminary business plan

- Recent presentation (pitch deck) in a Powerpoint or PDF file

- Deed of incorporation and company registration number

- Articles of association and by-laws of the company if provided for by the corporate form

- Financial statements for the last three years, accompanied by a statement from the chartered accountant at the time of presentation.

 

Please send us this information by e-mail: geoffroy.mele@ovo.be.

 

Please note that without the required documentation, the application will be rejected.

Vanbreda Risk & Benefits Partnerschap
Inspiring testimonials
Vanbreda Risk & Benefits Partnerschap
03/10/2024
An interview with Mr. William Du Pré of Lotus Bakeries, core member of OVO
OVO calls, events & travels
An interview with Mr. William Du Pré of Lotus Bakeries, core member of OVO
03/10/2024
Making a difference with OVO, a partnership of Miko Coffee and OVO
Making a difference with OVO, a partnership of Miko Coffee and OVO
22/08/2024

Didn't find what you were looking for?

A question about a project or our operations? You wish to work with us? Become a volunteer? Take a look at our frequently asked questions or ask us your question without any obligation.