- 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.