Call for entrepreneurs - OVO focus countries

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.
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.

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 majority-owned by Africans.
It has been officially registered as a legal entity for at least three years.
The company must have generated a turnover of at least 20.000 € in one of the last three financial years.
The total funding required by the company is less than 250.000€.
It has up-to-date accounts and a minimum administrative team.

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 plans to use sustainable technologies in the production facilities.
These technologies represent a significant advancement towards sustainability compared to similar production units.
It has access to a stable internet connection for coaching sessions.

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

3. PRACTICAL INFORMATION

Programme :

One-to-one coaching (6 months)

Over a six-month period, entrepreneurs, with the help of their coaches, develop an optimised business model, an ambitious yet realistic business plan, and a detailed financial and investment implementation plan. Weekly online meetings are held between the entrepreneurs and the coaches. The local coach visits the business once a week.

Access to funding.
Once the application has been approved by OVO’s investment committee, the business can access various funding opportunities: it can submit its application to OVO’s impact fund and/or be put in touch with other investors within the OVO network who are interested in high-impact projects.

At the end of this support process, you will present your investment application to OVO’s evaluation committee.

If your application is approved, you will have access to various funding opportunities that can be utilised separately or simultaneously as part of a co-financing arrangement:

The OVO Acceleration Fund, which can provide funding in the form of a loan (only in Uganda, Ghana, Benin and Senegal) at an annual interest rate of 8 to 12 %, with a one-year grace period before repayment of the principal begins;
OVO’s network of partner investors, to whom your project may be presented in order to identify investors interested in its potential impact.

These two mechanisms can be activated in parallel to create a larger financing plan that is better suited to your business’s needs.
Should financing be successfully secured, a success fee of 5% of the amount financed will be payable. This fee may be included in the amount of funding sought.
No fee is charged if no funding is secured. You therefore only pay this fee in the event of a concrete result, namely the securing of funding from the OVO Acceleration Fund, partner investors, or a combination of both.

4. SUBMISSION

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

https://esono.tech/candidature/sustech4africa-key-countries-programme-mras8kge

Applicants must also submit the following documents via the link:

- 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.

Any question? Don't hesitate to contact Nathalie Schots: nathalie@ovo.be