The Cape Verde Business Angels Association (Associação Business Angels de Cabo Verde – ABAC) stands as a pivotal force in Cape Verde’s entrepreneurial sphere. Since its establishment in 2010, ABAC has been instrumental in connecting “angel investors” with innovative businesses, particularly those initiated by young entrepreneurs. The association plays a crucial role in facilitating investments, providing financial resources, and offering valuable expertise to foster the growth of supported businesses.
Five months before the conclusion of his term, Rui Levy, the current president of ABAC, guarantees that 70% of the association’s goals will be achieved. As a key figure in the promotion of entrepreneurship in Cape Verde, Levy emphasizes ABAC’s role as a network of “angel investors,” individuals who invest in innovative businesses, often led by young entrepreneurs.
Levy describes the dynamics of this relationship as resembling a marriage with an announced divorce. Angel investors contribute capital, financial resources, know-how, and management practices to help businesses grow. However, their involvement is geared towards exiting eventually, allowing the original promoters to steer the business independently.
Despite facing bureaucratic challenges hindering certain investments, ABAC remains committed to its mission. Levy highlights the significance of angel investors as an alternative funding source for entrepreneurs who may face challenges obtaining financing from traditional banks.
One notable achievement involves a 400 thousand escudos investment, constituting 40% of the capital in a project that commenced in November and yielded a profit of 77 thousand escudos. Looking ahead, ABAC collaborates with the government to create a legal figure for Business Angels, aiming to provide a special category and encourage more individuals to invest without bureaucratic constraints.
With 11 partners, including 7 nationals and 4 internationals, ABAC continues to deliver projects requiring investment and identifies potential companies. As Levy ensures the accomplishment of 70% of the network’s goals by the end of his term, ABAC’s journey reflects its dedication to fostering a supportive environment for startups and advocating positive changes in the regulatory landscape to stimulate economic development in Cape Verde.
