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STARTUPS Innovation Competition - Ideas for new businesses
Framework

This fund was intended to train and support new entrepreneurs with business ideas to implement in São Tomé and Príncipe. It had an allocation of 130,000 USD with the following distribution of funding prizes: 26 projects with a maximum of 5,000 USD of prize. All business ideas must be implemented in São Tomé Príncipe. Innovative ideas with potential for sustainability that promote the resources and capabilities of São Tomé and Príncipe were valued.

Execution

The first selection process intended to choose 100 young people for an intensive training and mentoring phase to prepare the final application for the funding award. 456 valid applications were received and participants were selected to form the 5 planned training classes. Thus, 3 classes were created in the district of Água Grande with 20 participants in each class, a class in Ilha do Príncipe with 29 participants and a Diaspora class with 22 participants.


A mentor was assigned to each class throughout the process, which, in addition to the work carried out by the consultant / trainer, provided a more personalized follow-up in the qualification process and preparation of the application for funding awards.


In the second selection process, 73 applications were received, of which 27 were selected for the incubation phase that started on March 24th.

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