The Government of Cabo Verde has officially launched the “Morabeza Fund,” a €24 million initiative aimed at driving innovation and supporting the country’s transition into a digital economy. The fund, unveiled in Praia, marks a significant milestone in the government’s strategy to position the island nation as a regional hub for technology and entrepreneurship. It seeks to equip local startups with the resources needed to scale their solutions both domestically and internationally.
A Vision for a Digital Nation
Minister of Digital Economy Olavo Correia emphasized that the Morabeza Fund is not only a financial instrument but also a catalyst for transforming Cabo Verde into a fully digital nation. He highlighted that the program aims to empower local entrepreneurs to develop solutions within the country while exporting technology-driven innovations across Africa and beyond. The initiative also seeks to attract digital nomads, further integrating Cabo Verde into the global digital economy and creating opportunities for cross-border collaboration.
Financial Backing and Broader Goals
The Morabeza Fund is initially financed with €24 million, with an additional €60 million expected to be contributed by the European Union to expand its reach and impact. The fund aligns with Cabo Verde’s broader economic diversification strategy, focused on building a resilient, knowledge-based economy that leverages digital tools for inclusive growth. Correia noted that while funding is crucial, the real value lies in the long-term transformation it can bring to the country’s youth and future workforce.
Building a Startup-Driven Ecosystem
Through the fund, the government aims to support startups capable of creating solutions that address local challenges while remaining globally competitive. Correia stressed the importance of financial empowerment as a foundation for innovation, noting that Cabo Verde’s young entrepreneurs possess the talent and drive necessary to revolutionize the local startup ecosystem. The initiative is expected to generate new job opportunities and establish a sustainable foundation for the country’s ambition to become a “nation of innovation.”
The Tiwa Model: A Holistic Support Structure
The launch event also introduced the Tiwa model, a comprehensive framework designed to accompany startups throughout their growth journey. This structure includes access to training programs, scholarships, mentorship, technical assistance, product development support, and investment readiness preparation. By offering this integrated package, the government aims to ensure that financial resources are paired with the necessary skills and guidance to help startups succeed.
Early Impact and Expected Outcomes
Authorities anticipate measurable results within the first year of the fund’s rollout, including operational startups, new digital products, and employment creation. The Morabeza Fund is expected to stimulate a wave of innovation that will not only transform Cabo Verde’s economy but also enhance its regional influence in technology and entrepreneurship. By bridging financial and knowledge gaps, the initiative sets a clear path toward sustainable digital inclusion.
The launch of the Morabeza Fund represents a defining moment in Cabo Verde’s digital transformation journey. By combining financial investment, institutional support, and human capital development, the government is laying the groundwork for a vibrant startup ecosystem. As the program unfolds, Cabo Verde is poised to strengthen its role as an emerging innovation hub in Africa, fostering growth driven by technology, youth, and creativity.