Does a person living in a context of economic and social exclusion have a chance to put an innovative idea into practice? Is it possible to find business partners and receive mentoring or encouragement? The first favela-based business accelerator FA.VELA believes so.
This civil society organization aims to qualify residents of the slums (favelas) of Belo Horizonte city region so they can become entrepreneurs. It also helps people to change the economy in these places. Want to know how FA.VELA started and how does it work? Read more about it and get inspired by this innovative idea.
Imagine everything that a business accelerator does. The process begins with searching for entrepreneurs with business ideas likely to grow fast, goes through providing investment, training and mentoring to the new entrepreneur and ends with making a dream come to life. Now, imagine providing all that to slums residents, in a language and settings appropriated to their reality. This is the principle of Brasil’s first favela-based business accelerator, FA.VELA.
Created in 2014 at Morro do Papagaio in Belo Horizonte (Brazil), it seeks to develop and foster entrepreneurship and innovation among slums and suburbs residents. It provides knowledge and encouragement so that population can shape sustainable business and take the lead in local impact.
How to put into practice such an ambitious project, in a sustainable and truly transformative mean? FA.VELA is currently implemented through partnerships, donations, and amounts received as awards. The favela-based business also depends on voluntary work. Each year FA.VELA invites professional from different areas that are interested in sharing their knowledge. They are trained to teach and to work as mentors throughout the training process.