On November 22nd, the CVC Young Innovator Awards (YIA) ceremony took place in Brazil. The award recognizes innovative business solutions that can bring about positive change for communities. The competition was organised by NESsT with support from its portfolio companies Movimento Black Money (MBM) and Maré de Sabores, which invited entrepreneurs from their respective networks as participants. This process echoes how NESsT seeks impact-first enterprises that generate jobs for underserved communities.
“We were happy to have been invited by CVC to organise this event and to support social impact-driven entrepreneurs in Brazil. Though their businesses are very different, all of the solutions value the history of their culture and improve the quality of life for their staff, families, and communities. It was inspiring to get to know their stories.” said Renata Truzzi, Brazil Country Director at NESsT.
Applications were received throughout October, and eight entrepreneurs were invited to submit a Business Plan. Five inspiring finalists advanced to the final stage to pitch their businesses to the CVC Brazil team. NESsT portfolio companies, MBM, and Maré de Sabores, helped each finalist with their business plans and presentations; NESsT also organized individual workshops to offer training and personalized feedback on their pitches before the final day.
“Amidst so many personal and professional demands, the short deadlines and the challenge itself of preparing for a competitive award like the CVC YIA, these entrepreneurs were committed to learning and open to advice. In the end, their hard work was recognized, as the five finalists were awarded. We could not be happier and prouder with the outcome!” says Andrea Castro, Associate Portfolio Manager at NESsT
Two finalists, DaMinhaCor and Uzuri Acessórios, are black women-led businesses and are part of the almost 15 million afro-businesses in Brazil, an estimated population of 118.9 million. The initiatives were nominated by Movimento Black Money, an innovation hub that enhances economic empowerment for Black people and supports Black-owned businesses in Brazil.
“Both companies have been part of our network since our early start and we are very happy to see them at this final. To speak of black autonomy, is to speak of businesses created and led by women. It is essential” – said Nina Silva, CEO and co-founder of MBM.
The other three finalists, Bar Amparo, Elma Ashar Confeitaria Artesanal and NJ Estética, are based in Maré, the largest favela in Rio de Janeiro, and are representative of the territory's business activities. In Maré, there are almost 3,182 commercial businesses, of which more than 1,118 are in the food sector, and over 307 offer health and beauty products and services.
“Maré de Sabores supports these businesses that are helping to co-create a local reality that is more democratic and equal. To invest in businesses from Maré is to invest in new references for other popular territories in Brazil”. - explained Mariana Aleixo, co-founder of Maré de Sabores.
After careful deliberation, the jury decided to split the prize among all participants in recognition of the collective social impact that the companies generate. The criteria focused on a) the sustainability of the business, b) direct and indirect impact for communities and, c) growth of the business with the use of the prize. The final results:
· DaMinhaCor - $12,000
· Uzuri Acessorios - $7,500
· Bar Amparo - $4,000
· Elma Ashar Confeitaria Artesanal - $2,000
· NJ Estética - $2,000
In addition, NESsT portfolio companies MBM and Maré de Sabores will both receive a grant to continue providing the finalists with mentoring and business advice.
“Through the CVC YIA we are keen to support businesses that have an important social impact. We were very happy to participate, hear inspiring stories and, thanks to this award, support these young entrepreneurs in growing their businesses, whilst helping their respective communities.” – said Jean-Marc Etlin, Partner, Chairman of Latin America CVC Capital Partner.
- The logistics and operational support of this online event was made possible by The Tribe. -
About CVC Capital Partners
CVC is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 25 offices and over 625employees throughout Europe, Asia and the US. To date, CVC has secured commitments of US$1654 billion from some of the world's leading institutional investors across its private equity and credit strategies. In total, CVC currently manages approximately US$125 billion of assets. Today, funds managed or advised by CVC are invested in 83 companies worldwide, employing over 450,000 people in numerous countries. Together, these companies have combined annual sales of approximately US$97 billion. For further information about CVC please visit: www.cvc.com.
About CVC Young Innovator Award
The international CVC Young Innovator Awards were established in 2015 and have so far provided seed funding for 90 young entrepreneurs in the UK, USA, Spain, France, Poland, Brussels, Hong Kong, and San Francisco to create the business and social enterprises of the future.
About The Tribe
Founded by Maxx Turing, CVC YIA 2020 Award Winner, The Tribe is a digital platform to support entrepreneurship programmes with their operations and community management.
About NESsT
NESsT invests in social enterprises that create quality jobs for underserved communities while sustaining the planet. NESsT raises philanthropic and impact investing capital to support the poorest communities facing isolation, discrimination, and lack of jobs skills or education. Since its launch, the organization has trained over 21,000 entrepreneurs, supported over 1200 social enterprises and invested in close to 200 that have created over 70,000 quality jobs benefitting 700,000 underserved individuals in emerging market countries.