The Tony Elumelu Foundation (TEF), an Africa-based, African-funded philanthropic organization, has announced the selection of 1,000 entrepreneurs for the 2nd round of the Tony Elumelu Entrepreneurship Programme (TEEP).
The “1,000 Tony Elumelu Entrepreneurs” were selected from more than 45,000 entrepreneurs from 54 African countries – more than double the number of applications received in 2015.
The 1,000 come from diverse industries, led by agriculture, ICT and fashion. All five African regions – North, East, Southern, Central and West – are represented in the cohort.
Over the next nine months, the 2016 cohort will receive the intensive online training, networking and mentoring that provide a tool kit for success and sustainability. They will also participate in the three-day Elumelu Entrepreneurship Forum later in the year, the largest annual gathering of African entrepreneurial talent.
Founder, Tony O. Elumelu, CON, said, “In TEEP’s first year we spent over $8 million of our $100 million commitment – with $5 million going directly to entrepreneurs as seed capital — and the results have far exceeded our expectations. We have funded entrepreneurs, established networks and helped extraordinary people take control of their destinies,”
He added, “The 2016 Tony Elumelu Entrepreneurs will become a generation of newly empowered African business owners, who are the clearest evidence yet, that indigenous business growth will drive Africa’s economic and social transformation.”
Entrepreneurs who complete the programme will receive NGN850,000 as non-returnable seed capital, and are eligible for a further NGN850,000 in the form of either debt or equity, depending on business need and other criteria.
Parminder Vir OBE, CEO of The Tony Elumelu Foundation, said, “We saw phenomenal success with the first cycle of TEEP – the success stories of the TEEP 2015 alumni are a testament to the transformative power of the programme we have built. Through TEEP, we are proving to the next generation of entrepreneurs that their ideas can change their communities, their countries and their continent.”
The Tony Elumelu Foundation Entrepreneurship Programme represents a decade-long commitment to supporting African start-ups and entrepreneurs.
US$100 million has been set aside to help launch an initial 10,000 entrepreneurs throughout Africa over the next 10 years, creating 1,000,000 new jobs contributing to $10 billion in revenue across Africa.
The inaugural programme in 2015 accepted about 1,000 entrepreneurs from 51 countries who have thus far received considerable benefits from their participation, including 12 weeks training on business development and management; accelerated growth; access to further funding, and networking opportunities.