Quick Gist

1,000 African Entrepreneurs to Be Empowered By Tony Elumelu Entrepreneurship Programme

The Tony Elumelu Foundation (TEF), an organization committed to developing the Africa economic by funding creative young Africans, has announced the selection of 1,000 entrepreneurs for the 2nd round of the Tony Elumelu Entrepreneurship Programme (TEEP).
This was made public via a press release by the organization.
Launched in 2015, TEEP is the largest African philanthropic initiative devoted to entrepreneurship and represents a 10-year, $100 million commitment, to identify and empower 10,000 African entrepreneurs, create a million jobs and add $10 billion in revenues to Africa’s economy.
The Tony Elumelu Foundation is an Africa-based, African-funded philanthropic organisation. Founded in 2010, TEF is committed to driving African economic growth, by empowering African entrepreneurship. The Foundation aims to create lasting solutions that contribute positively to Africa’s social and economic transformation. Through impact investments, selective grant making, and policy development, it seeks to influence the operating environment so that entrepreneurship in Africa can flourish.
Over 45,000 entrepreneurs from 54 African countries applied, more than doubling the number of applications received in 2015. Successful candidates represent diverse industries, led by agriculture, ICT and fashion. The highest numbers of applicants came from Nigeria, Kenya, Ghana, Uganda and Cameroon. All five regions – North, East, Southern, Central and West Africa are represented.
Speaking on how TEEP started, the 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.”
Tony, according to the release assured that “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.”
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.
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.”

Access More with Access Bank Slots Available - Contact Us For More details

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close