By Modupe Gbadeyanka
Young Africans who seek for funding to boost their start-ups can now apply to take a bite from the 10-year, $100 million set aside by the Tony Elumelu Foundation (TEF) for the purpose.
The TEF Entrepreneurship Programme is open to citizens and legal residents of all African countries, who run for-profit businesses based in Africa that are no older than three years and the deadline for applications submission is March 1, 2019.
Organisers said applications will be judged based on criteria including: feasibility, scalability and potential for growth of the product/service; market opportunity for the idea/business; financial understanding, leadership potential and entrepreneurial skills.
The scheme was created to identify, train, mentor and fund 10,000 African entrepreneurs and its objective is to generate at least one million new jobs and create at least $10 billion in new business revenue across Africa.
Now in its 5th year, the TEF Entrepreneurship Programme has empowered 4,470 entrepreneurs, using a bespoke and robust selection, training and implementation process to create visible and sustainable impact across all 54 African countries.
Outstanding African entrepreneurs running existing start-ups with high growth potential and aspiring business owners with transformative ideas are invited to apply. We are particularly looking to grow representation from French, Arabic and Portuguese speakers, as well as female entrepreneurs.
Inspired by Mr Tony Elumelu’s economic philosophy of Africapitalism and his vision to institutionalise luck and democratise opportunity for a new generation of African entrepreneurs, the foundation has implemented one of the most ambitious entrepreneurship programmes globally.
Selected entrepreneurs from previous years have transformed their businesses and their communities after gaining from the Programme’s 7 pillars: $5,000 in seed capital; business development training; one-on-one mentoring; access to TEFConnect; pan-African meetups; TEF network membership; and participation at the annual TEF Entrepreneurship Forum, the largest convening of the African entrepreneurship ecosystem.
“The private sector must be the core driver of Africa’s economic transformation, but this sector cannot attain its full potential if entrepreneurs are left behind. We call on all stakeholders – policymakers, business leaders and development agencies – to actively commit to creating a better future for our young Africans who have demonstrated intellect, skill, and passion, to empower them to succeed because their success is Africa’s success. The TEF Entrepreneurship Programme is by far the most impactful project of my life and represents my commitment to transforming Africa through entrepreneurship,” Mr Elumelu, who founded the programme, said.
CEO of TEF, Parminder Vir, explained that, “Our entrepreneurs illustrate the foundation’s commitment to transform the African economy, by building on the intelligence, skills and resourcefulness of Africans. I encourage all ambitious young Africans to take advantage of this unique opportunity.” The foundation, which has recently hosted President Macron of France, President Uhuru Kenyatta of Kenya and President Nana Akufo-Addo of Ghana in dynamic interactive sessions with young African entrepreneurs, is committed to supporting the entire entrepreneurship ecosystem – from the entrepreneurs themselves, governments who must provide enabling environments, to capital, advice and most importantly access and networks.
