The Tony Elumelu Foundation (TEF) has announced its selection of the second set of 1,000 entrepreneurs for the Tony Elumelu Entrepreneurship Programme (TEEP) 2016 cycle.
Launched in 2015, TEEP is the largest African philanthropic initiative devoted to entrepreneurship — and represents a 10-year US$100million commitment to identify and empower 10,000 African entrepreneurs, create a million jobs and add US$10billion in revenues to Africa’s economy.
Over 45,000 entrepreneurs from 54 African countries applied, nearly doubling the number of applications received in 2015.
Successful candidates represent 53 African countries and diverse industries, led by agriculture and ICT.
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.
Founder Tony O. Elumelu, CON, commented: “In TEEP’s first year we spent over US$8million of our US$100million commitment – with US$5million 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.
“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”.
Instructively, 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 entrepreneurship in Africa can flourish — while the Tony Elumelu Foundation Entrepreneurship Programme represents a decade-long commitment to supporting African start-ups and entrepreneurs.
“We are committing US$100million to help launch an initial 10,000 entrepreneurs throughout Africa over the next 10 years, creating 1,000,000 new jobs and contributing to US$10billion in revenue across Africa.”
Source: B&FT Online