- In line with US$100m commitment made in 2015 to empower 10,000 African entrepreneurs over the next 10 years
Lagos, Nigeria, 22 March 2017 — The Tony Elumelu Foundation (TEF), an African founded and funded 21st century philanthropic organization committed to entrepreneurship development, ushers in 1,000 African entrepreneurs, to form the 2017 class of its prolific $100m Entrepreneurship Programme. Applications were received from over 93,000 entrepreneurs across 55 African countries – over 100% increase from 2016, and nearly quadruple of the 2015 application numbers.
Proving that African youth are indeed interested in feeding the continent, Agriculture led the pack with nearly 1 in 3 successful applicants active in this sector. Further analysis of the other figures brings even more welcome news for Africa. The next most popular sector was ICT (11%) and then manufacturing (9%), evidence of a paradigm shift away from extractives to a more sustainable mindset that embraces industrialization and diversification. Africa’s largest economy, Nigeria, is home to 50% of the 2017 cohort, with regional powerhouses Kenya, Ghana, Uganda and Cameroon following respectively.
The successful entrepreneurs will benefit from the TEF Entrepreneurship Programme’s 7 Pillars – a toolkit of support including business training, active mentoring, access to networks and funding of up to $10,000 – as they develop their business concepts to support the transformation of the continent. As Founder, Tony Elumelu CON, is often quoted as stating, “No one but us Africans will develop Africa.”
The Foundation’s long-term investment in empowering African entrepreneurs is emblematic of Mr. Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector – and most importantly entrepreneurs – as catalysts for the economic renaissance of the continent.
Despite the Foundation’s considerable commitment (its $100m commitment is the largest endowment in Africa focused on entrepreneurship development), Founder Tony Elumelu wants to do more. “Standing here today to announce the successful applicants is bittersweet. There are 92,000 aspiring entrepreneurs who have been unsuccessful. These young African men and women have demonstrated passion, innovation and creativity in their applications and we should not relent until we help them ALL realize their aspirations. I call on other well-endowed Africans and friends of Africa, to support us to do more.”
Speaking on the Foundation’s impact in 3 short years, CEO, Parminder Vir OBE, revealed: “We recently sampled 600 of our existing 2,000 entrepreneurs to understand the extent of our Programme’s impact. We discovered that they have turned our investment into real returns with 1,297 jobs created so far.”
Finally, the Programme culminates in the annual TEF Entrepreneurship Forum – the largest gathering of African entrepreneurs in the world, where they will forge pan-African collaborations with each other, and meet investors, venture capitalists and other members of the entrepreneurship ecosystem.
For a full list of the selected 2017 Tony Elumelu Entrepreneurs, please visit www.tonyelumelufoundation.org/programme
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