Tony Elumelu Foundation (TEF), which is designed to identify entrepreneurs that have potential to grow their own businesses and collectively generate 1,000,000 new jobs that would contribute at least US$10 billion in additional revenues to the African economy, will on January 1, 2017 begin accepting applications for its third round of its Entrepreneurship Programme.
Since its founding in 2010, it has served as the leading philanthropy in Africa championing entrepreneurship and entrepreneurs across the continent. The Foundation’s long-term investment in empowering African entrepreneurs is symbolic of Tony Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.
The foundation has also benefited few Liberians in their diverse business sector of the Liberia’s economy.
The program is the foundation’s 10-year, US100 million commitments to training, mentoring and funding 10,000 African entrepreneurs.
It is designed to identify entrepreneurs that have the potential to grow their businesses and collectively generate 1,000,000 new jobs that can contribute at least $10 billion in additional revenues to the African economy.
Mr. Tony Onyemaechi Elumelu, who is a Nigerian and founder of the TEF, believes that the seed he is planting through his Programme will transform Africa.
An economist by training, a visionary entrepreneur and philanthropist, Elumelu is also the chairman of the board of directors of the United Bank for Africa and Heirs Holdings Company.
“Two years on, it is clear that we have found a key to unlocking Africa’s potential for economic transformation,” he said in a statement released recently.
Mr. Elumelu said entrepreneurs need to grow their own businesses and realise their ambitions, so too does the vision. “We are showing what the African private sector can achieve; how hard work and enterprise can catalyze real, sustainable development.”
For her part, CEO of TEF, Parminder Vir OBE, said the program will continue to surpass the expectations of entrepreneurs and its success is palpable.
“Your entrepreneurial journey begins when you make the decision to complete the application. We are seeking real entrepreneurs, people who can take risk and reap rewards, not just for themselves, but their communities and countries,”she said.
The success of 2015 Tony Elumelu Entrepreneurs reflects the impact of the Programme, including:
Momar Mass Taal (Agriculture, Gambia), who turned his US$5,000 seed capital into US$1.2 million in revenue; Bukhary Kibonajoro (Education & Training, Tanzania) used the mentorship and training to launch his business, create 34 new jobs and provide growth services for more than 100 local business in 12 months; and Chioma Okonu (Waste Management, Nigeria) Has created ancillary revenue streams for more than 6,000 households, created 40 jobs and generates over $50,000 in profit.
For more information or to apply, interested persons are asked to visit: http://tonyelumelufoundation.org/teep/faqs/.