The Foundation in a press release announced yesterday, its 2018 cohort of 1,250 African entrepreneurs with the most innovative, high-potential business ideas. More than 150,000 Africans from 114 countries worldwide applied to join the 4th cycle of The Tony Elumelu Foundation’s (TEF) 10-year, USD 100 million TEF Entrepreneurship Programme.
TEF Founder, Tony O. Elumelu, CON, commented: “The number and quality of applicants, 151,000 in total, was outstanding – it illustrates the strength and depth of entrepreneurial promise and commitment on our continent. Selection is never easy, and we profoundly regret that we cannot help all. Our partnerships with the Red Cross, UNDP and Indorama, alongside ongoing discussions with other international organizations, reflect the growing global recognition of what we have known all along – that entrepreneurship is the most effective path to sustainable development on our continent and our Programme is the model to follow.”
The selection comes along with a USD 1 Mn partnership with the International Committee of the Red Cross (ICRC) to support 200 entrepreneurs in conflict and fragile zones of Nigeria (the North East where the Boko Haram scourge is felt and the Niger Delta region which suffers environmental degradation from oil spillage), USD 200 k agreement with the United Nations Development Programme (UNDP) to support 40 pan-African entrepreneurs and a USD 50 K partnership with Indorama to support 10 Nigerians.
There was a near 50-50 split between male and female applications, reflecting the entrepreneurial ambition of Africa’s women. Agriculture was the leading sector among selected entrepreneurs at 30.5%, followed by technology (10.5%) and education & training (7%).
“Over the next nine months, the entrepreneurs will receive online training and mentoring and will use the skills acquired to develop business plans prior to receiving USD 5,000 in seed capital. This will bring TEF’s total Programme investment so far to USD 15 million in direct funding to entrepreneurs and $5.8 million in Programme & technology development and operations”, said TEF CEO, Parminder Vir OBE.
The other notable past initiatives of the foundation are Tony & Awele Elumelu Prize, Elumelu Professionals Programme (EPP), Nigeria 50, and Elumelu Empowerment Fund.
Image courtesy: The Guardian