On Friday, March 22, 2019, 3050 African entrepreneurs were announced as winners of the Tony Elumelu Foundation (TEF) Entrepreneurship Programme.
The Tony Elumelu Foundation (TEF) is an African non-profit organisation, headquartered in Lagos, Nigeria and founded by Mr Tony Elumelu in 2010.
The Foundation is intent on charting a new course for African philanthropy and does not operate merely as a grant-awarding organisation. It is a pioneer member of the Global Impact Investment Rating System (GIIRS).
The successful applicants were selected from all the 54 African countries through parameters such as feasibility, market opportunity, scalability, leadership skill, and viability of business idea.
Accenture Development Partners handled the selection process.
Each of the selected entrepreneurs will receive a non- refundable $5,000 of seed capital, in addition to access to mentors, and a 12-week business training programme directly focused on the needs of African entrepreneurs.
This year, over 216,000 applications were received, about 43 per cent increase from last year’s 151,000.
The foundation would directly fund 1,000 of the entrepreneurs, with an additional 2,050 beneficiaries to be supported by partners.
The foundation’s list of partners has continued to grow over the five years of its existence.
The latest partners include the International Committee of the Red Cross, the United Nations Development Programme, the Federal Republic of Benin (Seme City), the Anambra State Government, Indorama Petrochemical Limited, the Government of Botswana and the African Development Bank.
From the number of applications, almost 90,000 applications were submitted by female entrepreneurs, a 45 percent increase, which is in line with the foundation’s strategy to promote greater gender equity.
From July 26-26, 2019, the selected entrepreneurs will gather at the TEF Entrepreneurship Forum.