The second annual round of
the $100m Tony Elumelu Entrepreneurship Programme (TEEP) for emerging African
entrepreneurs is set to take off on 1st January 2016.
Serial entrepreneur, Tony
Elumelu, personally committed $100 million to empower African entrepreneurs
through the Tony Elumelu Entrepreneurship Programme.The vision of this project
is to identify and help grow 10,000 start-ups and young businesses from across
Africa over the next 10 years, targeting the creation of 1,000,000 new jobs and
$10 billion in annual revenues.
“I set out to
institutionalise luck with the Foundation and give back to the Continent that
made me”, said Tony O. Elumelu, the serial entrepreneur investor and
philanthropist, who established the Tony Elumelu Foundation in 2010.
“Entrepreneurship can chart a new course of development for Africa, with
Africans taking responsibility for wealth creation, creating value adding
businesses here in Africa and this is why I encourage applications from across
the Continent, regardless of age, gender, religion or color.” TEEP is driven by
Elumelu’s philosophy of Africapitalism, which calls for the African private
sector to focus on long term investments that create social and economic prosperity
in Africa, and take the lead role in Africa’s transformation.
In 2015, TEEP empowered
1,000 African entrepreneurs, selected from over 20,000 applicants, with
start-up investment, active mentoring, business training, an entrepreneurship
boot camp and regional networking across Africa. The Tony Elumelu
Foundation invested a total of $4,860,000, including $1,405,000 in agriculture;
$410,000 in education and training; and $365,000 in manufacturing. The
sector-agnostic programme funded start-ups across a further 20 industries, all
based in Africa.
Entrepreneurs, with an
average age range of 21-40, from 51 African countries completed the programme
and received $5,000 in seed capital for their start-up businesses. Tony
Elumelu Entrepreneur, Stella Nakatudde, founder of ICT company, Ella Solutions
Ltd, based in Uganda, said of her experience: “Since being selected for TEEP
2015, I have learned invaluable life and business lessons, expanded and
enriched my business network, opened our first office, hired two staff and
closed two web development deals. TEEP is not just a means to start or
propel your business, it is the torch that will light your entrepreneurship
journey for life and the pen that will script your story in the new African
Narrative.”
In addition to directly
supporting African entrepreneurs with “Empowerment Capital”, the Tony Elumelu
Foundation uses data gathered to conduct research and advocate for policy
improvements to the enabling environment. Earlier this year, the Foundation
released a report titled “Unleashing
Africa’s Entrepreneurs: Improving the Enabling Environment for Start-ups”,
which includes insights based on the most comprehensive and diverse data set on
African entrepreneurs ever compiled.
Tony Elumelu Foundation CEO
Parminder Vir OBE stated “Africa does not need aid alone, it needs investment
and it needs entrepreneurs. TEEP brings both and our ability to bring
capital and the necessary support, for those who will help Africa harness its
enormous potential is creating extraordinary opportunities across the
Continent.”
The Tony Elumelu
Entrepreneurship Programme is open to citizens and legal residents of all 54
African countries. Applications for 2016 open on 1st January and can
be made by any for-profit business based in Africa in existence for less
than three years, including new business ideas.
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