The Tony Elumelu Foundation (TEF) will on Friday, March 22, 2019, announce the selected applicants for the 2019 cohort of the foundation’s flagship entrepreneurship programme.
The selected applicants will be announced at an event, which marks the fifth round of the foundation’s entrepreneurship programme. The event has been scheduled to take place at the Transcorp Hilton Hotel, Abuja.
TEF’s newly appointed Chief Executive Officer (CEO), Ifeyinwa Ugochukwu, emphasised the importance of partnership in reaching additional entrepreneurs beyond the Foundation’s annual commitment of 1,000 entrepreneurs.
”Each year we see a significant uplift in applicants. Our execution partner, Accenture Development Partnerships, are currently reviewing and finalising the applications.” Ugochukwu added.
How TEF is boosting Africa’s business sectors
Every year, the TEF opens its application portal to African entrepreneurs, with businesses of less than three years old. Through its $100 million Entrepreneurship Programme, the Foundation empowers 1,000 entrepreneurs annually, who receive $5,000 in non-refundable seed capital, access to mentors, a 12-week training programme and opportunities to promote their businesses to a global audience. All applicants receive access to TEFConnect, Africa’s digital entrepreneurial hub, which provides access to networks, training, further capital sources and business opportunities.
In the five years since TEF launched its entrepreneurship programme, it has empowered no fewer than 4,000 African entrepreneurs directly and an additional 470 entrepreneurs supported by the foundation’s partners.
The Tony Elumelu Foundation is an African non-profit organization founded in 2010 by Elumelu and headquartered in Lagos, Nigeria, based on his belief that, with the right support, entrepreneurs can be empowered to contribute meaningfully to Africa’s prosperity and social development.
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).
TEF is positioned as a 21st-century catalytic philanthropy. As a primary driver of Africapitalism, the Foundation is committed to the economic transformation of Africa by enhancing the competitiveness and growth of the African private sector, through a push for entrepreneurship.