The Tony Elumelu Foundation (TEF) on January 1, 2018, it will begin accepting applications for the 4th cycle of its $100 million entrepreneurship development programme, from outstanding African entrepreneurs who have start-up or business ideas with high growth potential.
“As an entrepreneur myself, I understand what it feels like to yearn for a lifeline, to hope for a ‘big break. In turn, I have set out to institutionalise luck with the Foundation and give back to the continent of Africa. I am pleased the Programme is already unleashing Africa’s entrepreneurs and driving economic transformation,” said TEF Founder, Tony O. Elumelu, CON.
The Programme aims to identify, train, mentor and fund 10,000 African entrepreneurs in 10 years; creating 1,000,000 jobs and $10 billion in social and economic wealth. Since launch, the Programme has received 158,000 applications from African entrepreneurs in 107 countries, including every nation of Africa.
Empowered nearly 3,000 businesses with 12-weeks of online training; world-class mentoring; access to TEF’s network of start-ups; and seed capital of $5,000
Invested a total of $14,235,000, including $4,270,500 in agriculture; $1,285,000 in ICT, $1,245,000in education and training; and $7,400,000 more in start-ups across 19 other sectors.
The Programme is open to citizens and legal residents of all African countries with businesses based in Africa, less than three years old, including new startups.