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Tony Elumelu Foundation funds 5000 African SMEs for its 2021 Entrepreneurship Programme

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs from all 54 African countries, has selected 4,949 entrepreneurs from across Africa for its 2021 Entrepreneurship Programme.

The 2021 beneficiaries were selected from a pool of over 400,000 applications, based on their innovation, performance, and growth potential to create jobs and eradicate poverty on the continent. Consisting of both new start-ups and existing small businesses, the 2021 Tony Elumelu Entrepreneurs have undergone world-class business training, mentorship and coaching and will have a life-time access to the Tony Elumelu Foundation alumni network.

Founder of the Tony Elumelu Foundation, Mr. Tony O. Elumelu said, “To you young African entrepreneurs – work hard, dream dreams, and be very disciplined. You must continue to think of impact. The entrepreneurship journey is not linear – there are ups and downs, but by staying focused and resilient, ultimately success will come your way. The future of our continent is in your hands. What you do as entrepreneurs will go a long way in lifting Africa out of poverty. I am happy that our female entrepreneurs are doing very well, with 68% representation this year.”

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He added: “To our African leaders –  these young, intelligent, energetic hardworking, resilient Africans are ready to go. We need to keep creating the right enabling environment to enable our young ones to succeed. We must realise that their success is success for all of us on the continent. We must prioritise them because nations and continents that prioritise their people, succeed. To my fellow business leaders, let us realise that in the 21st century and beyond, it is about impact, legacy and about how we work together to power people out of poverty. It is such a great feeling to see 5000 young Africans also commence their own entrepreneurial journeys today.”

Speaking on the panel with Mr. Elumelu, 2015 Tony Elumelu Entrepreneur, Hauwa Liman, Founder of Afrik Abaya, shared: “I am always proud to say that I am from the inaugural cohort of the Tony Elumelu Foundation Entrepreneurship Programme. My business is located in Kaduna, Nigeria. I benefitted from this Programme in 2015, and it opened up lots of doors and opportunities. It is not just about the seed capital, but what really fascinates me about the Programme is the knowledge. I call it a mini-MBA programme, because from the ideation stage it teaches you how to really articulate your business, and it gave me my first business plan. The network, visibility and opportunities are endless. My entrepreneurship experience cannot be complete without the Tony Elumelu Foundation. I will start exporting soon courtesy of the Foundation. We now employ ten permanent staff and an additional eight staff on a commission basis.”

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Tony Elumelu Foundation CEO, Ifeyinwa Ugochukwu, concluded the event stating: “Today, we have trained ten times more young African entrepreneurs than we have trained from 2015 to 2019 combined. Today in 2021, we will be paying out a record US$24,750,000 directly to the hands of African entrepreneurs from all 54 African countries. This is impact.”

Since its inception, the Tony Elumelu Foundation has now funded a total of 15,847 entrepreneurs who have created more than 400,000 direct and indirect jobs and counting. Through TEFConnect  the Foundation’s proprietary digital platform, it has provided capacity-building support, advisory and market linkages, to over 1.5 million Africans.

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Applications for the 2022 Tony Elumelu Foundation opens on January 1, 2022, on www.TEFConnect.com. For a list of the selected 2021 Tony Elumelu Entrepreneurs and information on our applicants, please visit the website of the Tony Elumelu Foundation here (https://bit.ly/30pmzqN).

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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