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Tag: Tony Elumelu Foundation

  • Tony Elumelu Foundation supports Sèmè City – Benin’s International Knowledge and Innovation Hub

    Tony Elumelu Foundation supports Sèmè City – Benin’s International Knowledge and Innovation Hub

    …empowers 50 Beninese entrepreneurs

    Sèmè City, the International Knowledge and Innovation City, has partnered with the Tony Elumelu Foundation (TEF), the leading philanthropic organization empowering African entrepreneurs to train and empower additional 50 Beninese entrepreneurs.

    Sèmè City will join a growing list of governments, development agencies and private sector organisations partnering with the Tony Elumelu Foundation to explore the Foundation’s sustainable model of philanthropy geared at addressing the root cause of poverty in Africa while creating jobs and economic wealth for all.

    As part of the partnership with the Foundation, Sèmè City will invest $250,000 for the sponsorship of 50 additional Beninese entrepreneurs with innovative projects across various sectors ranging from tourism to health, energy, ICT, environment, fashion, media, entertainment and agriculture. This partnership aims to provide beneficiaries with the necessary skills to develop high-impact ventures as well as encourage female entrepreneurship.

    The 50 beneficiaries will be selected in addition to the 1,000 African entrepreneurs selected during the 5th edition of the Foundation’s flagship Entrepreneurship Program. The beneficiaries will benefit from the training and mentorship programme offered by the Foundation, at the end of which they will receive $ 5,000 each to develop their businesses which will, in turn, contribute to the creation of jobs and wealth in Africa.

    Speaking about the partnership, the incoming CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu said: “We have always advocated for a collaboration between the public and private sector and this partnership exemplifies our conviction that working together to empower African entrepreneurs is the only way to create sustainable economic development on the continent”.

    The Managing Director, Sèmè City Development Agency, Claude Borna, said: “Sèmè City supports innovative entrepreneurship so that it becomes a key growth factor to boost productivity, create jobs and help improve the quality of life in Benin. With its unique large-scale programme that promotes “Africapitalism”, the Tony Elumelu Foundation is a partner of choice to accomplish our mission of developing a vibrant knowledge-based economy in Benin”.

    Other partners of the Tony Elumelu Foundation who have committed to empowering additional entrepreneurs include Indorama, United Nations Development Programme (UNDP), International Committee of the Red Cross (ICRC) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

    Interested entrepreneurs are encouraged to apply for the programme on www.tefconnect.com.

     

  • Tony Elumelu Foundation Opens Applications for $100m Entrepreneurship Programme

    The Tony Elumelu Foundation, an African-funded and founded philanthropy, committed to empowering African entrepreneurs is now accepting applications for the 2019 cohort of the TEF Entrepreneurship Programme.

    The programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs, a press statement from the organisation has stated.

    The programme’s objective is to generate at least one million new jobs and create at least $10 billion in new business revenue across Africa.

    Now in its fifth year, the TEF Entrepreneurship Programme has empowered 4,470 entrepreneurs, using a bespoke and robust selection, training and implementation process to create visible and sustainable impact across all 54 African countries, the statement highlighted.

    “Outstanding African entrepreneurs running existing start-ups with high growth potential and aspiring business owners with transformative ideas are invited to apply. We are particularly looking to grow representation from French, Arabic and Portuguese speakers, as well as female entrepreneurs.”

    Inspired by Tony Elumelu’s economic philosophy of Africapitalism and his vision to institutionalise luck and democratise opportunity for a new generation of African entrepreneurs, the Foundation has implemented one of the most ambitious entrepreneurship programmes globally.

    Selected entrepreneurs from previous years have transformed their businesses and their communities after gaining from the Programme’s 7 pillars: $5,000 in seed capital; business development training; one-on-one mentoring; access to TEFConnect; pan-African meetups; TEF network membership; and participation at the annual TEF Entrepreneurship Forum, the largest convening of the African entrepreneurship ecosystem.

    The founder, Tony Elumelu, stated: “The private sector must be the core driver of Africa’s economic transformation, but this sector cannot attain its full potential if entrepreneurs are left behind.

    “We call on all stakeholders – policymakers, business leaders and development agencies – to actively commit to creating a better future for our young Africans who have demonstrated intellect, skill, and passion, to empower them to succeed because their success is Africa’s success. The TEF Entrepreneurship Programme is by far the most impactful project of my life and represents my commitment to transforming Africa through entrepreneurship”.

    Parminder Vir, CEO, Tony Elumelu Foundation, said: “Our entrepreneurs illustrate the Foundation’s commitment to transform the African economy, by building on the intelligence, skills and resourcefulness of Africans. I encourage all ambitious young Africans to take advantage of this unique opportunity”.

    “The Foundation, which has recently hosted President Macron of France, President Uhuru Kenyatta of Kenya and President Nana Akufo-Addo of Ghana in dynamic interactive sessions with young African entrepreneurs, is committed to supporting the entire entrepreneurship ecosystem – from the entrepreneurs themselves, governments who must provide enabling environments, to capital, advice and most importantly access and networks.

    “The TEF Entrepreneurship Programme is open to citizens and legal residents of all African countries, who run for-profit businesses based in Africa that are no older than three years. The deadline for applications submission is March 1, 2019.

    “Applications will be judged based on criteria including: feasibility, scalability and potential for growth of the product/service; market opportunity for the idea/business; financial understanding, leadership potential and entrepreneurial skills.

    “Applicants can apply on TEFConnect – www.tefconnect.com – the largest digital networking platform for African entrepreneurs,” the statement highlighted.

     

  • Fourth Annual Tony Elumelu Foundation Entrepreneurship Forum to hold in October

    Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its 4thannual TEF Entrepreneurship Forum.

    The largest gathering of African entrepreneurs and the broader entrepreneurship ecosystem will unite over 5,000 entrepreneurs, global investors, leaders from the African public and private sectors and developmental organisations at the Federal Palace Hotel, Lagos. The event is a unique opportunity to generate ideas, forge networks and bring policymakers and the private sector together, in a spirit of robust debate and interaction. The 2018 cohort from the Tony Elumelu Entrepreneurship Programme, as well as mentors and partners, will be present, as the culmination of their intensive twelve-week induction.

    In keeping with the Foundation’s track record―most recently with President Macron of France―of bringing politicians face to face with the new generation of young business women and men shaping Africa, the Forum will include an interactive session with President Uhuru Kenyatta of Kenya and President Nana Akufo-Addo of Ghana, moderated by TEF Founder, Tony O. Elumelu.

    The Forum will also feature the launch of the TEFConnect, the world’s largest digital platform for African entrepreneurs, dedicated to connecting African entrepreneurs and the entrepreneurship ecosystem.

    Founder, Tony O. Elumelu, CON, stated: “In just four years, we have directly impacted 4,460 entrepreneurs, and we are beginning to see the results – job creation, ripple effects, but most importantly a recognition that Africa’s economic well-being is driven by entrepreneurs: female and male, large and small – they are the engine of our continent’s transformation. We will be championing and celebrating them. This year, we are truly achieving scale and impact; we received over 150,000 applications in 2017 alone, up from 20,000 applications in 2015. We are now calling on the current generation of African success stories and others to partner with us to see how we can all further create impact, genuinely transform millions of lives and increase the number of inspiring stories we will be hearing in Lagos”.

    TEF CEO, Parminder Vir OBE stated: “The TEF Entrepreneurship Forum is the only event across the continent that brings together the complete African entrepreneurship ecosystem, demonstrating our commitment to capturing the whole continuum – from the entrepreneurs themselves, governments who must provide enabling environments, to capital, advice and perhaps most importantly access and network”.

    Inspired by Tony Elumelu’s economic philosophy of Africapitalism and his vision to institutionalise luck and democratise opportunity for a new generation of African entrepreneurs, the Tony Elumelu Foundation has implemented one of the most ambitious entrepreneurship programmes globally.

    The Programme is a 10-year, $100 million commitment to identify, train, mentor, and fund 10,000 entrepreneurs. Its goal is to invest in businesses that will generate at least 1,000,000 new jobs and contribute at least $10 billion in new annual revenues across Africa. In its 4th year, TEF Entrepreneurship Programme has empowered 4,460 entrepreneurs with a total investment of USD20million; 4,000 funded directly by the Foundation and 460 have been funded by partners.

     

     

  • Tony Elumelu Foundation selects 1,000 Entrepreneurs for 2018 programme

    …as RED CROSS, UNDP & INDORAMA PARTNERSHIPS support further 250 beneficiaries

    …Records 151,692 registrations

    More than 150,000 Africans from 114 countries worldwide applied to join the 4th ‎cycle of The Tony Elumelu Foundation’s (TEF) 10-year, $100 million TEF Entrepreneurship Programme. Today, the Foundation announced the African entrepreneurs with the most innovative, high-potential business ideas.

    The 2018 cohort includes an additional 250 entrepreneurs to the standard selection of 1,000 – thanks to: a $1,000,000 partnership with the International Committee of the Red Cross (ICRC) to support 200 entrepreneurs in conflict and fragile zones of Nigeria (the North East where the Boko Haram scourge is felt and the Niger Delta region which suffers environmental degradation from oil spillage) a $200,000 agreement with the United Nations Development Programme (UNDP) to support 40 pan-African entrepreneurs; and a $50,000 partnership with Indorama to support 10 Nigerians.

    TEF Founder, Tony O. Elumelu, CON, commented : “The number and quality of applicants, 151,000 ‎ in total, was outstanding – it illustrates the strength and depth of entrepreneurial promise and commitment on our continent. Selection is never easy, and we profoundly regret that we cannot help all. Our partnerships with the Red Cross, UNDP and Indorama, alongside ongoing discussions with other international organizations, reflect the growing global recognition of what we have known all along – that entrepreneurship is the most effective path to sustainable development on our continent and our Programme is the model to follow.”

    There was a near 50-50 split between male and female applications, ‎reflecting the entrepreneurial ambition of Africa’s women. Agriculture was the leading sector among selected entrepreneurs at 30.5%, followed by technology (10.5%) and Education&training (9%).

    TEF CEO, Parminder Vir OBE, said: “Over the next nine months, the entrepreneurs will receive online training and mentoring, and will use the skills acquired to develop business plans prior to receiving $5,000* in seed capital. This will bring TEF’s total Programme investment so far to $15 million in direct funding to entrepreneurs and $5.8 million in Programme & technology development and operations.

    Our beneficiaries have created more than 55,000 jobs and counting, and will convene from across all of Africa’s 54 countries to Lagos this October for the TEF Forum – the largest gathering of African entrepreneurs in the world.‎