The Tony Elumelu Foundation (TEF) on Sunday, March, unveiled the 12th cohort of its entrepreneurship programme, demonstrating a commitment to empower the most valuable businesses and ideas on the continent.
With 3,200 entrepreneurs selected from over 265,000 applications, this year’s cohort will receive non-refundable seed grants of $5,000 each, which the Foundations says comes to $16 million in direct funding, along with proper business training, mentorship, and access to TEF’s pan-African network.
Of the 3,200 entrepreneurs who made the cut, 1,951 will benefit under the flagship program – as well as 100 entrepreneurs in waste management, 100 entrepreneurs under Aguka programme, and 1,049 entrepreneurs under the Women for Africa programme.
Another defining feature of this year’s cohort is the rise of women entrepreneurs. 51 percent of the selected entrepreneurs are women, a reflection not of quotas, but of merit, innovation, and ambition.
Founder of the TEF, Tony O. Elumelu in his “Story of Hope” annual letter said, each year on March 22, he rolls out next generation entrepreneurs, while reflecting on “something far greater than myself”.
“This reinforces a key principle of Africapitalism… that inclusive growth is essential. When women are empowered, economies expand. When opportunity is accessible, societies transform. And in that vision lies a powerful truth that Africa’s future will not be given. It will be built by Africans, for Africa,” he said.
Olumelu added that the story of hope began in 2010, when together with his wife, they made a commitment to empower young African entrepreneurs through the Tony Elumelu Foundation. Initial goal was to identify, train, mentor, and fund 10,000 African entrepreneurs with $5,000 in non-refundable seed capital.
He says, “16 years later, I am humbled that we have nearly tripled that ambition.”
According to the Foundation’s chief executive officer, Semachi Chris – Aseluka, the entrepreneurship programme is a game changer to young entrepreneurs.
“We are celebrating all African entrepreneurs, individuals who have chosen not to wait. Young Africans with goals,” Ms. Aseluka said, noting that 14 Kenyan entrepreneurs have been selected in the first cohort announcement, an indication that the country’s entrepreneurial ecosystem is once again taking its place on the African stage.
Since its launch in 2010, TEF has empowered at least 2.5 million young Africans with access to business management training on proprietary digital hub, TEFConnect, and disbursed over $100 million in seed capital to more than 24,000 selected entrepreneurs on the TEF Entrepreneurship Programme.
It said: “Through our support for African entrepreneurs, TEF has lifted 2.1 million Africans above the poverty line, and positively impacted more than 4 million African households, with 46% of supported entrepreneurs being African women.
The Foundation said the entrepreneurs have collectively generated $4.2 billion in revenue and created more than 1.5 million direct and indirect jobs.
“Success to us is meaningful economic engagement by young entrepreneurs because Africa needs capable professionals. We are creating more equitable jobs, eradicating poverty, ensuring inclusive economy, teaching them (entrepreneurs) financials, legal, compliance, and help them realise their ideas,” Aseluka explains.
In addition, TEF has partnered with Google.org in bid to expand inclusive economic empowerment through technology-enabled entrepreneurship. Through the $5 million partnership, first signed in 2021, an additional 500 women-led enterprises were empowered with seed capital funding, targeting digital training, mentorship on the TEF Entrepreneurship Programme.
“Beyond funding, the partnership strengthened global advocacy for young African entrepreneurs, including high-level strategic convenings at the United Nations General Assembly and COP, where the Tony Elumelu Foundation and Google jointly showcased the transformative impact of African,” the Foundation said.
