Elumelu to give 1,000 young Africans $5,000 each — to start businesses


The Tony Elumelu Foundation (TEF), one of Africa’s largest business incubators, is now accepting applications from African entrepreneurs with business ideas that can transform the continent.

The application portal is open and accepting submissions until midnight WAT on March 1, 2017.

The Cable reported that, successful applicants will join the third cycle of the TEF Entrepreneurship Programme, TEF’s 10-year, $100-million commitment to train, mentor and fund 10,000 African entrepreneurs in every African country.

Since inception in 2015, the programme has assisted nearly 2,000 entrepreneurs and created hundreds of jobs across the continent.

The programme is said to provide critical tools for entrepreneurial success, including:

• Training: 12 weeks of intensive training on setting up and managing businesses
• Mentoring: A mentor will guide successful applicants in creating a robust business plan
• Seed Capital: $5,000 in non-returnable seed capital and access to a $5,000 convertible loan

According to Tony Elumelu, TEF Founder, the programme is a deliberate effort to institutionalise luck and provide the essentials for business growth to Africa’s next generation of business leaders.

“It is a demonstration of my faith in this generation’s ability to transform the African narrative, from the single story of disease and poverty, to one of enterprise and opportunity,” he said.

“Spread the word; we need Africa’s best and brightest entrepreneurs. Their ideas will transform Africa.”

One thousand entrepreneurs will be selected based on the viability of their idea, and other factors, such as: market opportunity, financial understanding, scaleability, and leadership and entrepreneurial skills demonstrated in the application.

To be eligible, business must be based in Africa, must be for profit, must be 0-3 years’ old, and applicants must be at least 18 and a legal resident or citizen of an African country.

“We encourage women, French, Arabic and Portuguese speakers and business ideas from every region across Africa, to apply,” Parminder Vir, CEO of the foundation, said.

“Our 2,000 alumni are already growing their businesses and improving lives. If you have a transformational business or an idea, we have an opportunity for you.”


Posted by Janice Johnson

You might also like