Founder of the Tony Elumelu Foundation (TEF) Tony Elumelu has expressed his excitement at working with Harvard Business School (HBS) in spotlighting the successes recorded by the foundation’s entrepreneurship programme.
Mr Elumelu stated this at the varsity on Thursday as the school released a case study examining the role and impact of the TEF, and its unique approach to catalysing entrepreneurship in Africa.
The case study, the first of its kind focused on African philanthropy, was launched before a class of graduate students at HBS and explored the foundation’s unique approaches and transformative initiatives, showcasing how the strategic philanthropy offered by TEF, is driving positive change and elevating countries and communities.
The case study recognises challenges the foundation faces, and its responses, as it developed its mission, since founding in 2010. Over 20,000 entrepreneurs have been funded, over a million connected digitally and their impact assessed. TEF has disbursed over $100 million, reaching every African country. The foundation is increasingly developing a partnership-based approach, working with institutions such as the EU, US agencies, the UNDP, the ICRC, the Ikea Foundation, and others to develop bespoke programmes focused on fragile states, female entrepreneurs and sustainability initiatives.
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Elumelu said at Harvard, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth unemployment and insecurity. Through the intervention of the Foundation, we are transforming our young people, giving them hope. Collectively, all of us can resolve the challenges that we have on the continent.
“It is wonderful to have had the opportunity to work with HBS, to spotlight our successes, acknowledge the challenges that we have at times faced, and provide the opportunity to spread our experience, for the benefit of others.”
The HBS session provided an opportunity to engage in a meaningful discussion on the role of philanthropy in shaping sustainable and inclusive economies.
