The Tony Elumelu Foundation (TEF) is set to reveal the 11th cohort of its entrepreneurship programme on Saturday, March 22.
A statement from the foundation made available to QEDNG said the announcement comes at a crucial time as Africa’s entrepreneurial landscape grapples with funding challenges and global economic uncertainties.
The TEF Entrepreneurship Programme, offers selected African entrepreneurs $5,000 in non-refundable seed capital, world-class business training on TEFConnect, one-on-one mentorship and access to global networks and investment opportunities. The rigorous selection process is conducted independently by Ernst & Young.
TEF founder and Heirs Holdings group chairman Tony Elumelu expressed his belief in the power of entrepreneurship to drive Africa’s transformation.
“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth,” Elumelu stated.
Over the past decade, TEF has nurtured entrepreneurs across all 54 African countries, providing capital, training, and a robust monitoring framework to measure their contributions to their communities and economies. Elumelu reiterated the foundation’s commitment to scaling its impact and ensuring inclusive opportunities for both men and women.
Since its inception in 2015, the TEF Entrepreneurship Programme boasts of lifting over two million Africans out of poverty, training 2.5 million young Africans via TEFConnect and disbursing over $100 million in direct funding to entrepreneurs.
It said these efforts have created more than 1.5 million direct and indirect jobs and generated over $4.2 billion in revenue.
