The Tony Elumelu Foundation is a non-profit organization based in Africa and founded by Tony Elumelu in 2010. It’s headquarters is in Lagos, Nigeria.
The foundation is the leading philanthropy in Africa which is investing in empowering entrepreneurs and young startups. This is termed Africapitalism.
Africapitalism talks about privatization of entrepreneurs and less dependence of businesses and startups on the government whose main responsibility is to provide enabling and favorable environment for business and economic growth.
Hence Tony Elumelu Foundation is leading the pack and setting an example for private sector support and investment on business and startups inorder to boost social and economic development of the African continent.
According to the founder, Tony O. Elumelu, CON, he stated “The private sector must be the core driver of Africa’s economic transformation, but this sector cannot attain it’s full potential if entrepreneurs are left behind. We call in all stakeholders- policymakers, business leaders and development agencies to actively commit to creating a better future for our young Africans who have demonstrated intelect, 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”.
In this article, we give you some basic facts about the Tony Elumelu Foundation
The promotion of excellence in business leadership and entrepreneurship across Africa
The Tony Elumelu Foundation activities are centred on
Developing the next generation of business leaders for Africa.
Building the networks and developing the framework for enhancing the competitiveness of African economies.
Identifying impact investing opportunities.
Research work aimed at developing an enabling environment for African entrepreneurs.
Mission and Vision
The Tony Elumelu Foundation believes that the private sector holds the key to unlocking Africas economic potential.
Tony Elumelu Foundation Entrepreneurship Programme
This is an Empowerment and entrepreneurship programme for the African continents. It 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.
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.
The Programme is scheduled to run for 10years with a financial commitment of $100 million to identify, train, mentor and fund 10,000 African entrepreneurs. This will help generate at least 1,000,000 new jobs and create at least $10 billion in new business revenue across Africa.
The TEF Entrepreneurship Programme which is in its successful 5th yea 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.
This year,it is empowering up to 3050 successful applicants and entrepreneurs out of 216,000 entrepreneurs who applied.
This programme is made up of seven major pillars which successful entrepreneurs would benefit from. They are
- $5,000 in seed capital
- Business development training
- One-on-one mentoring
- Access to TEFConnect
- Pan-African meetups
- TEF network membership
- Participation at the annual TEF Entrepreneurship Forum, the largest convening of the African entrepreneurship ecosystem.
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.