December 7, 2016 By Hassan Gbassay Koroma
With the aim to providing training, mentoring and funding of 10,000 African entrepreneurs across Africa, the Tony Elumelu Foundation (TEF), has on the 3rd December, 2016 announced their 3rd round of TEF Entrepreneurship Programme in Lagos, Nigeria.
According to the press release, on January 1, 2017, the Tony Elumelu Foundation (TEF) would begin accepting applications for the third round of the TEF Entrepreneurship Programme and its 10 years US$100 million commitment to training, mentoring and funding 10,000 African entrepreneurs.
The release stated that the application portal would be opened until midnight (WAT), March 1, 2017 and that entrepreneurs must complete the online application.
Speaking at the launching ceremony, the founder TEF Tony O. Elumelu said he believed that the seeds they were planting through the Programme, would transform Africa and that two years on with the programme , it was clear that they have found a key to unlocking Africa’s potential for economic transformation.
He said as our entrepreneurs grow their own businesses and realise their ambitions, so too does the vision, adding that they were showing what the African private sector can achieve and how hard work and enterprise can catalyse real, sustainable development.
“The Programme is designed to identify entrepreneurs that have the potential to grow their businesses and collectively generate 1,000,000 new jobs that can contribute at least $10 billion in additional revenues to the African economy,” he said.
According to TEF Chief Executive Officer , Parminder Vir OBE, the programme continues to surpass their expectations and its success is palpable and that the entrepreneurial journey begins when someone make the decision to complete the application.
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“We are seeking real entrepreneurs, people who can take risk and reap rewards, not just for themselves, but their communities and countries.” She said.
She said the success of 2015 Tony Elumelu Entrepreneurs reflects the impact of the Programme, including one Momar Mass-Taal, a Gambia agriculturalist who turned his $5,000 seed capital into $1.2 million in revenue, Bukhary Kibonajoro, a Tanzania who used his seed in the area of education and training.
She also cited one Chioma Okonu, a Nigeria who involved in Waste Management and has created ancillary revenue streams for more than 6,000 households, created 40 jobs and generates over $50,000 in profit.
She said for entrepreneurs to be eligible to apply for the foundation, their businesses must be based in Africa, must be for profit, and that applicants must be 18 years of age and above.
She disclosed that 1,000 entrepreneurs would be selected based on the feasibility of the business idea; market opportunity; financial understanding; scalability; leadership and entrepreneurial skills demonstrated in the application.
The Tony Elumelu Foundation (TEF) is the leading philanthropy in Africa championing entrepreneurship and entrepreneurs across the continent that was established in 2010.
The Foundation’s long-term investment in empowering African entrepreneurs is emblematic of Tony Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent. The Foundation’s flagship initiative, the TEF Entrepreneurship Programme, is a 10-year, $100 million commitment to identify, train mentor and fund 10,000 entrepreneurs, capable of changing the face of business across