Beneficiaries receive $5,000 each as Tony Elumelu Foundation announces 2024 cohort
The Tony Elumelu Foundation (TEF) on Friday announced the selection of 1,104 beneficiaries from 54 African countries for the 2024 edition of its annual entrepreneurship programme.
Speaking during the event held in Lagos, the Chairman and Founder of the TEF, Tony Elumelu, said each of the beneficiaries will receive a non-refundable seed capital of $5,000.
He said that the selection process was conducted by the globally renowned accounting firm, Ernst & Young.
Mr Elumelu explained that the TEF programme since its inception in 2014 has disbursed $100 million to over 20,000 beneficiaries and is responsible for the creation of over 400,000 jobs across Africa since inception.
“I welcome you all to this event. Today, I am Plus 1, and my family and I thought that there was no better way than announcing the 10th cohort of the 2024 Tony Elumelu entrepreneurship programme beneficiaries. These 1,104 young men and women will receive a non-refundable $5,000 seed capital.
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“We believe in spreading luck, we believe in democratizing luck, we believe in prosperity, and we think that the easiest way to spread prosperity in Africa is by identifying our young ones, encouraging them and helping them to start their own businesses. This is why we have done this.
“Awele (Elumelu) and I started this journey over 10 years ago, we sought to democratize luck and improve lives and we are happy with the results we are seeing today,” Mr Elumelu said.
He said, till date, over 20,000 young men and women from across Africa have received over $100 million in support of their programmes.
“We are happy to see our young ones progressing. We are happy that what we started alone as the Tony Elumelu Foundation will have been able to identify and partner with other global institutions. So, today is a day of impact, a day of gratitude, and most importantly, a day of reflection for me because God has been kind in so many ways.
“My family and I do what we do, not from the abundance of wealth, but just a realisation that poverty anywhere is a threat to us everywhere and that we cannot live alone in prosperity. So, I’m happy that today, we continue to spread that prosperity- not just in Nigeria, not just in our family, but in all 54 African countries. I am indeed happy that in our lifetime, we are able to impact the next generation,” he added.
While highlighting the impact of the programme, Mr Elumelu said: “We track how the beneficiaries are succeeding and how they are impacting humanity, society, and their communities. They have generated over $1.2 billion in revenue in their businesses. All have not succeeded, but we did tell ourselves from the onset that it is not about 100 per cent success.
“Even if 40 to 50 per cent of our beneficiaries succeed, let us through them help to eradicate poverty, but more importantly, show others, because we are trying to crowd in others into this space of entrepreneurship, we are trying to encourage other successful Africans and global institutions and citizens that in the 21st century, there is a better way to develop Africa than just aid.”
Also speaking, Damilola Aloba from Ernst & Young said the foundation received 1,485 applicants from Nigeria, 240 from the Benin Republic and 825 from the Rest of Africa.
The Tony Elumelu Foundation (TEF) stands as a beacon of hope and empowerment for African entrepreneurs. Founded by Tony O. Elumelu, a visionary Nigerian businessman and philanthropist, the foundation has emerged as a transformative force in the landscape of African entrepreneurship. With a commitment to fostering economic growth, job creation, and sustainable development across the continent, TEF has implemented a range of initiatives and programs aimed at empowering entrepreneurs and catalyzing positive change.
At the heart of the Tony Elumelu Foundation lies its flagship initiative, the Tony Elumelu Entrepreneurship Programme (TEEP). Launched in 2010, TEEP represents a bold and innovative approach to supporting African entrepreneurs. The programme operates on the belief that entrepreneurship holds the key to unlocking Africa's vast potential and driving inclusive growth. Through TEEP, the foundation provides aspiring entrepreneurs with the resources, mentorship, and funding they need to turn their ideas into thriving businesses.
Central to the success of TEEP is its comprehensive support structure, which encompasses four key pillars: training, mentorship, funding, and networking. Selected entrepreneurs undergo rigorous business training, equipping them with the knowledge and skills needed to navigate the challenges of entrepreneurship successfully. Through mentorship, experienced business leaders and industry experts provide guidance, advice, and support, helping entrepreneurs to overcome obstacles and seize opportunities. Moreover, TEEP offers seed capital to entrepreneurs, providing the financial resources necessary to launch or scale their ventures. Finally, participants gain access to a vast network of fellow entrepreneurs, investors, and partners, facilitating collaboration, learning, and growth.
The impact of the Tony Elumelu Entrepreneurship Programme extends far beyond individual entrepreneurs. By empowering entrepreneurs to build successful businesses, TEEP contributes to job creation, economic empowerment, and poverty alleviation across Africa. Entrepreneurs supported by TEF become engines of growth and agents of change in their communities, driving innovation, creating employment opportunities, and stimulating local economies. Moreover, the ripple effects of entrepreneurship extend beyond the business sphere, fostering social cohesion, resilience, and sustainable development.
In addition to the Tony Elumelu Entrepreneurship Programme, the foundation operates a range of other initiatives and programs aimed at advancing entrepreneurship and fostering economic empowerment in Africa. These include capacity-building workshops, business development services, and access to markets initiatives, designed to support entrepreneurs at various stages of their journey. Moreover, TEF organizes the annual Tony Elumelu Foundation Entrepreneurship Forum, a flagship event that brings together entrepreneurs, policymakers, investors, and thought leaders to exchange ideas, share best practices, and explore opportunities for collaboration.
One of the hallmarks of the Tony Elumelu Foundation is its commitment to inclusivity and diversity. TEF welcomes entrepreneurs from all sectors, industries, and backgrounds, recognizing the value of diversity in driving innovation and creativity. The foundation prioritizes gender equality and youth empowerment, actively seeking to support women entrepreneurs and young innovators across the continent. By empowering women and youth to become active participants in the entrepreneurial ecosystem, TEF contributes to greater economic inclusion and social equity in Africa.
Furthermore, the Tony Elumelu Foundation operates with a long-term vision for sustainable impact. TEF recognizes that entrepreneurship is not just about creating businesses; it's about building ecosystems that support entrepreneurship at every level. As such, the foundation invests in initiatives that strengthen the entrepreneurial ecosystem, including policy advocacy, research, and infrastructure development. By working collaboratively with governments, private sector partners, and civil society organizations, TEF aims to create an enabling environment for entrepreneurship to thrive across Africa.
In conclusion, the Tony Elumelu Foundation stands as a beacon of hope and empowerment for African entrepreneurs. Through its flagship initiative, the Tony Elumelu Entrepreneurship Programme, and a range of other initiatives, TEF is empowering entrepreneurs to drive inclusive growth, foster innovation, and build resilient communities across the continent. With a commitment to inclusivity, diversity, and sustainability, the foundation is catalyzing positive change and unlocking the potential of Africa's entrepreneurs to transform their societies for the better.
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