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African Entrepreneurs Now Have The Opportunity To Apply For Seed Capital Of $5000

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African entrepreneurs who have business ideas or are in the process of starting a business, and have less than 5 years experience, are encouraged to apply for $5000 capital, mentoring, business management training, and other benefits on the 2022 Tony Elumelu Foundation Entrepreneurship Program.

African Startups

Tony O. Elumelu founded the Tony Elumelu Foundation in 2010. It is a non-profit organization with a Nigerian headquarters.

TEF Entrepreneurship Programme in Africa has provided 15,847 African entrepreneurs non-returnable seed capital up to $5,000 each, twelve weeks of training in business management and access to mentors. It also provides membership to Africa’s largest entrepreneurial community.

The Tony Elumelu Foundation distributed USD24.75 million in 2021 to 5000 African entrepreneurs for its 2021 Entrepreneurship Program. Given the impact of the covid19 pandemic in Africa, the Foundation’s Entrepreneurship Program remains one of the most significant private sector responses to the economic recovery of African youth and women. The Tony Elumelu Foundation Entrepreneurship Program beneficiaries have created more than 400,000 direct and indirect jobs across Africa.

Hauwa Liman (2015), a Tony Elumelu Entrepreneur and founder of Afrik Abaya, stated that she is proud to have been part of the inaugural cohort for the Tony Elumelu Foundation Entrepreneurship Program. My business is located near Kaduna in northern Nigeria. This Programme opened many doors for me in 2015 and provided many opportunities. The Programme does not only provide seed capital. What fascinates me most is the wealth of knowledge. It’s a mini-MBA program, as it helps you to articulate your business from the ideation stage. I was able to create my first business plan through it. There are many opportunities, visibility, and network connections. The Tony Elumelu Foundation is a foundation that has made my entrepreneurial journey possible. The Foundation has enabled me to export to other countries. Ten permanent staff are now employed, and eight additional staff work on a commission basis.

Ifeyinwa Umchukwu, CEO of Tony Elumelu Foundation, shared her surprise at the number of African businesses that are launched every year. This inspires us to increase our efforts to empower more entrepreneurs on the continent. It is the African entrepreneurs’ innovation, knowledge, and resilience that are key to Africa’s socio-economic transformation and achieving its development goals. We are proud of the rise in female participation in our Programme, particularly with the 2021 cohort which saw a record 68% selection for women entrepreneurs.

Dr. A V. Elumelu, Founding Trustee at the Tony Elumelu foundation stated that “Through the Tony Elumelu Entrepreneurship Programme, I seek to democratize luck. While hard work is essential for success, one should not overlook the importance of luck. Someone who is willing to take a chance and give you funding, mentoring, or training can make a difference. We hope that the Tony Elumelu Foundation Entrepreneurship Program will help the next industry leader or captain to become the person they were meant to be. This is our way of giving back to the next generation and empowering them to go further than we have. Parents want their children to succeed. You will help them with the materials and resources they need. The Foundation is doing the same thing. We are giving the tools to the next generation.

Entrepreneurs from Africa can apply for the Tony Elumelu Foundation Entrepreneurship Program. This includes new and established start-ups as well as young businesses in any sector. Prospective applicants are encouraged to apply on the www.tefconnect.com digital networking hub for African entrepreneurs.

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