Its good news for some people! The Tony Elumelu Foundation with the “most innovative, high-potential business ideas” has released the list for its African entrepreneurship programme for 2018.
According to the organiser, more than 150,000 Africans from 114 countries worldwide applied to join the 4th cycle of The Tony Elumelu Foundation ’s (TEF) 10-year, $100 million TEF Entrepreneurship Programme and the selected ones are tagged the African entrepreneurs “with the most innovative, high-potential business ideas.”
TEF founder, Tony O. Elumelu commenting on this said; “The number and quality of applicants, 151,000 in total, was outstanding – it illustrates the strength and depth of entrepreneurial promise and commitment on our continent. Selection is never easy, and we profoundly regret that we cannot help all. Our partnerships with the Red Cross, UNDP and Indorama, alongside ongoing discussions with other international organisations, reflect the growing global recognition of what we have known all along – that entrepreneurship is the most effective path to sustainable development on our continent and our Programme is the model to follow. ”
“There was a near 50-50 split between male and female applications, reflecting the entrepreneurial ambition of Africa’s women. Agriculture was the leading sector among selected entrepreneurs at 30.5%, followed by technology (10.5%) and Education & Training (9%).”
Parminder Vir OBE, TEF CEO, said: “Over the next nine months, the entrepreneurs will receive online training and mentoring, and will use the skills acquired to develop business plans prior to receiving $5,000 (calculated on the official Central Bank of Nigeria naira equivalent value at the date of selection for the programme) in seed capital.”
‘This will bring TEF’s total Programme investment so far to $15 million in direct funding to entrepreneurs and $5.8 million in Programme & technology development and operations.’
The 2018 cohort includes an additional 250 entrepreneurs to the standard selection of 1,000 with a $1,000,000 partnership with the International Committee of the Red Cross (ICRC) to support 200 entrepreneurs in conflict and fragile zones of Nigeria (the North East where the Boko Haram scourge is felt and the Niger Delta region which suffers environmental degradation from oil spillage) a $200,000 agreement with the United Nations Development Programme (UNDP) to support 40 pan-African entrepreneurs; and a $50,000 partnership with Indorama to support 10 Nigerians..
In January 2018, the International Committee of the Red Cross (ICRC) partnered with the Tony Elumelu Foundation (TEF) to help launch and manage its $1 million economic empowerment program by supporting 200 entrepreneurs in two violence troubled regions in Nigeria – North East and Niger Delta.
The selected entrepreneurs are expected to visit the website www.tonyelumelufoundation.org
