As part of efforts to deepen the African economy and grow more indigenous entrepreneurs, the Tony Elumelu Enterpreneurship Programme has announced plans to support and grow 1,000 African entrepreneurs through a start-up businesses development initiative.
TEEP said in a statement that successful applicants of the 2016 programme would, on the completion of the programme receive N850, 000 ($3,761), as non returnable seed capital.
The applicants are also eligible for a further N850, 000 ($3,761) in either debt or equity.
TEEP said also that the selected entrepreneurs in 2016 will join the 1,000 inaugural participants of Tony Elumelu Entrepreneurs from 51 countries in 2015.
It said the inaugural participants have received considerable benefits including 12 weeks of training on how to set up and manage businesses with mentoring and financial support from Tony Elumelu
Meanwhile the interim report on the inaugural participants showed that more than 90 per cent of Tony Elumelu Entrepreneurs, with existing businesses, have recorded increased growth in the past one year.
It also indicated that a significant percentage of the entrepreneurs have accessed additional external funding through the platform provided by Tony Elumelu Foundation, with a flourishing alumni network providing personal linkages and business opportunities across the continent.
According to Mr. Elumelu, the founder “I believe in empowerment that can change the face of Africa as we know it.
African entrepreneurs are our future leaders and I am passionate about giving them the opportunity
“TEEP is a major, deliberate effort on my part, to institutionalise luck and provide seed capital funding, mentoring, business training, pan-African networking and springboard that our aspiring entrepreneurs needs to leap from.”
Parminder Vir, Chief Executive Officer, CEO, of the Tony Elumelu Foundation, also stressed the need for an even broader participation in the 2016 TEEP.
“We encourage women and men with business ideas from all sectors, from
every region, city, town and village across Africa, to apply,” Mr. Vir
TEEP, open to Africans from the 54 countries in the continent, is a commitment by the Tony Elumelu Foundation to identify and fund 10,000
African entrepreneurs over a 10-year period.
The programme also seeks to add 10 billion dollars of additional revenues to Africa’s economy; provide over one million new jobs; and create a new generation of empowered entrepreneurs.
TEEP commenced in December 2014, with a funding pledge of N17 billion (100 million dollars) by the Tony Eleumelu Foundation.
The inaugural 2015 programme drew over 20,000 applicants from 51 African countries.