150,000 apply for $100m Tony Elumelu Foundation Entrepreneurs

• 1,250 selected for 2018 Programme

Over 150,000 Africans from 114 countries worldwide applied for participation in the Fourth ‎team of the Tony Elumelu Foundation’s (TEF) 10-year, $100 million TEF Entrepreneurship Programme.  The Foundation disclosed the African entrepreneurs with the most innovative, high-potential business ideas.

The 2018 programme added more 250 entrepreneurs to the standard selection of 1,000; the additional 250 participants was encouraged by the $1,000,000 partnership fund provided by the International Committee of the Red Cross (ICRC) to support 200 entrepreneurs in the North East, Nigeria, being ravaged by the Boko Haram terrorists, and the Niger Delta ravaged by environmental degradation from oil spillage. It was indicated that there is 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.

Tony O. Elumelu, Founder of Tony Elumelu Foundation remarked: “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 organizations, 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.”

Statistics shows that 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 and training (9%).

TEF CEO, Parminder, Vir OBE, disclosed: “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 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.

“Our beneficiaries have created more than 55,000 jobs and counting, and will convene from across all of Africa’s 54 countries to Lagos in October for the TEF Forum – the largest gathering of African entrepreneurs in the world.‎”