By Abu Hassan
LAGOS, Nigeria – The Tony Elumelu Foundation (TEF) marked its 15th anniversary last month with the unveiling of its 11th cohort of the TEF Entrepreneurship Programme, welcoming 3,000 new African entrepreneurs and distributing US$15 million (approx. UGX54.7 billion) in grants. This milestone underscores the foundation’s decade-long commitment to reshaping Africa’s economic landscape through youth-driven entrepreneurship.
The selection of the 11th cohort, verified by audit firm Ernst & Young, represents a diverse and vibrant snapshot of Africa’s burgeoning talent pool. A significant 40% of the selected entrepreneurs are women, highlighting TEF’s commitment to gender equality in entrepreneurship. The entrepreneurs hail from across the continent and represent a wide array of sectors, with Agribusiness leading at 34%, followed by the Creative Industry and Green Economy, both at 11%.
Founded in 2010 by Nigerian philanthropist Tony Elumelu and his wife, Awele, the TEF was born out of a shared vision of an Africa thriving on the ingenuity of its youth. “We envisioned a self-sustaining continent powered by young Africans’ energy, innovation, and resilience,” Elumelu stated at the anniversary event. Recognizing the systemic barriers hindering African entrepreneurs, including limited access to capital, training, and mentorship, the foundation set out to “democratize luck” by providing entrepreneurs with the tools they need to succeed.
Over the past decade, the TEF Entrepreneurship Programme has impacted over 21,000 entrepreneurs across all 54 African nations. Beyond providing crucial seed capital, the program offers invaluable training, mentorship, and networking opportunities, fostering a pan-African community of innovators and change-makers.
The success of the Tony Elumelu Foundation offers valuable lessons for Africa’s development. It demonstrates the transformative power of:
- Investing in Youth:Â Recognizing the potential of young Africans and providing them with the resources to thrive has proven to be a sustainable development strategy.
- Democratizing Access to Opportunity:Â Removing barriers to entry and leveling the playing field allows talented individuals from all backgrounds to contribute to economic growth.
- Holistic Support:Â Providing more than just funding, TEF offers comprehensive support through training, mentorship, and networking, crucial for long-term success.
- Pan-African Collaboration:Â Fostering a continent-wide network of entrepreneurs encourages knowledge sharing, collaboration, and cross-border business opportunities.
The Tony Elumelu Foundation’s 15th anniversary marks not just a celebration of its achievements but also a reaffirmation of its commitment to empowering the next generation of African entrepreneurs and building a more prosperous future for the continent. As Elumelu often states, “Africapitalism” – the belief that Africa’s private sector can play a leading role in its development – is not just a philosophy, but a strategy for achieving sustainable and inclusive economic growth.
