The Tony Elumelu Foundation (TEF) has so far disbursed $130 million as seed funds to 9,000 entrepreneurs across the continent. TEF is a non
TEF is a non-governmental philanthropic organisation that has been addressing key challenges faced by entrepreneurs in Africa, including lack of access to funding, mentoring, training and creating valuable networking opportunities on a global scale.
TEF will close applications on its TEFConnect digital platform (www.tefconnect. com) on March 31.
Somachi Chris-Asoluka, Director, Partnerships and Communications of TEF, while speaking on Monday at a virtual media parley on the 2021 TEF Entrepreneurship programme, said the programme was not only about the seed funds as it had also offered several training and mentorship opportunities.This year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the COVID-19 disruption of economic activities.
To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the Foundation’s Entrepreneurship Programme will empower over 3,500 young African entrepreneurs in collaboration with global partners.
Chris-Asoluka said the 2021 programme had already received applications from hundreds of thousands of young entrepreneurs from all 54 African countries.
“We have thousands of applications so far and this year is a very unique year because we are selecting triple the number we used to select.
She added: “Entrepreneurs need to export their goods and services, they need to know and have information about markets across Africa and beyond, especially access to e-markets and e-networks.
“So far, since 2015, TEF has been able to disburse $130 million directly in seed capitals to entrepreneurs and we are able to do this and more through our partners.”
The Foundation is increasingly sharing its unique ability to identify, train, mentor, and fund young entrepreneurs across Africa through partnerships with institutions such as the European Union, the United Nations Development Programme, the International Committee of the Red Cross, and other global development agencies.
Beneficiaries receive $5,000 non-refundable seed capital and skilled support as they grow, expand their businesses, and contribute to the creation of more jobs in Africa.
“We used to select 1000 every year but because of the COVID-19 pandemic and, with the support of our partners, we are tripling that.
“Because we have tripled the numbers of entrepreneurs we will be working with, we want to triple the number of applications that are coming in. So, we have thousands of applications this year.
“The seed capital funding of $5,000 is not the only thing we are giving to the participants.
“Before the seed funds, we provide business management training to be able to educate, guide entrepreneurs about how to run a business in Africa,” she said.
She added that the foundation also gives entrepreneurs access to mentors.
“Each of our entrepreneurs are given access to mentors across Africa in any field of endeavour to guide and to counsel them about opportunities on the way to their success.
“A lot of mentors have introduced their mentees to venture capitalists across the continent and beyond,” she said.
The third thing, she said, “is having access to networks and key markets”.
