The Tony Elumelu Foundation today launched a 100 million pan-African entrepreneurship initiative known as The Tony Elumelu Entrepreneurship Programme (TEEL) to support 100,000 young entrepreneurs in Africa within the next 10 years.
The programme being described as the first of its kind in Africa to be launched by an African philanthropic organisation is targeted at creating one million new jobs throughout the continent.
The Founder of the Tony Elumelu Foundation, Tony O. Elumelu told journalists in Lagos, Nigeria that the one million new jobs which would be generated from the programme would contribute $10 billion in annual revenues to the 54 African countries.
He explained that the largest African sourced philanthropic gift targeting the entrepreneurial sector was inspired by three guiding principles: the inclusive economic philosophy of ‘Africapitalism’, based on the belief that a vibrant African-led private sector is the key to unlocking Africa’s economic and social potential; commitment to drive African economic growth through the empowering of African entrepreneurship; and a mission to ‘institutionalise luck’ by creating an environment where African entrepreneurs can get critical elements of support in the early stages of their business life.
“Entrepreneurship is the cornerstone to African development and the key to local value creation in Africa. I am determined to ensure that Africa’s next generation of entrepreneurs have the platform they need to turn their entrepreneurial aspirations into sustainable businesses that will drive economic growth and job creation across Africa”, Mr Elumelu stated.
“Whether you are in Lagos, Accra, Johannesburg, Nairobi or Dakar, Africa is buzzing with entrepreneurs who need a platform that enables them to take their business or idea to the next level. The Tony Elumelu Foundation Entrepreneurship Programme has been designed to provide that mechanism”, the Director of Entrepreneurship at The Tony Elumelu Foundation, Parminder Vir added.
A selection committee of African business leaders will select the most promising 1,000 start-ups annually from across the continent. Members of the selection Committee include: Ory Okolloh, Director of Investments at the Omidyar Network’s Government Transparency Initiative in Africa, Dr Ayodeji Adewunmi, CEO and Co-founder of Nigerian job search site, Jobberman; Dr Vera Songwe, Country Director at the World Bank Group for Senegal, Cape Verde, the Gambia, Guinea Bissau, and Mauritania; Opunimi Akinkugbe, CEO of pan-African board game company, Bestman Games Ltd; Dr Ndubuisi Ekekwe, founder of technology company, First Atlantic Semi-conductors &Microelectronics; Sam Nwanze, Chief Investment Officer at Heirs Holdings; Monica Musonda, CEO of Java Food in Zambia, and Dr Wiebe Boer, CEO of The Tony Elumelu Foundation.
She indicated that successful applicants would participate in a comprehensive programme designed to equip them with the skills needed to build a successful business. The programme includes seed funding, a customised 12-week business skills training course, mentoring, an entrepreneurship ‘boot camp’, participation in the annual Elumelu Entrepreneurship Forum, membership of the Alumni Network, among others.
“World Bank Group President, Jim Yong Kim has an agenda focused on innovation and entrepreneurship as a key prerequisite to achieve global competitiveness and building long term wealth, especially for the youth. We must strive for entrepreneurial innovative in Africa and my participation in this programme further promotes the World Bank Group’s push for entrepreneur-led global development”, Country Director for the World Bank Group, Dr Verga Songwe said.
By Masahudu Ankiilu Kunateh, in Lagos, Nigeria
