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Tag: Tony Elumelu Foundation

  • Tony Elumelu Foundation, UAE sign $6m pact to empower entrepreneurs

    Tony Elumelu Foundation, UAE sign $6m pact to empower entrepreneurs

    A $6 million strategic partnership pact with United Arab Emirates (UAE) Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed) to empower additional 1000 young African entrepreneurs by the Tony Elumelu Foundation (TEF).

    The benefiting entrepreneurs from all 54 African countries will receive business training, mentorship, access to networks, and non-refundable $5,000 seed capital from TEF and its partners.

    The agreement, signed at the World Governments Summit, by TEF Founder, Tony Elumelu, and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori, showed both organisations’ shared commitment to fostering economic empowerment and entrepreneurship across Africa.

    Through this partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage the TEF’s expertise and execution ability in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme, which has pioneered business management training, mentorship, and capital funding for African entrepreneurs.

    The Khalifa Bin Zayed Al Nahyan Foundation, a distinguished philanthropic organisation, affiliated with Erth Zayed, has a long-standing commitment to humanitarian and developmental projects, focusing on education, healthcare, economic empowerment and enterprise development.

    According to Elumelu, empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future.

    He said that by providing the necessary access to capital, mentorship, and resources, the partners will be are unlocking the potential of Africa’s entrepreneurial talent, eradicating poverty, driving self-reliance, and paving the way for inclusive growth and prosperity on the continent.

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    “This partnership between the Tony Elumelu Foundation and the Khalifa Bin Zayed Al Nahyan Foundation not only reflects our shared vision of empowering Africa’s next generation of business leaders, but will also create a ripple effect of economic transformation across the continent”, Elumelu stated.

    According to statement from TEF, since the launch of the TEF Entrepreneurship Programme in 2015, the Tony Elumelu Foundation has provided up to 2.5 million young Africans with access to trainings on its digital hub, TEFConnect, and disbursed over $100 million in direct funding to more than 21,000 African women and men, who have collectively created over 1.5 million direct and indirect jobs.

    “Through its initiatives, the Tony Elumelu Foundation has brought two million Africans out of poverty. In addition to its self-funded programmes, TEF works with international partners including the EU, the UNDP, the ICRC and the Ikea Foundation.

    “The partnership with the Khalifa Bin Zayed Al Nahyan Foundation, is the first with a Gulf based philanthropy and represents a further example of the strong investment, diplomatic and cultural ties between the GCC and Africa.

     “The TEF is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years on TEFConnect.

    “African entrepreneurs are encouraged to apply to initiatives to receive training, mentorship, access to networks, and funding. Application deadline is March 1, 2025.”

  • Tony Elumelu Foundation opens applications for entrepreneurship schemes

    Tony Elumelu Foundation opens applications for entrepreneurship schemes

    The Tony Elumelu Foundation (TEF) has announced the opening of the application portal for its 2025 Entrepreneurship Programmes.

    It urged aspiring and existing entrepreneurs from across Africa to apply for world-class training, expert mentoring, and non-refundable seed capital funding to scale their businesses.

    The leading champion of entrepreneurship listed the various programmes.

    According to it, TEF’s flagship entrepreneurship programme is open to all entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years.

    It placed special emphasis on businesses leveraging Artificial Intelligence (AI) and green initiatives and 18 year age limit for applicants.

    The IYBA-WE4A Entrepreneurship Programme launched by the TEF in partnership with the European Union (EU) and Deutsche Gesellschaft für, with bias for women, stands for Investing in Young Businesses in Africa.

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    “Women Entrepreneurship for Africa and is exclusively for women entrepreneurs with green business ideas or existing green businesses in Senegal, Tanzania, Uganda, Cameroon, Kenya, Mozambique, Malawi, and Togo. Applicants must be at least 18 years old, with businesses not exceeding five years in operation,” it said.

    The Aguka Ideation Programme is a partnership with the Tony Elumelu Foundation, UNDP Rwanda and the Rwandan Ministry of Youths and Arts to support young Rwandan entrepreneurs between 18 -30 with business ideas with a seed capital of $3000, with the aim of nurturing and developing innovative concepts into viable enterprises.

    The TEF directed that application should be submitted through TEF’s proprietary digital hub – TEFConnect, between January 1 and March 1.

  • Awele, Somachi drive TEF into empowering more entrepreneurs

    Awele, Somachi drive TEF into empowering more entrepreneurs

    Co-founder, Tony Elumelu Foundation (TEF), Dr. Awele Elumelu and Chief Executive Officer, TEF,  Somachi Chris-Asoluka are the two amazons driving TEF to success.

    The success stories at TEF are championed by these two amazons who have brought passion and commitment to the programme.

    In March, the Tony Elumelu Foundation announced the successful entrepreneurs in its 10th selection for the TEF Entrepreneurship Programme.

    This new cohort brings to 20,000, the number of young African entrepreneurs who have received funding, mentoring, and capacity-building support from the Foundation, double the initial commitment.

    The Tony Elumelu Foundation has disbursed $100,000,000 directly to young African entrepreneurs, who have created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development. Also, 45 per cent of these beneficiaries are women, reiterating the Foundation’s commitment to gender inclusion and equity.

    Awele told the packed crowd at the programme that TEF was working in tandem with its vision, which was to “democratise luck and eliminate poverty” in the continent.

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    Chris-Asoluka is also providing the needed leadership that has contributed imensely to TEF successes.

    In one of Awele’s speeches, she spoke about the transformative power of the private sector in changing the lives of individuals and the face of communities across Africa.

    She is the chairperson of Avon Healthcare Limited, Nigeria’s leading health insurance provider, and the Founder/CEO of Avon Medical Practice, a growing network of full-service clinics and onsite facilities with corporate institutions.

    Having identified poor health infrastructure, absence of medical equipment and poor healthcare coverage as some of the challenges facing healthcare delivery in Nigeria, she established the two organisations to provide affordable medical insurance and services to Nigerians from all walks of life. This is helping to improve access to adequate and effective healthcare services in Nigeria.

    In January 2018, she was appointed as Private Sector Champion for Immunisation in Africa by Gavi, the Vaccine Alliance. In this role, she leverages her knowledge, corporate networks, and expertise from the healthcare and business sectors to champion vaccination and immunisation in Africa, where almost 10 million children are yet to be fully immunised.

    She is particularly passionate about and advocates extensively for the rights of Africans, women and children. In line with her commitment to the economic philosophy of Africapitalism, which calls on the African private sector to lead the charge in developing the continent, she continues to work to bring together public and private players to deliver economic opportunity, social good, and greater health and opportunity to all Africans.

    Awele serves as a Director on the Board of Heirs Holdings, a family-owned investment company committed to improving lives and transforming Africa and is a Trustee of the Tony Elumelu Foundation.

    She holds a Bachelor of Medicine, Bachelor of Surgery degree from the University of Benin. Her experience as a medical doctor includes medicine, surgery, paediatrics, obstetrics, gynaecology and emergency medicine. She has worked with the Lagos University Teaching Hospital, in Nigeria, and with Grantham and District Hospital, Grantham in the United Kingdom.

     Chris-Asoluka showed the rquired zeal when she was appointed into the TEF CEO position.

    Accepting the offer, she had said: “I am honoured to be appointed to lead the Foundation, particularly at a time when we will be launching a new Coalition for African Entrepreneurship. This Coalition will bring together global and African partners to significantly increase the impact created by TEF’s unique platform for identifying, mentoring, training and funding young African entrepreneurs. I look forward to working with the team, our partners, and all stakeholders to achieve our common goal of a strong, confident, self-reliant Africa. I am honoured to build on Ifeyinwa’s (her predecessor) legacy and launch the Tony Elumelu Foundation into its next phase of impact.”

    Prior to becoming the Chief Executive Officer of the Tony Elumelu Foundation, Somachi served as Director of Partnerships and Communications for the Foundation. Under her leadership, 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 (EU), United Nations Development Programme (UNDP), International Committee of the Red Cross (ICRC), US Government via the US African Development Foundation (USADF), The Organisation of African, Caribbean and Pacific States (OACPS), Agence Francaise de Development (AFD), DEG, GIZ, African Development Bank (AfDB), and Google.

    The TEF has trained over 1.5 million young African entrepreneurs who have created over 400,000 jobs across the continent, Founder, Tony Elumelu Foundation (TEF), Tony O. Elumelu, has said.

    Also, 1,104 selected TEF entrepreneurs were announced for the 2024 entrepreneurship programme held at the United Bank for Africa (UBA) headquarters, in Lagos.

    Each of the selected 1,104 entrepreneurs for 2024 TEF Entrepreneurship Programme will get $5,000 non-refundable seed capital to support their businesses.

    The beneficiaries have also received world-class business training, mentorship, coaching, and funding, in addition to lifelong access to the prestigious TEF Alumni Network.

    For Awele, the massive impact of the TEF Entrepreneurship programme is being felt across Africa.

    She said: “We knew what we wanted from the onset, and so far, it has been a decade of fulfilled promises. The 10th TEF Entrepreneurship programme beneficiaries will be supported to ensure they succeed. For those who were not selected, your journey is not over, you just have to work harder and success will be yours”.

  • Bisola Olufolajimi Idowu: My son living with cerebral palsy inspired me

    Bisola Olufolajimi-Idowu is a woman who is passionate about inspiring young people and changing their world. She is also the Proprietress, Great Expectation Private School, Lagos. In this interview with Yetunde Oladeinde she talks about parenting, getting support from the Tony Elumelu Foundation, grooming for her son who is living with cerebral palsy and how the experience motivated her to be an educator.

    What inspired you to go into this sector?

    My decision to enter education is a direct result of having wonderful teachers and seeing education as a key that opens the door for growth and opportunity in this country.

    One of the personal challenges I had to overcome as a parent was educating my son who is living with cerebral palsy (CP). From an early age, he was able to show me that he will overcome the challenges which CP may pose. I was ready to help him through education, therapy, hard work and determination.

    Through our personal struggles, I was inspired to become an educator so I could teach children with and without additional needs and challenge them to reach their full potential through hard work and the relentless pursuit to become their best self. My son and our first sets of students at the preschool then exposed me to this attitude toward learning and made me realize very early that becoming an educator was not only going to be my future but a lifelong passion!

    Each day I wake up excited to get to school and help our young students reach their potential through fostering a love of learning.

    I know that instilling a love of learning in students ensures a brighter future for them and all mankind.

    What was it like at the beginning?

    Starting out and the challenges of owning my own business:

    As a first-timer, i faced a whole host of business difficulties in my early years – but it was possible to move past them, with the right mindset and build the right team. Starting from the ground to the level we are now involves getting ready to tackle – and overcome…

    Having a drive as a “fire” in my gut, helped me to create a value system early enough for the school, we started pretty well but because inclusive education was relatively new to us in Nigeria and especially in the area where the school started out from it was a major challenge orientating the persons in the environment at the time on inclusive education and acceptance of persons with special needs.

    What are the challenges encountered?

    The first was creating awareness for our school. Secondly, finding Mentors: valuable mentorship is a major key to successful entrepreneurship – and one of the biggest challenges for me as a first-time business owner. But I thank God for the Tony Elumelu Foundation who were there strong for me from our third year. Here I will advice that upcoming entrepreneurs should look at accelerator and incubator programs, that will help them from the vision stage up.

    Next is building the “Right team”: People are paramount in any business, the success of the business is anchored on the success of the persons in the team. surrounding myself with the best people possible who will persevere,  balance me, push me, hold me accountable and support  me through tough times was a major challenge at the time.

    “The majority of my job now comes down to people management, and making sure that I’m sacrificing for their success,” “If they succeed, I succeed. This isn’t about me. It’s about me helping others to achieve their goals.”

    Right now I consider recruiting from professional network, focusing on people I have build trust with and find dependable. Keeping company culture in mind; you want to hire the people with whom you’d want to work, and personality counts.

    The fourth is keeping on top of financial challenges: I will emphasize here that when entrepreneurs hit the hard times, the times that tempt them to quit, they may start comparing themselves to their friends who make better money without having to sacrifice as much. But as long as they stay in the game, there’s a chance for success, and they shouldn’t let comparison rob them of that chance.

    What are some of the achievements?

    We welcome everyone with the ability and ambition to succeed. We believe education is a right not a privilege.

    Our facility is highly inclusive with rooms for learning and creativity. We provide educational activities and materials, supportive teaching directed at each child’s individual needs. We have included in our curriculum the STEAM program for children between the ages of 3 to 11 years old. Allowing children at an early age to explore, discover, think, research, and start their journey into the world in heneral which will introduce them to the how and why of the different aspects of nature, the human body, animals, technology, and numbers.

    We are not just teaching but building future innovators, tech professionals, scientists, creative thinkers and leaders that will shape their generation with their inventions and solutions in the world of Science, Art, Technology e.t.c.

    To further enhance our educational model we have school based therapies and out of school therapy and vocational center with a living-in boarding facility both or weekday boarders and termly boarder.

    A lot of young people today are into all kinds of vices What do you think is responsible for this?

    We can’t deny the fact that teenage life is most crucial years.

    Since lots of pressures,crisis and personal constraints may occur here…

    The reason why some teenagers are engaging in vices is peer pressure.

    Peer pressure is a powerful force at any stage of life, but it’s especially influential during adolescence.

    The upbringing of any child is very important and the role of parents can’t be over emphasized in all these

    Parents indeed play a primary role in the development of their children. Hence, they are the ones who will give them personal advice and teach them the morals of the society. Moreover, they are the important persons who will show them comfort and guide them during their dilemmas. But, let us face the current situation now. Parents are no longer guiding their children and tend to neglect their obligations. I must say that since parents are busy working, earning an income, their children on the hand are also busy doing prohibited things which are not suited and appropriate for their ages.

    The three major vices that teenagers succumb to are alcohol, drugs, and sex. They mostly turn to these because of social abuses and issues that they experience at home and in society.

    Supportive discipline as parenting model may help curb most of these vices where the child is made aware of their actions, inactions and rewards or consequences  that each behaviors carries.

    What are some of the other things that occupy your time?

    Life teaches us that success, abundance, prosperity, peace and happiness come when we achieve what we plan and strive for.

    I ensure I engage a lot in learning, reading is my thing.

    I love the stock/fx market too, Visualizations/Meditations, Affirmations/ Mantras, Mirror Work, Journaling, Listening To Related Talks/Podcast, attending my mentee sections with all my mentors, being present in Moment and most of all Gratitude( the better part of  my time is in being enveloped in gratitude for grace bestowed upon me).

    Who or what do you consider as the greatest influence in your life?

    I do have some major “Whos” and “Whats” that influences my life the number one who is God, I am nothing and none without him, the second is my late father (Kayode Nathaniel Olufolajimi), my coaches all have some degree of influences, I am smitten by Maria Montessori and her model, Dr. Glenndoma, the world of neuroscience and neuro technology, the human body and nature e.t.c.

    What lessons has being in the sector taught you?

    Education is the sector of work that helps people learn – whether directly, by teaching or by supporting learners in other ways. It can involve learners of all ages, learning about any subject imaginable. The education sector has taught me to have a goal to shoot for because it means you’re different, your ideas are new, and your work is almost magical(Innovational (Nouveau). Innovation in the education sector is so very important. We want our students to love learning, we need them to! Innovation in education means allowing imagination to flourish and not be afraid to try new things. “Innovation in education is stepping outside of the box, challenging our methods and strategies in order to support the success of all students as well as ourselves. This transformation may be small or a complete overhaul, but it is done with purpose and supports the whole student.

    Where do you hope to be in the next five Years?

    In Five years, we will be one of the foremost school in Africa offering bespoke educational services, therapies and vocational training for children 2months to 16years, we are also looking at having 2 other annex in a more remote area of Lagos/Ogun axis. Building a more standard reputation (of international levels) for our School.

  • UNDP partners Elumelu Foundation to empower 100,000 young entrepreneurs

    The United Nations Development Programme (UNDP), the global development network of the United Nations, has partnered with the Tony Elumelu Foundation (TEF) to train, mentor and financially support 100,000 young entrepreneurs in Africa over 10 years.

    The objective is achievement of the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063.

    The TEF-UNDP Sahel Youth Entrepreneurship Programme, which is expected to mobilize support for businesses, aims to generate millions of new jobs and contribute at least $10 billion in new annual revenues across Africa.

    This was announced yesterday  at the 12th Extraordinary Session of the Assembly of the African Union (AU),in Niamey, Niger Republic where TEF Founder, Tony Elumelu and UNDP Regional Director for Africa, Ahunna Eziakonwa joined African Presidents at the African Continental Free Trade Area (AfCFTA) Business Forum, where the agreement was signed.

    President Mahamadou Issoufou of Niger joined UNDP and TEF to launch the programme.

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    The partnership will target young Africans in under-served communities, starting with the Sahel, given the region’s opportunity as the youngest population in the world with 194 million people under 25 years of age (64.5% of the total population).

    The TEF-UNDP Sahel Youth Entrepreneurship Programme will be implemented through TEF’s flagship Entrepreneurship Programme, which has already benefited 7,520 local entrepreneurs across 54 African countries in just five years of existence. Similarly, the programme builds on UNDP’s YouthConnekt initiative.

    The aim is to increase job creation through dynamic entrepreneurship and create sustainable economic growth that anchors the development of communities and states.

    Speaking on the partnership, Ms. Ahunna Eziakonwa, Assistant Secretary-General and UNDP Regional Director for Africa stated described the Sahel as a land of many opportunities, and said that investing in the youth is a pre-condition to stabilizing the region.

    The CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu said the  partnership with UNDP will directly assist entrepreneurial success in a number of fragile areas.

  •  TEF gets new CEO

    Former Director of Partnerships and Evaluation, Tony Elumelu Foundation (TEF), Mrs. Ifeyinwa Ugochukwu, has been appointed as the Foundation’s CEO effective April 1.

    She is the third CEO and the first African to become the Chief Executive Officer of the Tony Elumelu Foundation.

    In December 2018, the Foundation, the leading African philanthropy committed to empowering African entrepreneurs, announced Mrs. Ugochukwu’s new appointment as CEO and the transition of her predecessor, Parminder Vir, OBE to the Advisory Board of the Foundation.

    Read also: Elumelu seeks PPP to drive Africa’s economic growth

    In her role, Mrs. Ugochukwu will focus on scaling the impact of the 10-year $100million Tony Elumelu Entrepreneurship Programme and strengthening relationships between the African and the global entrepreneurship ecosystem, to empower African entrepreneurs with the result of creating jobs and wealth on the continent.  She will also take responsibility for positioning TEFConnect – the digital networking platform for African entrepreneurs – as the go-to hub for forging business relationships, sharing experiences and distributing knowledge across Africa

  • TEF entrepreneurs list out March 22

    The Tony Elumelu Foundation (TEF) will announce the selected applicants for the 2019 cohort of the Foundation’s flagship Entrepreneurship Programme on March 22. The event, which marks the fifth round of the Foundation’s Entrepreneurship Programme, will take place at the Transcorp Hilton Hotel, Abuja.

    Every year, the TEF opens its application portal to African entrepreneurs, with businesses of less than three years old. Through its $100 million Entrepreneurship Programme, the Foundation empowers 1,000 entrepreneurs annually, who receive $5,000 in non-refundable seed capital, access to mentors, a 12-week training programme and opportunities to promote their businesses to a global audience. All applicants receive access to TEFConnect, Africa’s digital entrepreneurial hub, which provides access to networks, training, further capital sources and business opportunities.

    As a means of cascading its proven entrepreneurial tool kit to the huge numbers of applicants, the Foundation launched in 2018, TEFConnect, the digital networking platform for African entrepreneurs. The platform, which has currently over 400,000 users, providing opportunities for entrepreneurs to network, receive training and forge business partnerships to scale their businesses beyond physical borders.

    In the five years since the Foundation launched its Entrepreneurship Programme, it has empowered 4,000 African entrepreneurs directly and an additional 470 entrepreneurs supported by the Foundation’s partners. The Foundation recently appointed Ifeyinwa Ugochukwu as CEO effective from April 1. Mrs. Ugochukwu succeeds Parminder Vir, OBE, who will continue to lend her experience and expertise as a member of the Foundation’s Advisory Board.

    The incoming CEO, Ifeyinwa Ugochukwu, emphasised the importance of partnership in reaching additional entrepreneurs beyond the Foundation’s annual commitment of 1,000 entrepreneurs.

    ”Each year we see a significant uplift in applicants. Our execution partner, Accenture Development Partnerships, are currently reviewing and finalising the applications.

  • Tony Elumelu Foundation lifts 4,460 entrepreneurs with $20m

    • Unveils digital platform to connect entrepreneurs

    The Tony Elumelu     Foundation (TEF), Africa’s leading entrepreneurship focused philanthropy, yesterday said it has provided $20 million in seed to a total of 4, 460 entrepreneurs across Africa since it launched its TEF Entrepreneurship Programme four years ago.

    The TEF Entrepreneurship Programme is a 10-year, $100 million commitment to identify, train, mentor, and fund 10, 000 entrepreneurs. Its goal was to invest in businesses that will generate at least 1, 000,000 new jobs and contribute at least $10 billion in new annual revenues across Africa.

    Speaking at the annual TEF Entrepreneurship Forum 2018, which held on Thursday in Lagos, Nigeria, the Chief Executive Officer (CEO) of the Foundation, Parminder Vir OBE, said the programme has so far provided $20 million of direct seed capital to 4, 460 entrepreneurs.

    She said 4, 000 of the beneficiary entrepreneurs were funded directly by the Foundation, while 460 were funded by strategic partners. She added that the Foundation has so far created 12, 000 jobs and invested $10 million in technology infrastructure.

    “We set out to create jobs, and we have created 12, 000 jobs. Sixty two per cent of the businesses are operational. We have defied convention. And the programme is only four years,” Parminder said, attributing the growth of TEF to strategic partnerships.

    The Forum, now in its fourth edition, was the largest gathering of entrepreneurs on the African continent. The event, which held at Federal Palace Hotel, connected over 5, 000 entrepreneurs with investors, corporates and developmental organisations.

    It also provided the platform for participants, drawn from budding entrepreneurs from across Africa, to come up with ideas and forge networks. The Forum also brought together policymakers and the private sector.

    The Director of Partnership and Evaluation, TEF, Ifeyinwa Ugochikwu, said the Foundation’s journey to raising Africa’s army of entrepreneurs started about eight years ago, when the TEF Founder, Tony Elumelu, made a commitment of $100 million into creating 10, 000 African entrepreneurs over the next 10 years.

     

    Ugochikwu, who pointed out that this meant creating 1, 000 entrepreneurs every year, however, said despite doubts over how the Foundation would achieve the set targets, it received 20, 000 applications from aspiring entrepreneurs across Africa in the first year 2015.

    She added that from 42, 000 applications in the second year, the Foundation received 151, 000 applications this year. According to her, this was proof that the Foundation’s model of raising entrepreneurs was a reliable and tested one.

    One of the highpoints of this year’s Forum was the launch of the TEFConnect, the world’s largest digital platform for African entrepreneurs, dedicated to connecting African entrepreneurs and the entrepreneurship ecosystem.

    The TEFConnect, which is an open source platform, was designed to connect entrepreneurs – mentors, investors, accelerators and incubators – all over the world, enabling them to learn, network, leverage business tools and more.

    The platform connects entrepreneurs to three key things needed for success – money, market and business tools. The digital hub will convene the full entrepreneurial ecosystem across Africa and beyond including entrepreneurs, investors and the business community on one platform.

    Positioned as the “Facebook for African Entrepreneurs”, the TEFConnect is a contemporary, intuitive, informative, user-friendly one-stop digital home for entrepreneurship ecosystem players.

    It allows African entrepreneurs to transact across countries and regions in Africa’s largest digital marketplace, with traffic reaching millions of consumers.

    It also allows access to the Foundation’s entrepreneurship programme application form, enterprise toolkit and business mentoring by global business leaders.

    Ghanaian President Nana Akufo-Addo and his Kenyan counterpart, Uhuru Kenyatta, as well as Bauchi State Governor Muhammed Abukakar were among those who joined TEF Founder Tony Elumelu for the launch of TEFConnect, which Parminder said was simply about empowering African entrepreneurs.

    At an interactive session moderated Elumelu, Akufo-Addo said the promotion of Small and Medium Enterprises (SMEs) in every African country remained critical to the growth and development of the continent.

    The Ghanaian leader said he was opposed to Africa begging for alms and aids from other countries. “We should be giving aids to other countries,” he maintained.

    In his earlier remarks, the Group Managing Director (GMD) of United Bank for Africa (UBA), Mr. Kennedy Uzoka, said the bank cherishes and loves entrepreneurship. He said the bank’s presence in about 20 countries olaced it in a vantage position meet the needs of aspiring entrepreneurs in the continent.

    The UBA chief, however charged entrepreneurs to be innovative. “The largest room in the world is the room for innovation,” he said, urging them to continuously deepen their entrepreneurial ideas as people copy what they (entrepreneurs) already have.

    Also speaking, Bauchi State Governor Abukakar said over 50 per cent of Africa’s population are youths. He, therefore, said the public and private sector must join hands to nurture Africa’s youth entrepreneurs.

    Other key highlights of this year’s Forum include the Alumni/Mentors’ Award and a Pitch Competition that allowed five entrepreneurs across Africa to present their business ideas to a panel of judges.

     

     

     

  • ‘How African entrepreneurs are positively impacting the continent’

    Parminder Vir is the Chief Executive Officer of the Tony Elumelu Foundation. In this interview with Ibrahim Apekhade Yusuf she speaks on the outcome of the Foundation’s socioeconomic intervention across Africa vis-a-vis the milestones achieved, challenges and future opportunities. Excerpts:

    Focus of this year’s annual Tony Elumelu Foundation (TEF) Entrepreneurship Forum One of the most vibrant aspects of the TEF Entrepreneurship Programme is the annual TEF Entrepreneurship Forum. The 4th annual Tony Elumelu Foundation Entrepreneurship Forum is taking place on 25th October at the Federal Palace Hotel, Lagos, Nigeria. The Forum has grown and scale every year with over 5000 entrepreneurs and the entrepreneurship ecosystem players expected to converge on Lagos for this year’s Forum.

    This year, we are celebrating the 2018 beneficiaries of our Entrepreneurship Programme bringing the total beneficiaries of our $100million seed capital, mentoring and world-class training to 4,470 African entrepreneurs. The Forum is also an opportunity for the entrepreneurs to engage with and learn from with established entrepreneurs, global investors, leaders from the African public and private sectors and developmental organisations.

    In keeping with the Foundation’s track record¯most recently with President Macron of France¯of bringing politicians face to face with the new generation of young business women and men shaping Africa, the Forum will include an interactive session with President Uhuru Kenyatta of Kenya and President Nana Akufo-Addo of Ghana, moderated by TEF Founder, Tony O. Elumelu.

    We will also launch TEFConnect, the world’s largest digital platform for African entrepreneurs, dedicated to connecting African entrepreneurs and the entrepreneurship ecosystem.

    The programme will also include a fireside chat with TEF Trustee, Gavi Champion for Immunisation in Africa and CEO, Avon Medical, Dr. Awele Elumelu, moderated by CNNMoney Africa Correspondent, Eleni Giokos, on “The Role of the Private Sector in Furthering Economic Development across Africa.” An interactive pitching event and judging panel with a cross-section of judges from the private sector and development organisations.

    Impact thus far

    In just four years, we have directly impacted 4,470 entrepreneurs, and we are beginning to see the results: they are creating jobs, generating revenues and making a social impact through their businesses. This year began to track the progress of the 3010 entrepreneurs who graduated between 2015 – 2017 and our study of just 1472 entrepreneurs who responded to the survey shows they have generated USD 52, 486, 234 after completion compared to USD 18, 155, 241 before they were selected for the programme. In terms of jobs, the same 1472 entrepreneurs, have created 11, 971 jobs compared to 4034 before they were selected for the TEF Entrepreneurship Programme. Furthermore, our study shows that upon completing the TEF Entrepreneurship Programme, 62% of these businesses are now fully operational while 29% have now become partly operational. This also explains the phenomenal growth in jobs (15% of the entrepreneurs now employ at least 10 people) and revenue (13% of the entrepreneurs now generate above $50,000 annually) recorded after the Entrepreneurship Programme.

    With regards to gender representation, over the years, the Foundation has made it a priority to ensure that both female and male entrepreneurs have an equal opportunity to apply unto the programme. When the programme was launched in 2015, 76% of the applicants to the Programme were male while 24% were female. As a result, male applicants accounted for 71% of the entrepreneurs eventually selected into the programme while female applicants accounted for only 29%.

    Given this significant gender disparity, the Foundation developed strategies to create awareness about the programme amongst women and encourage them to apply for the programme. To achieve this, the Foundation ensured that advertisements and promotions of the programme were targeted towards women. On social media, profiles of successful female entrepreneurs on the programme were used to encourage aspiring female entrepreneurs to apply to the programme. Female alumni of the programme took this a step further by organising workshops and trainings to assist them in their application.

    The result of all these activities was that by 2018, the gap had significantly reduced, male applicants accounted for 58.8% of total applicants (down from 76% in 2015) while female applicants accounted for 41.2% (up from 24% in 2015). Similarly, in terms of selection, the number of selected male applicants fell to 65% (from 71% in 2015) while selected female applicants increased to 35% (from 29%) in 2015.

    In terms of the impact of the Seven Pillars of the TEF Entrepreneurship Programme, the 1472 entrepreneurs who responded to the survey, we see that both the 12-week enterprise tool kit and the mentorship received at least a 70% high impact rating while 61% of them indicated that TEF provided them with the first seed capital for their business. So clearly, the TEF Entrepreneurship Programme is having an impact. We will be launching the TEF Entrepreneurship Programme: 2015-2017 Progress Report at the TEF Forum on the 25th October which will provide deeper analysis and insights of impact across sectors, regions and business location.

    Mentoring programme

    Paramount to the success of TEF Entrepreneurship Programme is our continuous engagement with the entrepreneurs who have successfully completed the programme because we are building to last. We maintain contact with the entrepreneurs both online and offline.

    Through the online TEF Online Hub, we have built Africa’s largest online network of African entrepreneurs for cross border business growth, skills, and knowledge sharing.  TEF Hub is the go-to destination for TEF Alumni and our value-add partners, who provide ongoing products; business information, advisory services, innovation capital, market access, skills/training, and supply chain integration for TEF Alumni. This is also the platform through which we promote the emerging entrepreneurship networks across Africa and globally, important for business opportunities, building cross country networks and fostering a culture of entrepreneurship.

    In 2017, we launched TEF Entrepreneurship Awards to recognise the achievements of TEF entrepreneurs from the 54 African countries to raise their profiles and inspire investors and policy-makers to recognise and support African entrepreneurs. We also launched TEF Forum Pitch Competition and we have added TEF Africa Market Place to the TEF Forum where TEF Entrepreneurs can showcase and sell their products and services to a diverse and inclusive pan-African gathering.

    Access to finance

    Access to finance remains one of the biggest challenges for African startups and SMEs. To enable TEF entrepreneurs to access capital, we have formed a range of diverse partnerships with financial services providers and investors to mobilise both early stage and growth stage financing.

    Contrary to the perception that African start-ups are risky investments, we have ample evidence that they are bankable provided they are given the right business development support as proven by our entrepreneurship development programme. Based on this we have encouraged commercial banks to embrace SMEs and to set up SME desks as part of their services.

    We have signed a partnership with Agence Francaise De Development (AFD) to provide risk guarantee scheme with United Bank for Africa (UBA).  In 2018, we will further diversify and deepen the partnerships between financial services providers and investors with the TEF entrepreneurs.

    Through our engagement with African start-ups, we are aware that financial literacy is the weak link and we have enhanced our financial management modules to support them. We are also aware that the finance sector also needs to be educated to better serve start-ups and are working with angel networks, promoting public private grants and technical assistance, venture capital, private equity, and financial institutions. TEFConnect will build an investor network on the digital platform.

    Opportunities for expansion

    The TEF Entrepreneurship Programme started in 2015 with 20,000 applicants and by 2018 this figure had grown to 151,692 from across 54 African countries. Given the rapid increase in the numbers African start-ups applying, in 2017, we began to scale and replicate the TEF Entrepreneurship Programme with strategic partners who can support the selection of additional entrepreneurs to the programme. While TEF provides the training and mentorship for their businesses, International Committee of the Red Cross (ICRC) have sponsored 200 entrepreneurs in the post-conflict areas of Nigeria with a commitment of $1million seed capital. United Nations Development Programme (UNDP) have provided $200,000 to support 40 pan-African entrepreneurs with $5,000 seed capital funding.  Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) German development agency has committed €1million to empower 210 additional young and female tech entrepreneurs in selected East and West African countries. Agence Française de Développement (AFD) is providing a risk-sharing guarantee framework for loans for Tony Elumelu Entrepreneurs to access loans from UBA. They have also committed finance for joint research to track the impact of the TEF Entrepreneurship Programme. We are also pleased to share that Indorama Corporation has pledged $100,000 to support 20 Nigerian entrepreneurs with $5,000 seed capital funding in 2017 and 2018.

    Other partnerships include Microsoft, Sage One and GE for ongoing business development support services and access to markets for the TEF Entrepreneurship Programme Alumni.

    Driving innovation and creativity?

    The Tony Elumelu Foundation is driving innovation and creativity through its investment in the pan-African start-ups and SMEs. The selected entrepreneurs receive business development training through our 12-week Start-up Enterprise Toolkit, supported by Mentors selected from around the world, business plan reviews by Accenture, followed by the seamless disbursement of direct seed capital to the qualifying TEF entrepreneurs across 54 African countries. This is innovation.

    Over the four years, we have increased the number of women business owners from just 24% in 2015 to 41% in 2018. We have invested in entrepreneurs in agriculture, ICT, fashion, manufacturing, education, and training, media and entrainment who are all developing sophisticated marketing and revenue models and driving innovation and creativity through their products and services.

    Many have successfully leveraged their association with the Foundation to win awards; access new funding; business support services; training; cross border trade across Africa and the world generating revenues and creating jobs.  The Foundation has built an investible pipeline of 4,460 entrepreneurs who are a viable investment opportunity for African and global business across the high growth sectors.

    Technology innovation and exchange are important drivers and we have built proprietary robust, scalable, and cloud-based multilingual technology platforms for Applications, Mentor Learning, Documents Management, and Alumni Engagement. These platforms are the Foundations greatest assets, facilitating knowledge exchange, product promotion, networking and enabling the Foundation to connect African entrepreneurs across the continent. We have a database of over 300,000 African entrepreneurs from 54 African countries which is set to grow and will form the foundation for TEF Research Publications.

     Challenges facing African entrepreneurs

    Entrepreneurs face enormous challenges throughout their entrepreneurial journey. Amongst the challenges the TEF Entrepreneurs say they face are: Accessing start-up capital for their businesses. This can be addressed if banks and other formal lenders can reduce the collateral requirements.

    Operating costs to buy machinery, equipment, technology or raw materials needed to operate. Power of course is the biggest challenge. Government regulation and compliance from business registration, something government can easily fix by setting up on stop windows for SMEs Finding, training and retaining talent is a challenge for those trying to grow their businesses.

    Financing the project

    The Foundation is fully funded by the Founder Mr Tony O. Elumelu CON. Since we launched the TEF Entrepreneurship Programme in 2015, we have invested over $30 million in the support of 4000 entrepreneurs. Of this, $20 million has been used for direct seed capital investments to the entrepreneurs while $10 million has been deployed to build the programmes infrastructure including the scalable proprietary technology platforms, learning content, TEF Entrepreneurship Forums, meetups and events, pan-African marketing, and programme administration. Our international partners AFD, ICRC, UNDP, GIZ financial support goes directly to sponsor additional entrepreneurs with seed capital.

     

  • Germany, Tony Elumelu Foundation to empower African entrepreneurs

    The German Government and Tony Elumelu Foundation (TEF) have reached agreement to train and support young African entrepreneurs as part of efforts to scale up the development of the African economy.

    The TEF and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, German Government’s  Agency for International Cooperation, will empower 210 young African entrepreneurs, focusing specifically on female entrepreneurs and tech-enabled businesses.

    The joint partnership will equip more African entrepreneurs with the skills needed to build strong and sustainable businesses, while providing them with access to seed funding. The partnership will be implemented by Make-IT in Africa, a programme GIZ is implementing on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).

    Make-IT already works in close collaboration with more than 20 corporate and financing partners, social enterprises, hubs, and networks to support an enabling environment for young entrepreneurs, to enable better access to finance, markets, and skills.

    Chief Executive Officer, Tony Elumelu Foundation (TEF), Parminder Vir, said the partnership with GIZ ensures that more entrepreneurs across Africa will access seed capital, as well as the world-class TEF proprietary online training and mentoring programme.

    “Since the launch of the programme, we have received over 300,000 applications, and we are actively looking at leveraging our success, so we can greatly exceed our own commitment to 1,000 entrepreneurs annually over 10 years,” Vir said.

    Country Director, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Dr Thomas Kirsch noted that employment is the key measure for socio-economic development in Nigeria.

    According to him, entrepreneurs and start-ups have the capacity to facilitate job creation in a way that was not imaginable 10 years ago.

    “We have entered a new era where initiatives by the German government, such as Make-IT in Africa, could be instrumental in empowering youth by addressing the skills gap and connecting them to markets, corporates, and financing opportunities. We are encouraged by this partnership with TEF and the opportunity to create lasting impact in the lives of many,” Kirsch said.

    The partnership is coming ahead of the largest gathering of African entrepreneurs – The Tony Elumelu Foundation Entrepreneurship Forum – which will hold on October 25, 2018 in Lagos, Nigeria. The Forum will celebrate the 2018 cohort of the Foundation’s beneficiaries.  The entrepreneurship programme of TEF was launched in 2015, having supported more than 4,000 entrepreneurs with seed capital pan-African wide.

    The TEF Entrepreneurship Programme is the $ 100 million flagship programme of the Foundation. It identified 10,000 African start-ups and entrepreneurs with ideas that have the potential to transform the African continent in the last 10 years. For TEF, the goal is to invest in the generation of at least 1,000,000 new jobs and to contribute $ 10 billion in new annual revenues across Africa.

    The Foundation’s investment and commitment to advancing entrepreneurship is predicated on the belief that Africa’s entrepreneurs hold the key to unlocking the potential of the continent and to facilitating its transformation.