The President of Tony Elumelu Foundation,
Tony Elumelu has committed $100 million (N16.4 billion) to entrepreneurship
development in Africa
This initiative was
announced by Elumelu Monday in Lagos, at the launch of The Tony Elumelu
Foundation Entrepreneurship Programme (TEEP).
The programme,
according to Elumelu, would bolster investment and employment opportunities in
the continent.
He explained that
TEEP is the flagship entrepreneurship programme of the Tony Elumelu Foundation,
with the aim to create 10,000 businesses that span the continent, generating
1,000,000 new jobs and contributing at least $10 billion in yearly revenue to
the African economy.
It is backed by $100
million cash backing and a commitment to giving start-ups and entrepreneurs
with a dream the funds, the mentorship, and the network, to become the next
generation of global business titans from Africa.
The 1,000 start-ups
selected from the tens of thousands of applicants across the continent will
participate in a comprehensive programme designed to equip them to build
successful value adding businesses.
The programme
includes seed capital funding, a customised 12-week business skills training
course, mentoring, an entrepreneurship ‘boot camp,’ participation in the yearly
Elumelu Entrepreneurship Forum, membership in the TEEP Alumni Network and much
more.
In his recent article in
the Economist, Elumelu declared that “in 2015, the African entrepreneur will
explode on to the global stage, as a new generation shows the world what those
of us doing business in Africa have long known: that our continent is home to
some of the most exciting and innovative entrepreneurial talent.”
He therefore affirmed
that with the launch of TEEP, “we have taken the first step towards helping the
explosion to happen.”
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