On 1 December the Tony Elumelu Foundation announced the launch of a $100 million pan-African entrepreneurship initiative – The Tony Elumelu Foundation Entrepreneurship Programme – a multi-year programme of training, funding and mentoring designed to empower the next generation of African entrepreneurs.
‘The opportunity and challenge in Africa is scale – in our people, our resources and our horizons. In my business and philanthropic journeys, I have always sought ways to help inspire a generation across our continent. This programme brings together my own entrepreneurial experience and my fundamental belief that entrepreneurs – women and men across Africa – will lead Africa’s development and transform our futures,’ said Tony Elumelu, founder of the Tony Elumelu Foundation.
The programme will identify and help grow an initial 10,000 start-ups and young businesses from across Africa over the next 10 years, targeting the creation of 1 million new jobs and $10 billion in annual revenues.
A selection committee of African business leaders will select the most promising 1,000 start-ups annually from across the continent. Successful applicants will participate in a comprehensive programme designed to equip them with the skills needed to build a successful business. The programme includes seed funding, a customized 12-week business skills training course, mentoring, an entrepreneurship ‘boot camp’, participation in the annual Elumelu Entrepreneurship Forum, membership of the Alumni Network and much more.