Applicants for Sh10b plan sought

The Tony Elumelu Foundation (TEF) has started accepting applications for the 2019 cohort of its entrepreneurship programme.

Outstanding African entrepreneurs running start-ups with high growth potential and aspiring business owners with transformative ideas have been invited to apply.

The initiative is a 10-year Sh10 billion ($100 million) commitment to identify, train, mentor and fund 10,000 African entrepreneurs. TEF founder Tony Elumelu said it was meant to generate at least one million new jobs as well as create at Sh1 trillion ($10 billion) in new business revenue in Africa.

“The private sector must be the core driver of Africa’s economic transformation, but this sector cannot attain its full potential if entrepreneurs are left behind,” said Mr Elumelu.

“We call on all stakeholders – policymakers, business leaders and development agencies – to actively commit to creating a better future for our young Africans who have demonstrated intellect, skill, and passion, to empower them to succeed because their success is Africa’s success.”

He said the TEF programme represented his commitment to transform Africa through entrepreneurship. Now in its fifth year, the programme has empowered 4,470 entrepreneurs through training and implementation processes to create sustainable impact in 54 African countries. TEF Chief Executive Parminder Vir said the foundation was looking to grow representation from French, Arabic and Portuguese speakers, as well as female entrepreneurs.

“Our entrepreneurs illustrate the Foundation’s commitment to transform the African economy by building on the intelligence, skills, and resourcefulness of Africans. I encourage all ambitious young Africans to take advantage of this unique opportunity,” said Vir.

In Kenya, over 350 entrepreneurs have benefited from the initiative, having received Sh500,000 each as seed capital. Last year, 74 Kenyans were picked.