NAIROBI, KENYA: 37 Kenyans have made it to this year’s fourth cycle funding in the Tony Elumelu Foundation (TEF) entrepreneurship programme.
The foundation announced the African entrepreneurs with the most innovative, high-potential business ideas awarding Kenyan entrepreneurs with bankable business ideas that were feasible and financially scalable an opportunity to benefit from mentorship and funding of up to Sh500,000.
the shortlist represents an improvement compared to other years and Youth Enterprise Development Fund was applauded by the foundation for mobilising entrepreneurs to apply for the 2018 cohort.
“The number and quality of applicants 151 000 in total, was outstanding – it illustrates the strength and depth of entrepreneurial promise and commitment on our continent,” said TEF Founder, Tony O. Elumelu.
“Selection is never easy, and we profoundly regret that we cannot help all. Our partnerships with the Red Cross, UNDP, and Indorama, alongside ongoing discussions with other international organizations, reflect the growing global recognition of what we have known all along - that entrepreneurship is the most effective path to sustainable development on our continent and our programme is the model to follow," he added.
There was a near 50-50 split between male and female an applications reflecting the entrepreneurial ambition of Africa’s women. Agriculture was the leading sector among selected entrepreneurs at 30.5 percent, followed by technology (10.5pc) and education & training (9 percent).
Meanwhile, the billionaire speaking to KTN News called on the young entrepreneurs to be disciplined and patient in pursuit of success in their start-ups. He also called on local businesses to adopt new technologies in their businesses to compete favorably with the rest of the World.