Raising Young African Entrepreneurs
Charles Ajunwa writes that the ongoing registration for Tony Elumelu Foundation Entrepreneurship Programme offers yet another opportunity to African young entrepreneurs to realise their dreams
The Chairman of United Bank for Africa (UBA), Mr. Tony Elumelu, has consistently advocated that Africa’s private sector can and must play a leading role in the continent’s development. To this end, Elumelu is focused and determined to achieve his set out goal of producing Africa’s finest entrepreneurs.
Even with the worsening economic outlook occasioned by the COVID-19 pandemic which is still ravaging the world, the Tony Elumelu Foundation – the brainchild of Elumelu has started the registration process that will give opportunities to young African entrepreneurs to win a seed capital of $5,000 each.
This is coming after the Foundation had disbursed $24.75m to 5,000 African Small and Medium Entrepreneurs (SMEs) for the TEF2021 Programme.
The Tony Elumelu Foundation since its inception has funded a total of 15,847 entrepreneurs who have created more than 400,000 direct and indirect jobs and counting.
Through TEFConnect, the foundation’s proprietary digital platform, it has provided capacity-building support, advisory and market linkages to over 1.5 million Africans.
TEF originally set out to support 1,000 entrepreneurs every year for 10 years. But development partners across the world have seen the need to partner with the foundation, leveraging on its structure and systems to empower more African entrepreneurs. Now, more than 5,000 entrepreneurs are being empowered every year.
Established in 2010, The Tony Elumelu Foundation (TEF) is an African private-sector-led philanthropy in Africa championing entrepreneurship and entrepreneurs across the continent.
The foundation’s long-term investment in empowering African entrepreneurs is emblematic of Tony Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.
The foundation’s flagship initiative, the TEF Entrepreneurship Programme, is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 entrepreneurs, capable of changing the face of business across Africa.
Key Pillars
The seven pillars of TEF entrepreneurship include: Mentoring, 12-week business management training, Knowledge Resources on TEFConnect.net, Meetups, Annual TEF Entrepreneurship Forum, Seed Capital Funding and TEF Entrepreneurship Programme Alumni Network. The pillars have been designed to address the essential needs to ensure success for an African entrepreneur.
Requirements
The Tony Elumelu Foundation Entrepreneurship Programme is open to Africans from all 54 African countries with scalable business ideas or a business that has been operational for no more than five years; All businesses must be business ideas or an early stage company, in the range of 0 to 5 years old; Applicants must be 18 years of age and above; Application must focus on one business only; Applicants may register on TEFConnect.net; The programme is not open to research institutions, faith-based organisations, value adding trading companies, government contractors and businesses not located in Africa; and Businesses must not adversely affect the environment, lives and property. Existing businesses or business ideas must be for profit, and must be the original work of those making the submission.
Training/Selection Process
The TEF training content called the start-up enterprise toolkit is a bespoke programme tailored to support young and dynamic entrepreneurs through their business journey with focus on the successful execution of their business plans and ideas.
The TEF training programme is self-paced for each entrepreneur, allowing the necessary flexibility for participants to attend the training course whilst carrying on their usual activities.
Although the training phase of the programme last for 12 weeks, some intervention programmes could be modified to last for four weeks or six weeks.
While selection of the applicants only takes place after applicants completed all stages of the training and take part in the pitch.
Past TEF editions
At its 5th edition that held at the Transcorp Hilton Abuja which attracted over 5,000 participants from 54 African countries, including representatives of the 7,522 beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme, more than 60 global speakers from the public and private sectors across three continents participated in interactive masterclasses, plenary sessions and debates geared towards generating ideas and defining concrete steps Africa must take to empower its youths and accelerate the continent’s development.
At the event, guests interacted directly with African young budding entrepreneurs from across who exhibited their innovative products and solutions at the UBA Marketplace.
Elumelu said to the cheering crowd: “As I’ve often said, the future of Africa is indeed in your hands. The journey has indeed begun. You are more educated, you are more exposed, you are more socially connected.
“That is why today is a rare moment and opportunity; we are privileged to be among first ladies. Tomorrow we are going to have five Presidents. Let our presidents who are here know what you need as African entrepreneurs to survive. I believe that if our leaders understand the rationale for you to succeed, they will do everything within their power.”
He also reiterated the role of technology as a key enabler in accelerating development, citing TEFConnect, the digital networking platform for African entrepreneurs launched by the Tony Elumelu Foundation in 2018.
With over 500,000 registered users, the hub provides a platform for entrepreneurs to network and forge business partnerships regardless of their location.
The public sector leaders on the panel included H.E. Paul Kagame, President, Republic of Rwanda; H.E. Macky Sall, President, Republic of Senegal; H.E. Félix Tshisekedi, President, the Democratic Republic of Congo (DRC); H.E. (Prof.) Yemi Osinbajo, Vice President, Federal Republic of Nigeria; and Hon. (Dr.) Ruhakana Rugunda, Prime Minister, Republic of Uganda, representing the President of Uganda, H.E. Yoweri Museveni.
Giving the keynote speech, Osinbajo commented on the impact of the Tony Elumelu Foundation: “By birthing this particular intervention, Tony Elumelu has compelled us to focus on what really matters, our youth and their dreams. The message to Africa’s emerging business giants is a clear one: How and what can you contribute, like Tony Elumelu, to empowering the next generation, helping them to realise their own dreams?
At the fourth edition of the Tony Elumelu Foundation Entrepreneurship Forum held at the Federal Palace Hotels, Victoria Island, Lagos, Elumelu reiterated his commitment to championing Africa’s economic development by supporting and training a new generation of entrepreneurs, whose successes could transform the continent, delivering opportunity, job creation and social impact.
One of the highlights was the unveiling of TEFConnect, a revolutionary digital community that brings together the complete entrepreneurship ecosystem across Africa and beyond, including entrepreneurs, investors and the broader business community on one platform, connecting them digitally with three vital elements for success – capital, market and business tools. Africa is riding a wave of rapid technological driven change in payment systems, education, agriculture and infrastructure and TEFConnect fulfills a critical role in linking entrepreneurs across the continent.
“Our Foundation and its unique approach of training, mentoring and funding has proven that entrepreneurship is the key to unlocking the economic transformation of our continent. I believe so strongly that success can be democratised and if we can match ambition to opportunities, this extraordinary generation can achieve anything,” Elumelu said.
He added that “With TEFConnect, we have created a tool that provides a digital platform to host ideas, champion success and demonstrate Africans ability to use the most advanced technologies to take charge of their economic destinies.”
At the second edition of TEF in 2016 which took place in Lagos, enthusiastic and ambitious young entrepreneurs were unable to hide their joy for seeing someone in the person of Elumelu, help them to pursue their destinies.
Testimonies
Mr. Emmanuel Olabisi, a Nigerian entrepreneur who specialises in providing professional accounting and allied services to entrepreneurs, said “I’m highly excited because this is what Nigerian and African youths have been waiting for a long time-somebody that will draw the youths up and follow them up with training and all other resources that are needed to make one grow. In fact, this is a very fantastic opportunity for Nigerian youths. They’ve trained us for twelve weeks on various business processes and how to administer a business successfully. They’re still supporting us with $5000 seed capital. Apart from that, the networking opportunity they provided for us has been awesome.”
On his part, Prince Joshua Oyeniyi, CEO of Amborion Media Global Enterprises, a company involved in event planning and management, designing, branding and general logistic management, said “I’m amazed and really thrilled to be here, I’ve been excited all the way since yesterday. I must say that the Tony Elumelu Foundation Forum for entrepreneurs has broadened my mind. It has really introduced me to a lot of things-making me understand the very intrinsic and intricate part of my business. So I’m really grateful to the Foundation for such an unusual opportunity.”
Adarsh Bholah from Mauritius, who is into medical tourism, said: “Well, it has been an awesome experience being here as a young entrepreneur. Everything about the programme is so helpful to us. The seed capital we’re going to obtain is really going to help our businesses. The mentoring programme that is set up for us is also going to be helpful to us. The networking is another value addition to us and our business. The Founder of this Foundation, Mr. Tony Elumelu is doing a great job and I hope that he will continue to embrace young entrepreneurs in Africa. I think other African personalities in the calibre of Mr. Elumelu should join forces with him to increase funds for this programme so that other people will have the same opportunity that is given to us.”
Quote
“As I’ve often said, the future of Africa is indeed in your hands. The journey has indeed begun. You are more educated, you are more exposed, you are more socially connected”
