“Entrepreneurship is the cornerstone to African development and the key to local value creation in Africa. I am determined to ensure that Africa’s next generation of entrepreneurs has the platform they need to turn their entrepreneurial aspirations into sustainable businesses that will drive economic growth and job creation across Africa.” – Tony O. Elumelu, CONThe latest initiative in the entrepreneurship landscape in Africa, Tony Elumelu Foundation Entrepreneurship Programme is injecting $100 million into the continent.
The entrepreneurship programme is designed to be a multi-year programme that would feature training, funding as well as mentoring, all geared to empower the next generation of entrepreneurs on the continent.
Targeting an initial 10,000 start-ups at 1,000 per annum over the next 10 years, part of the aim of the programme is the creation of 1 million new jobs and $10 billion in annual revenues. The annual 1,000 startups would be selected by a Selection Committee that comprises of business leaders on the continent.
Commenting on the initiative, Founder of The Tony Elumelu Foundation, Tony O. Elumelu, CON said the programme encompasses his own entrepreneurial experience and fundamental belief that entrepreneurs will lead the continent’s development while also transforming the future. And that Africa has vast population of entrepreneurs in need of a platform that would allow them grow their business idea.
The Tony Elumelu Foundation Entrepreneurship Programme is inspired by three guiding principles: the inclusive economic philosophy of Africapitalism, based on the belief that a vibrant African-led private sector is the key to unlocking Africa’s economic and social potential; commitment to drive African economic growth through empowering African entrepreneurship; and a mission to ‘institutionalise luck’ by creating an environment where African entrepreneurs can get critical elements of support in the early stages of their business life.
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