The Tony Elumelu Foundation (TEF), described as Africa’s largest business incubator, has selected 1000 African entrepreneurs for the 2017 Tony Elumelu Entrepreneurship Programme (TEEP).
Now in its third year, TEEP is TEF’s 10-year, US$100 million commitment to train, mentor and fund African entrepreneurs in every African country.
Since launch, the programme has assisted nearly 2,000 entrepreneurs and created hundreds of jobs across the continent.
Applications for this edition opened earlier this year to for-profit businesses based in Africa and not more than 3 years old, and whose founders are 18 years and above and are legal residents or citizens of an African country.
Over 93,000 entrepreneurs from 55 countries and territories in Africa applied to take part in the program. Nigeria, Kenya, Ghana, Uganda and Cameroon produced the most applicants while 29 percent of the applicants had Agritech innovations. Only 1000 entrepreneurs made the final cut.
“Standing here today to announce the successful applicants is bittersweet; we have 92,000 budding business leaders who weren’t selected for our Programme and these young African men and women have demonstrated a lot of energy innovation and creativity in their applications. We should not relent until we help them ALL realize their aspirations,” said Tony O. Elumelu, CON, TEF Founder.
Over the next nine months, the entrepreneurs will be trained and mentored, and will use the skills acquired to develop a business plan. Thereafter, they’ll receive up to US$10,000 in seed capital.
The programme will end with the TEF Entrepreneurship Forum, an annual two days event which brings together entrepreneurs, mentors and business and political leaders. It will hold in October 2017 in Lagos, Nigeria.