The President of Tony Elumelu Foundation, Tony Elumelu has committed $100 million (N16.4 billion) to entrepreneurship development in Africa.
This initiative was announced by Elumelu Monday in Lagos, at the launch of The Tony Elumelu Foundation Entrepreneurship Programme (TEEP).
The programme, according to Elumelu, would bolster investment and employment opportunities in the continent.
He explained that TEEP is the flagship entrepreneurship programme of the Tony Elumelu Foundation, with the aim to create 10,000 businesses that span the continent, generating 1,000,000 new jobs and contributing at least $10 billion in yearly revenue to the African economy.
It is backed by $100 million cash backing and a commitment to giving start-ups and entrepreneurs with a dream the funds, the mentorship, and the network, to become the next generation of global business titans from Africa.
The 1,000 start-ups selected from the tens of thousands of applicants across the continent will participate in a comprehensive programme designed to equip them to build successful value adding businesses.
The programme includes seed capital funding, a customised 12-week business skills training course, mentoring, an entrepreneurship ‘boot camp,’ participation in the yearly Elumelu Entrepreneurship Forum, membership in the TEEP Alumni Network and much more.
In his recent article in the Economist, Elumelu declared that “in 2015, the African entrepreneur will explode on to the global stage, as a new generation shows the world what those of us doing business in Africa have long known: that our continent is home to some of the most exciting and innovative entrepreneurial talent.”
He therefore affirmed that with the launch of TEEP, “we have taken the first step towards helping the explosion to happen.”
*Clapping*....Welldone!!!
