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.”
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