Denis Opudo
The Tony Elumelu Foundation (TEF) is a program aimed at developing African entrepreneurs who have excellent business ideas with good growth ability for startups. The foundation will start accepting the 4th cycle applications of the program. The advantage of the initiative is that the CEO Tony O. Elumelu what it takes for the entrepreneurs to have a huge breakthrough in the business industry.
The founder is out to make Africa great when it comes to the developing innovative skills in the African entrepreneurs. The program has been received positively by most of the participants, and it will soon help in the African economic growth. Applications will be open as from 1st January 2017 to any citizen and legal residents of all African countries and businesses found in Africa which are below three years old with new startups included.
The programme runs on the funding of $100 million dedication to trace, train, mentor and fund 10, 000 African entrepreneurs in a period of 10years hence offering 1, 000, 000 jobs and $10 billion in social and economic wealth. The programme is the only African funded business development initiative. After operation within the first three cycles, it has been able to get 158, 000 applications from African entrepreneurs in 107 countries with all the African nations included. The program has empowered almost 3, 000 businesses with 12 weeks of online world-class mentoring; training; access to TEF’s network of startups and seed capital of $5, 000.
The programme has invested $14,235,000, with $4,270,500 directed to agriculture; $1,285,000 in ICT, $1,245,000 in education and training; and $7,400,000 more in start-ups across 19 other sectors. Some of the Alumni had shared such encouraging issues like, Dennis Mutoro (Consulting, 2017) Kenya said that he launched a new product two weeks after he had joined the program and three months later before the completion of the program he managed to make above $28, 300.
