Nigerian Billionaire Tony Elumelu To Give 10,000 African Entrepreneurs $100m

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ENTERPRISE54 – Africapitalism economic philosopher Tony Elumelu just put his money where his mouth is. The pro-local investment preacher at his posh Heirs Place today announced the launch of a $100 million entrepreneurship programme to create 10,000 businesses across Africa and in the process generate 1,000,000 jobs with at least $10 billion in annual revenue contributed to the continent’s economy.

The 1,000 start-ups selected for the first series of the Tony Elumelu Entrepreneurship Program (TEEP) will participate in a comprehensive programme designed to equip them to build successful value adding businesses. The programme includes seed capital funding, a customized 12-week business skills training course, mentorship, an entrepreneurship ‘boot camp,’ participation in the annual Elumelu Entrepreneurship Forum, and membership in the TEEP Alumni Network.

An official statement reads: “The African startups that successfully complete the 12-week programme with the support of their mentors and attend the two-day bootcamp and the Elumelu Entrepreneurship Forum will be awarded a non-returnable investment for further development of their business idea.”

Amount of the grant was however not disclosed. Hopefully, it would be at least $5,000. Tony Elumelu Foundation for the past two years has been giving $5,000 grants to Nigerian startups via the Lagos-based Co-Creation Hub.

TEF’s official statement further read: “TEEP startups will be continuously monitored on both a portfolio and individual basis as we evaluate the startups for follow-on funding and beyond. The qualifying startups that have progressed their business plans sufficiently will each qualify for a second stage seed capital investment of $5,000 that will be provided as returnable capital.”

This second financial provision would be returned meaning it’s probably a loan or debt finance and not a grant.

For more details about the program, including eligibility and the application and selection processes, click here.

Application launches January 2015.

Since his first retirement from UBA board as Chairman, the financial guru has been preaching Africapitalism – a rallying call for African moneybags to invest in the local economy. In an interview with him last year I asked how well his economic philosophy has gained ground. The renowned philanthropist said he’s been speaking to friends, colleagues and African leaders to convince them to participate in the financial contribution to Africa’s development and added that the mental shift has begun. It is heartening to see he is doing exactly what he preaches, on a grand scale for that matter.

 

 

happywheels

I believe Africa's entrepreneurship stories must be told!

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