December 8, 2014
Nigerian billionaire investor and philanthropist Tony Elumelu announced today the launch of the Tony Elumelu Foundation Entrepreneurship Programme (TEEP), where he is committing $100 million to create 10,000 entrepreneurs across Africa over the next 10 years.
According to Forbes, the program will identify and help grow 10,000 startups and young businesses from across Africa and it will provide training, funding, and mentoring, designed to empower the next generation of African entrepreneurs.
“The opportunity and challenge in Africa is scale – in our people, our resources and our horizons. In my business and philanthropic journeys, I have always sought ways to help inspire a generation across our continent. This program brings together my own entrepreneurial experience and my fundamental belief that entrepreneurs – women and men across Africa – will lead Africa’s development and transform our futures,” said Elumelu, founder of The Tony Elumelu Foundation, said in a press statement.
It is estimated that up to 95 % of entrepreneurs in Nigeria fail in the first three years. TEEP will offer a customized 12-week business skills training course, mentoring, an entrepreneurship ‘boot camp’, and seed capital funding among other things. Interested entrepreneurs will be able to submit their applications to join the program through the Tony Elumelu Foundation’s website.
The idea is that these businesses will in turn create 1,000,000 new jobs and contribute $10 billion in annual revenues to Africa’s economy. The 10,000 startups selected from a pool of applicants across Africa will participate in a comprehensive program.
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