The 1000 finalists for the Tony Elumelu Foundation’s US$100 million Entrepreneurship Programme (TEFEP) have been announced.
The finalists were selected from the over 20 000 that applied for the programme that is aimed to discover and support 10,000 African entrepreneurs over the next decade, with a target of creating 1 million new jobs and $10 billion in additional revenues in the process.
Speaking on the desired impact of the programme, Founder, Mr. Tony O. Elumelu, CON, commented: “The selection of these 1000 entrepreneurs brings us closer to our ultimate goal – to drive Africa’s economic and social transformation from within and to radically intensify job creation in Africa. Though I have never met or spoken to any of the winners, I am confident that due to the rigorous criteria and selection process, these entrepreneurs are Africa’s hope for the future. I will continue to invest my experience, time, influence, and resources to see them succeed. I am embarking on this journey with these entrepreneurs hopeful and inspired.”
The winners represent 52 African countries and territories, as well as a multitude of value adding sectors ranging from agriculture to education to fashion and ICT. The top five countries in terms of numbers of winners are Nigeria, Kenya, Uganda, South Africa and Ghana. All five African regions – North, East, Southern, Central and West Africa are represented, as well as all major language blocs – Anglophone, Francophone, Lusophone, and Arabic Africa. More than anything else, they epitomise the opportunity and promise of Africa.
The Tony Elumelu Foundation appointed Accenture as an independent review consultant to thoroughly evaluate each application based on selection criteria approved by the TEEP Selection Committee. Following Accenture’s independent review, a meeting of the TEEP Selection Committee, made up of successful entrepreneurs and development experts from across Africa, was held today in Lagos to approve the final list of winners.
The 1,000 selected entrepreneurs will continue through the programme cycle over the next nine months. This cycle includes an intensive online training curriculum, mentoring, and participation in a two-day entrepreneurship boot-camp and the Elumelu Entrepreneurship Forum. The over 19,000 entrepreneurs who were not selected will be invited to join the Tony Elumelu Entrepreneurship Network where they will be able to further hone their entrepreneurial knowledge and skills.
Parminder Vir OBE, Director of Entrepreneurship at the Tony Elumelu Foundation, said: “The high quantity and quality of applicants we have received is testament to the brilliant ideas and incredible talent that exists in abundance across Africa. The Tony Elumelu Entrepreneurship Programme will give structure and support to these African entrepreneurs to develop themselves and to grow their businesses. Through TEEP, the ripple effects of the long-term investments in a new generation of Africapitalists will be felt throughout the continent.”