The Tony Elumelu Foundation (TEF) on Friday opened applications on its TEFConnect digital platform (www.tefconnect.com).
This year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.
To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the foundation’s entrepreneurship programme will empower 1,000 young African entrepreneurs, selected from the 2020 cohort. The foundation will also open applications to an additional 2,400 young entrepreneurs in 2021 in collaboration with global partners.
Successful TEF applicants receive world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities. The programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.
CEO of the Tony Elumelu Foundation Ifeyinwa Ugochukwu stated: “The Tony Elumelu Foundation now more than ever is demonstrating our commitment to unleashing the potential of young African entrepreneurs, the key to Africa’s long-term economic transformation.
“The pandemic has created challenges across the continent, but we know that with the Tony Elumelu Foundation’s tried and tested Programme, we can execute the largest Covid-19 economic recovery plan for African SMEs and break the cycle of poverty in Africa.”
The programme, which launched in 2015 to empower 10,000 entrepreneurs over 10 years, is now entering its seventh year and has empowered to date over 9,000 young African entrepreneurs from 54 African countries.