Tony Elumelu Foundation’s $5,000 entrepreneurship grant opens for Africans

THE Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs across all 54 African countries, has opened applications for the 2022 TEF Entrepreneurship Programme. 

African entrepreneurs with business ideas or existing businesses under five years are encouraged to apply for $5,000 seed capital, mentorship, business management training and more on the 2022 Tony Elumelu Foundation Entrepreneurship Programme. 

Since 2015, the TEF Entrepreneurship Programme – the only African-funded entrepreneurship catalyst of its kind – has empowered 15,847 African entrepreneurs with non-returnable seed capital of $5,000 each, 12 weeks of business management training, access to experienced mentors and membership to Africa’s largest entrepreneurial ecosystem. 

In 2021, the Tony Elumelu Foundation disbursed $24.75 million to 5,000 African entrepreneurs across Africa for its 2021 Entrepreneurship Programme. 

The Foundation’s Entrepreneurship Programme remains one of the largest private sector responses to driving the economic recovery of African youth, women and SMEs given the effects of the COVID-19 pandemic across Africa. 

The Tony Elumelu Foundation Entrepreneurship Programme beneficiaries across Africa are starting and growing trailblazing businesses that have collectively created over 400,000 direct and indirect jobs. 

Commenting on the launch of the 2022 TEF Entrepreneurship Programme, CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu, said, “We are constantly blown away by the quality of businesses that come from Africa every year. This motivates us to scale our efforts to empower even more entrepreneurs on the continent. 

“The innovation, knowledge and resilience of African entrepreneurs are central to charting Africa’s socio-economic transformation and meeting the continent’s development objectives. We are also proud of the increase in female participation on our programm

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e, especially with the 2021 cohort where we witnessed a record 68 per cent selection of women entrepreneurs.” 

Founding Trustee of the Tony Elumelu Foundation, Dr A V. Elumelu, stated; “Through the Tony Elumelu Foundation Entrepreneurship Programme, we seek to democratise luck. Hard work plays an important and undeniable part in success, but one must not discount the role of luck – someone being willing to take a chance on you or business idea by empowering you through training, mentorship or funding. 

“Our hope is that, through the Tony Elumelu Foundation Entrepreneurship Programme, we would help the next business leader or captain of industry be whom they are meant to be.”