Rabat – Tony Elumelu Foundation (TEF) has opened applications for its 2022 TEF Entrepreneurship Program, calling on interested young African entrepreneurs with innovative ideas to apply from January 1, 2022 to March 31, 2022 on tefconnect website.
The foundation’s program targets African entrepreneurs with business ideas or businesses under 5 years. It provides selected candidates with “$5000 seed capital, mentorship, business management training, and more,” the foundation confirmed in the statement announcing this year’s grant.
Commenting on the launch of the foundation’s 2022 entrepreneurship program, CEO Ifeyinwa Ugochukwu stated: “The innovation, knowledge, and resilience of African entrepreneurs is central to charting Africa’s socio-economic transformation and meeting the continent’s development objectives.”
She added that the foundation will increase female participation in the 2022 program to reach a “68% selection of women entrepreneurs.”
Dr. A V. Elumelu, a founding trustee of the foundation, argued that the program seeks to “democratize luck.” He noted that the initiative is their “way to give back” and provide the next generation with the tools they need to succeed.”
Read Also: Morocco’s CDG Foundation Funds 200 Small Businesses
Launched in 2015, the TEF Entrepreneurship Program has empowered 15,847 African entrepreneurs with a non-returnable seed capital of $5,000 each, 12 weeks of business management training, and membership to Africa’s largest entrepreneurial network, TEF reported.
The foundation considers the program a catalyst for economic growth, job creation, and poverty reduction in Africa. It estimates that program beneficiaries have contributed to the creation of over 400,000 direct and indirect jobs across Africa.
Last year, the Tony Elumelu Foundation granted $24.75 million to 5000 African entrepreneurs as part of its 2021 Entrepreneurship Program.
Established in 2010, the foundation works with international institutions such as UNDP, GIZ, African Development Bank, United Bank for Africa, and the International Committee of the Red Cross to boost the African economy and support African youth.
An example of TEF alumni is Morocco’s Nora Chaynane. She established Shine Space in 2019. It is a socio-educational initiative that prepares students for the job market by reducing the knowledge gap and guiding them through making career choices.
Read Also: Morocco to Allocate $331 Million to Support Employment, Entrepreneurship
