The Tony Elumelu Foundation has launched a Pan-African entrepreneurship initiative aimed at empowering the next generation of African entrepreneurs.
The programme includes seed funding, a customised 12-week business skills training course, mentoring and an entrepreneurship ‘boot camp’, participation in the annual Elumelu Entrepreneurship Forum, membership of the Alumni Network, among others.
The Pan-African entrepreneurship initiative will also identify and help grow 10,000 start-ups and young businesses from across Africa over the next 10 years, targeting the creation of 1,000,000 new jobs.
“Entrepreneurship is the cornerstone to African development and the key to local value creation in Africa. I am determined to ensure that Africa’s next generation of entrepreneurs has the platform they need to turn their entrepreneurial aspirations into sustainable businesses that will drive economic growth and job creation across Africa,” Tony Elumelu stated.
Being the first of its kind to be launched by an African organisaion, the CEO said: “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 programme 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.”
This foundation has three guiding principles which are the inclusive economic philosophy of Africapitalism. It is based on the belief that a vibrant African-led private sector is the key to unlocking Africa’s economic and social potential; commitment to drive African economic growth through the empowering of African entrepreneurship; and a mission to institutionalise luck by creating an environment where African entrepreneurs can get critical elements of support in the early stages of their business life.
A committee of African business leaders will select the most promising 1,000 start-ups from across the continent.
