Last year, Tony Elumelu, a philanthropist and one of Africa’s most successful businessmen, announced the creation of the Tony Elumelu Entrepreneurship Programme (TEEP) for emerging African entrepreneurs. The goal of the programme is to help up to 10,000 African entrepreneurs develop their ideas into sustainable businesses.
In 2015, TEEP empowered 1,000 African entrepreneurs, selected from over 20,000 applicants, with start-up investment, active mentoring, business training, an entrepreneurship boot camp and regional networking across Africa.
The foundation invested a total of $4,860,000, including $1,405,000 in agriculture; $410,000 in education and training; and $365,000 in manufacturing. The program funded start-ups across a further 20 industries, all based in Africa.
Mr. Elumelu believes that the initiative will enable African entrepreneurs transform the continent. “In 2015 the African entrepreneur will emerge on to the global stage, as a new generation shows the world what those of us doing business in Africa have long known: that our continent is home to some of the most exciting and innovative entrepreneurial talent.”
TEEP opens for entries at 00:00am West African Time on 1st January 2016 and will accept applications until midnight WAT on March 1st, 2016. To be eligible, entrepreneurs must complete the online application form with questions on their background, experience and business idea, plans for growth and proposed pan-African impact. Further guidance and application procedures can be found on the online portal.