The Tony Elumelu Foundation (TEF), a prominent philanthropic organization committed to empowering African entrepreneurship, has announced a significant $15 million grant to bolster the growth of 3,000 young entrepreneurs across 52 African countries. This initiative forms a crucial part of the Foundation’s ambitious 2025 entrepreneurship program, aimed at fostering economic transformation across the continent. Tony Elumelu, the Founder of the Foundation and a renowned business leader, emphasized the importance of investing in Africa’s youth, stating that aid alone is insufficient for driving sustainable development. The selected entrepreneurs will each receive a non-refundable seed grant of $5,000 to either launch new ventures or scale existing businesses. This funding is not a loan or equity investment, but rather a catalytic injection of capital designed to empower recipients to pursue their entrepreneurial dreams and contribute to Africa’s economic prosperity.
Beyond financial support, the TEF recognizes the crucial role of holistic development in fostering entrepreneurial success. The Foundation provides comprehensive support, including mentorship, business education, and continuous training, to equip entrepreneurs with the necessary skills and knowledge to build sustainable and impactful businesses. Elumelu highlighted the significance of these non-financial interventions, emphasizing that access to capital alone is not enough to guarantee long-term success. The Foundation’s approach is rooted in the belief that empowering young Africans with the right tools and resources is essential for driving meaningful change across the continent. This comprehensive approach underscores the TEF’s commitment to fostering a vibrant entrepreneurial ecosystem in Africa.
The TEF’s commitment to empowering African entrepreneurs extends beyond this recent grant. Since its inception in 2015, the Foundation has disbursed over $115 million to more than 24,000 entrepreneurs, contributing to the creation of over 1.5 million jobs across the African continent. This remarkable achievement demonstrates the Foundation’s significant impact on the African entrepreneurial landscape. Having surpassed its initial target of supporting 10,000 young African entrepreneurs over 10 years, the TEF remains steadfast in its mission to reach even more aspiring business leaders. Elumelu reiterated the Foundation’s core belief that investment, particularly in the continent’s youth, is paramount to unlocking Africa’s vast potential.
The selection process for the 2025 cohort was rigorous, with over 200,000 applications received. The final 3,000 entrepreneurs were chosen based on a comprehensive evaluation of their business proposals, focusing on key criteria such as feasibility, scalability, market opportunity, financial literacy, and leadership potential. This rigorous selection process, overseen by Ernst & Young, ensures that the funding reaches entrepreneurs with the most promising and impactful business ideas. The TEF’s emphasis on these criteria reflects its commitment to supporting ventures that have the potential to create jobs, generate revenue, and contribute to sustainable economic growth across Africa.
The TEF’s impact extends beyond direct financial support to entrepreneurs. The Foundation has trained over 2.5 million young Africans through its digital platform, TEFConnect, providing them with essential business skills and resources. This online hub serves as a valuable resource for aspiring entrepreneurs, offering access to training materials, mentorship opportunities, and networking connections. Furthermore, the Foundation implements a robust monitoring and evaluation framework to track the progress of funded entrepreneurs six months after disbursement, ensuring accountability and measuring the impact of its investments. This commitment to monitoring and evaluation reflects the TEF’s dedication to maximizing the impact of its programs and ensuring the long-term success of the entrepreneurs it supports.
The Tony Elumelu Foundation’s commitment to empowering African entrepreneurs is further strengthened through strategic partnerships with global organizations such as the European Union, United Nations Development Programme, UNICEF’s Generation Unlimited, IKEA Foundation, and the United States African Development Foundation. These collaborations amplify the Foundation’s reach and impact, enabling it to leverage resources and expertise from a diverse network of partners. Notably, data from the Foundation reveals that 45% of TEF-funded businesses are women-owned, contributing to the creation of over 500,000 jobs and generating more than $320 million in revenue. This focus on supporting women entrepreneurs underscores the TEF’s commitment to fostering inclusive economic growth and empowering women to play a leading role in Africa’s economic transformation.
