The Tony Elumelu Foundation (TEF), a leading African philanthropic organization dedicated to empowering young entrepreneurs, has forged a significant partnership with the United Arab Emirates Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation (KBZNF), an affiliate of Erth Zayed. This collaboration, solidified through a $6 million agreement, aims to bolster entrepreneurial development across Africa by providing comprehensive support to 1,000 aspiring and existing young business owners. The partnership underscores a shared commitment to fostering economic empowerment and driving sustainable growth on the continent.
The agreement, signed at the prestigious World Governments Summit, brings together two organizations with complementary missions. TEF, renowned for its pioneering Tony Elumelu Entrepreneurship Programme (TEEP), brings its expertise in business training, mentorship, and seed funding. KBZNF, known for its humanitarian and developmental initiatives, contributes its resources and commitment to economic empowerment, enterprise development, education, and healthcare. This synergy promises a substantial impact on the African entrepreneurial landscape. The $6 million investment will directly benefit 1,000 young African entrepreneurs, providing them with vital resources to launch or scale their businesses.
The partnership’s core objective is to equip young African entrepreneurs with the essential tools for success. The selected entrepreneurs will receive comprehensive business training, personalized mentorship, access to valuable networks, and, crucially, non-refundable seed capital of $5,000 each. This multifaceted approach recognizes that entrepreneurial success requires more than just financial capital; it demands knowledge, guidance, and connections. By addressing these needs comprehensively, the partnership seeks to create a more sustainable and impactful model for entrepreneurial development.
The support offered through this partnership is designed to be a catalyst for economic transformation. By empowering young entrepreneurs, the initiative aims to generate employment opportunities, stimulate innovation, and foster economic self-reliance across the African continent. This aligns with the broader vision of both TEF and KBZNF to drive inclusive growth and prosperity in Africa by investing in the next generation of business leaders. The initiative’s focus on young entrepreneurs acknowledges their potential to become key drivers of economic progress and social change.
The Tony Elumelu, founder of TEF, emphasized the strategic importance of empowering entrepreneurs in Africa. He highlighted that it’s not merely a moral imperative but a crucial investment in the continent’s future. By providing access to capital, mentorship, and essential resources, the partnership aims to unlock the vast potential of Africa’s entrepreneurial talent. This, in turn, is expected to contribute to poverty eradication, promote self-reliance, and create a more prosperous and equitable future for Africa.
The partnership represents a powerful convergence of vision and resources dedicated to empowering African entrepreneurs. By combining TEF’s established expertise in entrepreneurial development with KBZNF’s commitment to humanitarian and developmental projects, the initiative offers a unique opportunity to amplify the impact on young African businesses. The application process for the program is currently open, inviting innovative young entrepreneurs from all 54 African countries with business ideas or existing businesses less than five years old to apply. The deadline for submissions is March 1, 2025, signaling the beginning of a transformative journey for the selected cohort.
