. 4,949 African SMEs receive $5,000 grant each
About 68% or women make up the total number of winners selected in this year’s edition of the Tony Elumelu Foundation (TEF), Entrepreneurship Programme.
At an elaborate event on Friday to unveil the winners, the leading philanthropy empowering African entrepreneurs from all 54 African countries selected 4,949 entrepreneurs as winners.
The 2021 beneficiaries were selected from a pool of over 400,000 applications, based on their innovation, performance, and growth potential to create jobs and eradicate poverty on the continent.
Consisting of both new start-ups and existing small businesses, the 2021 Tony Elumelu Entrepreneurs have undergone world-class business training, mentorship and coaching and will have a life-time access to the Tony Elumelu Foundation alumni network.
Speaking at the event, Founder, TEF, Tony Elumelu, said: I am happy that our female entrepreneurs are doing very well, with 68% representation this year.”
I call it a mini-MBA programme, because from the ideation stage it teaches you how to really articulate your business, and it gave me my first business plan. The network, visibility and opportunities are endless. My entrepreneurship experience cannot be complete without the Tony Elumelu Foundation.
Role of women in entrepreneurship
Indeed, experts have said the role of women in entrepreneurship, management and corporate governance is central to successful sustainable development and welfare of economies.
They also noted that an increase in women’s economic and socio-political participation improves the wellbeing of the women, as societal benefits are increased when women promote social change, innovation and development.
For this reason, international development organizations such as the United Nations (UN), the World Bank, Organisation for Economic Co-operation and Development (OECD), and a host of others continue to support women-owned businesses.
They also urge national governments to actively invest in female entrepreneurial capacity building. According to them, “Such efforts also express the conviction that investment into female entrepreneurial capacities will increase women’s empowerment and reduce gender inequality – a pivotal antecedent for any sustainable development.”
The entrepreneurship journey is not linear – there are ups and downs, but by staying focused and resilient, ultimately success will come your way.
Elumelu’s charge
Borrowing a leaf from these organisations, Elumelu urged African leaders “to keep creating the right enabling environment to enable our young ones to succeed.”
He noted that these young, intelligent, energetic, hardworking, resilient Africans are ready to go. “We must realise that their success is success for all of us on the continent. We must prioritise them because nations and continents that prioritise their people, succeed.”
He equally advised other business leaders to “realise that in the 21st century and beyond, it is about impact, legacy and about how we work together to power people out of poverty. It is such a great feeling to see 5000 young Africans also commence their own entrepreneurial journeys today.”
And to the winners of the 2021 TEF Entrepreneurship Programme, he charged to “work hard, dream dreams, and be very disciplined. You must continue to think of impact.”
According to the TEF Founder, “The entrepreneurship journey is not linear – there are ups and downs, but by staying focused and resilient, ultimately success will come your way. The future of our continent is in your hands. What you do as entrepreneurs will go a long way in lifting Africa out of poverty.”
Goodwill messages
Also speaking at the event, the Director-General, International Cooperation and Development, European Commission, Koen Doens, said: “I remember very well, a few years ago in Brussels when I first met Tony Elumelu at one of the events his Foundation was organising. Both of us were struck by how there was such a clear match between his vision on how he could support African entrepreneurship and the European Union’s own vision on how we wanted to support African entrepreneurship.
“Ever since, our partnership has embodied this same spirit that ultimately African growth cannot neglect the huge potential, creativity, and entrepreneurial spirit that harbours so many Africans, especially young people and women. I am extremely glad our partnership is moving into this active stage, and I am very glad that over 2400 women will benefit from the Tony Elumelu Foundation’s training programme, and will get seed capital to support their ideas. I am extremely happy that at the European Union, we are able to be part of this great endeavour and to support it.”
Such efforts also express the conviction that investment into female entrepreneurial capacities will increase women’s empowerment and reduce gender inequality – a pivotal antecedent for any sustainable development.
On her part, the Assistant Administrator, UNDP/Director, UNDP Regional Bureau for Africa, Ms. Ahunna Eziakonwa, said: “Our partnership with the Tony Elumelu Foundation on youth entrepreneurship is informed by our belief that Africa will only succeed when young Africans are given the opportunity to excel.
“This is what has inspired us to invest more than $20 million in emerging African entrepreneurs since we entered into our partnership with the Tony Elumelu Foundation. Our joint ambition is to empower 100,000 young African entrepreneurs over the next ten years across Africa, recognising that entrepreneurship is the only way dreams can be realised.”
Similarly, the Secretary General, Organisation of African, Caribbean and Pacific States (OACPS), Georges Rebelo Pinto Chikoti, said: “We are proud to have partnered with the Tony Elumelu Foundation and our longstanding partner, the European Union to unlock the potential of 2420 young African women through this TEF Entrepreneurship Programme, providing mentorship and funding, to grow and sustain these small businesses.”
A 2015 TEF Entrepreneur and Founder, Afrik Abaya, Hauwa Liman, informed: “I am always proud to say that I am from the inaugural cohort of the Tony Elumelu Foundation Entrepreneurship Programme. My business is located in Kaduna, Nigeria. I benefitted from this Programme in 2015, and it opened up lots of doors and opportunities.
“It is not just about the seed capital, but what really fascinates me about the Programme is the knowledge. I call it a mini-MBA programme, because from the ideation stage it teaches you how to really articulate your business, and it gave me my first business plan. The network, visibility and opportunities are endless. My entrepreneurship experience cannot be complete without the Tony Elumelu Foundation. I will start exporting soon courtesy of the Foundation. We now employ 10 permanent staff and an additional eight staff on a commission basis.”
Wrapping up the event, the Chief Executive Officer, TEF, Ifeyinwa Ugochukwu, disclosed that: “Today, we have trained 10 times more young African entrepreneurs than we have trained from 2015 to 2019 combined. Today in 2021, we will be paying out a record $24,750,000 directly to the hands of African entrepreneurs from all 54 African countries. This is impact.”
Since its inception, TEF has now funded a total of 15,847 entrepreneurs, who have created more than 400,000 direct and indirect jobs and counting. Through TEFConnect, the Foundation’s proprietary digital platform, it has provided capacity-building support, advisory and market linkages, to over 1.5 million Africans.
Meanwhile, applications for the 2022 Tony Elumelu Foundation opens on January 1, 2022, on www.tefconnect.com.
