Magazine / Entrepreneurship
Sunday, 11 Dec 2016 14:00 EATnewsdesk@kenyafreepress.com
Kenyan entrepreneurs have a chance to get seed capital following the announcement of the third round of Tony Elumelu Foundation (TEF) Entrepreneurship Programme that has so far benefitted 242 Kenyans. The Tony Elumelu Foundation, based in Lagos, Nigeria, has opened applications for its January 2017 funding round. The programme is the Foundation’s 10-year, US$100 million (Sh10 billion) commitment to training, mentoring and funding 10,000 African entrepreneurs.
This year 75 Kenyans were among 1,000 entrepreneurs from 54 African countries who benefited from the second round of the programme. Another 167 were awarded the funds during the first round. The programme funded by United Bank for Africa Group Chairman Tony O. Elumelu was launched in 2015 to identify and empower 10,000 African entrepreneurs, create a million jobs and add $10 billion in revenues to Africa’s economy in the next 10 years.
The application portal will be open until March 1, 2017 midnight West Africa Time. Entrepreneurs must complete the online application and selection is on a rolling basis, so early application is encouraged. 1,000 entrepreneurs will be selected based on the feasibility of the business idea; market opportunity; financial understanding; scalability; leadership and entrepreneurial skills demonstrated in the application.
TEF founder Tony Elumelu said: “I believe the seeds we are planting through the Programme will transform Africa. Two years on, it is clear that we have found a key to unlocking Africa’s potential for economic transformation. As ourentrepreneurs grow their own businesses and realise theirambitions, so too does the vision. We are showing what the African private sector can achieve; how hard work and enterprise can catalyze real, sustainable development.”
The Programme is designed to identify entrepreneurs that have the potential to grow their businesses and collectively generate 1,000,000 new jobs, that can contribute at least $10 billion in additional revenues to the African economy.
According to TEF CEO, Parminder Vir OBE, “This programme continues to surpass our expectations and its success is palpable. Your entrepreneurial journey begins when you make the decision to complete the application. We are seeking real entrepreneurs, people who can take risk and reap rewards, not just for themselves, but their communities and countries.”
The success of 2015 Tony Elumelu Entrepreneurs reflects the impact of the Programme, including:
1. Momar Mass-Taal (Agriculture, Gambia) turned his $5,000 seed capital into $1.2 million in revenue
2. Bukhary Kibonajoro (Education & Training, Tanzania) used the mentorship and training to launch his business, create 34 new jobs and provide growth services for more than 100 local business in 12 months.
3. Chioma Okonu (Waste Management, Nigeria) has created ancillary revenue streams for more than 6,000 households, created 40 jobs and generates over $50,000 in profit.
To be eligible to apply:
1. Businesses must be based in Africa
2. Businesses must be for profit
3. Applicants must be 18 years of age and above
4. Applicants must be a legal resident or citizen of African countries