Tony Elumelu, a Nigerian businessman announced in Lagos on December 1st, the launch of an entrepreneurial program over ten years. This will help train, finance and support “the new generation of entrepreneurs” around the African continent. The program will have $ 100 million to support “10,000 startups and young companies throughout Africa, with the goal of creating 1 million new jobs and $ 10 billion in annual revenues,” said Tony Elumelu Foundation in a press release.

Here are the criteria to enroll for the program:
– The selection round for 2015 will begin on January 1st and ends on March 1st
– It will take place online at www.tonyelumelufoundation.org/TEEP in English, French and Portuguese (to reach all African countries)
– The program is open to entrepreneurs in 54 countries of the continent, who wants to start their business in Africa
– All sectors are concerned with the exception of research institutions, religious organizations, traders, contractors to governments
– Companies must have less than three years.

A selection committee will select 1000 companies with the greatest potential. It will consist of Tony Elumelu, Ayodeji Adewunmi (co-founder of the job site Jobberman) Ory Okolloh (Director of Omidyar Network investment in Africa) Opunimi Akinkugbe (head of the Pan-African board games Bestman Games), Vera Songwe (Director of the World Bank for Senegal, Cape Verde, Gambia, Guinea Bissau and Mauritania) …

Course of the support program:
1. The 1000 selected companies will benefit from training and online tutoring for 12 weeks
2. A bootcamp and forum (Elumelu Entrepreneurship Forum) will be held in July and August 2015
3. Startups then complete their business plans by the end of 2015 and those who have successfully completed the program will receive funding: a first investment of $ 5,000 in capital.

We must congratulate this investment initiative and support, in fact it is the largest in Africa to date!

Leave a Reply

Your email address will not be published.