The Tony Elumelu Foundation (TEF) on Tuesday announced the selection of 1,000 entrepreneurs for the second round of the Tony Elumelu Entrepreneurship Programme (TEEP).
Launched in 2015, TEEP is one of the largest African philanthropic initiative devoted to entrepreneurship and represents a 10-year, $100 million commitment, to identify and empower 10,000 African entrepreneurs, create a million jobs and add $10 billion in revenues to Africa’s economy.
According to a statement, over 45,000 entrepreneurs from 54 African countries applied, more than doubling the number of applications received in 2015.
Successful candidates represented diverse industries, led by agriculture, ICT and fashion. The highest numbers of applicants came from Nigeria, Kenya, Ghana, Uganda and Cameroon. All five regions – North, East, Southern, Central and West Africa are represented.
Commenting on the development, the founder of TEF, Mr. Tony Elumelu said: “In TEEP’s first year we spent over $8 million of our $100 million commitment – with $5 million going directly to entrepreneurs as seed capital — and the results have far exceeded our expectations.
“We have funded entrepreneurs, established networks and helped extraordinary people take control of their destinies. The 2016 Tony Elumelu Entrepreneurs will become a generation of newly empowered African business owners, who are the clearest evidence yet, that indigenous business growth will drive Africa’s economic and social transformation.”