In a bid to empower thousands of Nigerian and African entrepreneurs
who have great business ideas but do not have sufficient liquid capital
to take their businesses to the next level, Tony Elumelu Foundation has
launched $100 million pan-African entrepreneurship initiative to grow
10,000 start-ups and young businesses from across Africa over the next
ten years.
The fund is geared towards creating one million new jobs across the
54 countries in the continent, while adding $10 billion in the
continent’s annual revenues. The programme is the first initiative of
this kind to be launched by an African philanthropic organisation.
Tony Elumelu, founder of the foundation, said the fund is inspired by
the fact that he has always sought ways to help inspire a generation
across African continent, stressing that the programme brings together
his own entrepreneurial experience and belief that it is entrepreneurs
that will lead Africa’s development and transform its future.
“I have had the opportunity to meet hundreds of entrepreneurs who
have good businesses, can spot unique opportunities and tap into strong
networks,” he said on Monday, during the launch of the fund in Lagos.
“These are people who can fuel our future, but I have discovered many
of them often lack capital. This Foundation will offer a structured,
multi-year opportunity to access funding, knowledge and most importantly
mentoring on a scale that is unprecedented in Africa,” Elumelu added.
The fund is open to all entrepreneurs across Africa, irrespective of
gender, age and language. It involves two rounds of funding: first, an
initial $5,000 non-refundable seed capital investment, which indicates
that the entrepreneur is not expected to repay. After this stage, comes
the next, involving another $5,000, which will be given to the
entrepreneur as a loan or equity, BusinessDay gathered.
But there are selection criteria. The business idea must be
feasible-compelling and commercially viable-; it must have market
potential, and financial module. Furthermore, there must be
skill-ability in the entrepreneur, who also must possess leadership
qualities.
“Whether you are in Lagos, Accra, Johannesburg, Nairobi or Dakar,
Africa is buzzing with entrepreneurs who need a platform that enables
them to take their business or idea to the next level. The Foundation
has been designed to provide that mechanism,” said Parminder Vir,
director of entrepreneurship at the foundation. The programme is
structured in such a way that a committee of African business leaders
will select the most promising 1,000 start-ups annually across the
continent. Selected entrepreneurs will be provided with experienced
mentors who will guide them. While application begins on January 1,
2015, the selection process begins in March.
Wiebe Boer, CEO, Tony Elumelu Foundation, said entrepreneurship is
booming in the continent, stressing that the programme is aimed at
institutionalising luck and giving entrepreneurs the kind of opportunity
the founder, Tony Elumelu, had.
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