Nigerian Billionaire Commits $100M to Creating African Entrepreneurs
Nigerian billionaire investor and philanthropist Tony Elumelu has committed $100 million to create 10,000 entrepreneurs across Africa over the next 10 years.
Elumelu made the commitment on Monday during a press conference in Lagos to announce the launch of The Tony Elumelu Foundation Entrepreneurship Programme (TEEP).
TEEP, a Pan-African entrepreneurship initiative of the Tony Elumelu Foundation, is a multi-year programme of training, funding, and mentoring, designed to empower the next generation of African entrepreneurs.
The programme will identify and help grow 10,000 start-ups and young businesses from across Africa over the next 10 years. These businesses will in turn create 1,000,000 new jobs and contribute $10 billion in annual revenues to Africa’s economy. The 10,000 start-ups selected from a pool of applicants across Africa will participate in a comprehensive programme which will include a customized 12-week business skills training course, mentoring, an entrepreneurship ‘boot camp’ and seed capital funding among other things. Interested entrepreneurs will be able to submit their applications to join the programme as from January 2015 through the Tony Elumelu Foundation’s website.