167 Batswana benefit from TEF funding
This year, the Tony Elumelu Foundation ( TEF) brings to a closure the 10- year flagship Entrepreneurship Programme that first opened up for funding in 2015. This year’s applications were opened on January 1 and close on March 1.
Young entrepreneurs from across the 54 countries of Africa have until next Friday March 1 to submit their applications for empowerment of $ 5,000 approximately P70 000 seed capital funding, training, mentoring, and access to networks.
TEF Acting Head, Marketing and Corporate Communications, Moyo Awotile told Botswana Guardian that the Tony Elumelu Foundation was established in 2010, and in 2015, the founder, Nigerian millionaire, Tony Elumelu and his family committed $ 100 million to launch the flagship Entrepreneurship Programme, with the goal to empower 10,000 young Africans over 10 years.
“Today, through our Programme, we have funded the businesses of over 19, 000 African men and women across sectors, we are sector agnostic, as well as the continent, out of which 167 are Batswana,” she said.
The 167 are from various sectors including; Agriculture, ICT, Manufacturing, Tourism and Hospitality, Energy and Power Generation, Financial Services, Fashion, Education and Training, Construction, Consulting and Transportation.
Awotile said there are a couple of Batswana Alumni, who are making an impact in their communities and sectors, and whom through the TEF partnership with the government, the
Foundation was able to channel over $ 800, 000 to bring their ideas to life.
She added that besides funding, the Foundation has been able to provide 1.6 million young Africans with access to a digital business management toolkit, which is available on “our proprietary platform, TEFConnect where we also provide them with access to networks and mentors”. Since 2010, the Tony Elumelu Foundation has been synonymous with transformative change and empowerment of young African entrepreneurs, and they have witnessed an incredible journey of innovation, resilience, and growth. “Ours is a story of a continent rising, propelled by the energy, passion, and creativity of its young minds,” Awotile said, adding that as they wrap up this catalytic 10- year Programme, they are happy to reflect on the achievements of the past decade.
She said with the closing of one chapter comes the exciting anticipation of the next, and this year, they will unveil the next phase of the Tony Elumelu Foundation’s commitment to fostering entrepreneurship in Africa – the Coalition for African Entrepreneurs.
This Coalition marks a new chapter in the journey of the Foundation, one where collaboration, synergy, and collective efforts will play a pivotal role in shaping the future of African entrepreneurship.
The TEF programme is inspired by three guiding principles; the inclusive economic philosophy of Africapitalism, based on the belief that a vibrant African- led private sector is the key to unlocking Africa’s economic and social potential; the commitment to drive African economic growth through the fostering of African entrepreneurship; and the mission to institutionalise luck and create an environment where home- grown Pan- African companies in various sectors can flourish.
The Tony Elumelu Foundation recognises that one of the key challenges facing Africa’s entrepreneurs is the state of the overall enabling environment in which they operate.
“Those of us who have achieved success know that we have had a helping hand - even at times, luckwe need to create the platforms to institutionalise and democratise that luck,” Tony Elumelu says.
In addition to providing direct support to selected African entrepreneurs, the Foundation’s policy research and advocacy arm, the Africapitalism Institute is engaging the 20 000 members of the Tony Elumelu Entrepreneurship Programme Network to ascertain key challenges they face, and develop solutions to improve their competitiveness.
The Institute found out in their recent surveys on African Entrepreneurship that start- up capital remains the greatest challenge to entrepreneurs across the region.
When asked what can be done to help entrepreneurs gain access to capital, the top suggestion from accelerators surveyed was that banks and other formal lenders should reduce the collateral requirements.
Operating costs was another limitation, with 53 percent of respondents indicating that it was not easy to obtain the necessary machinery, equipment, technology or raw materials needed to operate, citing the high cost of land and office space as the primary cost concern.