Tony Elumelu Foundation announces 10th cohort of entrepreneurship Programme – 20,000 entrepreneurs funded across Africa

10th Cohort of the Tony Elumelu Foundation Entrepreneurship Programme

Announced

Over 50 business sectors from farming to technology represented.

20,000 entrepreneurs from 54 countries across Africa funded in 10 years –

doubling the original target.

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs from all 54 African countries, has announced the successful entrepreneurs in its tenth selection for the TEF Entrepreneurship Programme.

This new cohort brings to 20,000, the number of young African entrepreneurs

who have received funding, mentoring, and capacity-building support from the

Foundation, double the initial commitment. The Tony Elumelu Foundation has

disbursed US$100,000,000 directly to young African entrepreneurs, who have

created over 400,000 direct and indirect jobs, contributing significantly to Africa's.

economic growth and development. 45% of these beneficiaries are women,

reiterating the Foundation’s commitment to gender inclusion and equity.

Past entrepreneurs selected across Africa include:

1. Stella Sigana, founder of Alternative Waste Technologies from Kenya,

produces fuel briquettes by converting organic and charcoal waste from

slum settlements, and dedicates a portion of the revenues to providing

education, skills training, and job placement for adolescent girls and young

women aged 18-24. Since her selection, Stella has created 12 jobs,

generated over $79,000 in revenue, and recycled over 500 tons of waste

into fuel briquettes for cooking. Her business model has also empowered

hundreds of women entrepreneurs in slum settlements in Kenya, enabling

them to build businesses by selling their products directly to their

communities, thus significantly increasing household income and

wellbeing.

2. Vital Sounouvou from Benin is the founder of Exportunity, an e-commerce

platform that promotes export opportunities for Africans by connecting

producers with traders. Through Exportunity, Sounouvou has engaged over

750 clients, and built a database of 85,000 companies trading with Africa.

He has employed 32 people.

3. Nora Chaynane, a Moroccan entrepreneur, and founder of Shine Space, a

socio-educational initiative aimed at bridging the knowledge gap and

guiding students toward the right career path, helps young Moroccans

develop technical and interpersonal skills beyond school curriculum

requirements. Through Shine Space, Nora has upskilled and capacitised

over 2,500 young Moroccans.

Since its inception in 2010, the Tony Elumelu Foundation has pioneered an

innovative approach to seeding, capacitating, and networking young

entrepreneurs across Africa. Drawing directly from Founder Tony Elumelu’s

entrepreneurial journey, the Foundation democratizes luck, spreads opportunity,

in a sector-agnostic approach, and has developed a bespoke infrastructure that

reaches every country in Africa.

The Foundation is driven by our Founder’s philosophy of Africapitalism, which advocates that the private sector, particularly entrepreneurs, must play a pivotal role in Africa’s development.

The robust ability of the Foundation to reach entrepreneurs across geographies

and sectors has enabled it to conduct innovative partnerships with the European

Union (EU), United Nations Development Programme (UNDP), the International

Committee of the Red Cross (ICRC), the US Government via the United States

African Development Foundation (USADF), the Organisation of African, Caribbean

and Pacific States (OACPS), the French Development Agency (AFD), the German

Development Finance Institution (DEG), the German Agency for International Cooperation (GIZ), the African Development Bank (AfDB), Sèmè City

Development Agency, and Google, with bespoke programmes including targeting

female empowerment and growth in fragile states. Building on its existing

partnership with Sèmè City Development Agency, the Tony Elumelu Foundation

will fund an additional 100 young entrepreneurs from Benin Republic in 2024.

Tony O. Elumelu shared:

"As we mark a decade of impact, I am immensely proud of the incredible journey we have embarked on. Our entrepreneurs represent the driving force behind Africa's economic transformation, and their resilience, determination, and innovation continue to inspire us all. The future of our continent is brighter because of their efforts.”

As part of the Tony Elumelu Foundation’s commitment to supporting young Africans, the following ongoing opportunities are currently open for applications from young entrepreneurs across Africa on TEFConnect:

1. Women Entrepreneurship For Africa (WE4A), a partnership between the

European Union, GIZ, and TEF

2. Aguka Entrepreneurship Programme, a partnership between UNDP and

TEF in Rwanda

African entrepreneurs are encouraged to apply to these initiatives to receive

training, mentorship, access to networks, and funding.

To learn more about the Tony Elumelu Foundation Entrepreneurship Programme

"Decade of Impact" please see here. The success stories of these beneficiaries can be found here, and a full breakdown of the Foundation’s beneficiaries across Africa can be found here. For more insights into our impactful initiatives, milestones, and the transformative stories of entrepreneurs across Africa, delve into our annual reports here.