Tech News Tony Elumelu Foundation picks 1000 African entrepreneurs

The Tony Elumelu Foundation has unveiled the 1000 startups that made the final cut on its $100 million Entrepreneurship Programme (TEEP).

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Tony Elumelu Foundation play

Tony Elumelu Foundation

Tony Elumelu play

Tony Elumelu

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Over 20,000 applicants from all over Africa applied to the programme, 76% of which were from male and 24% female entrepreneurs, the TEEP has managed to narrow them down to 1000

Nigeria appears to the most represented of the finalists, followed closely by Kenya and Ghana.

The 1000 participating startups will undergo twelve weeks of learning entrepreneurship and business skills required to launch and run their businesses at the early stage.

The selected entrepreneurs will continue through the programme cycle with intensive online curriculum, mentoring and participation in a two-day entrepreneurship boot camp and Elumelu entrepreneurship forum.

Mr Tony O. Elumelu, CON, sheds more light about the objectives and desired impact of the programme:

“The selection of these 1000 entrepreneurs brings us closer to our ultimate goal – to drive Africa’s economic and social transformation from within and to radically intensify job creation in Africa.  Though I have never met or spoken to any of the winners, I am confident that due to the rigorous criteria and selection process, these entrepreneurs are Africa’s hope for the future.  I will continue to invest my experience, time, influence, and resources to see them succeed.  I am embarking on this journey with these entrepreneurs hopeful and inspired”.

“The high quantity and quality of applicants we have received is testament to the brilliant ideas and incredible talent that exists in abundance across Africa. The Tony Elumelu Entrepreneurship Programme will give structure and support to these African entrepreneurs to develop themselves and to grow their businesses. Through TEEP, the ripple effects of the long-term investments in a new generation of Africapitalists will be felt throughout the continent,” Parminder Vir OBE, Director of Entrepreneurship at the Tony Elumelu Foundation added further.

The remaining entrepreneurs (19,000 plus) who were not selected will be requested to join the Tony Elumelu Entrepreneurship Network, which will give them a nesting ground to further refine their entrepreneurial knowledge and skills.

The Foundation plan to do this every year for the next 10 years, so while applications for TEEP 2015 closed on the 1st of March 2015, entrepreneurs who did not make the cut can start applying again in 2016.

This is a very good project setting Africa on the path to the much needed rejuvenation and complete comeback, hopefully, there will be more of such initiatives soonest.