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ELUMELU FOUNDATION SELECTS 1,000 AFRICANS FOR $100 MILLION ENTREPRENEURSHIP PROGRAMME
About 1,000 African entrepreneurs have been shortlisted to partake in the inaugural edition of The Tony Elumelu Entrepreneurship Programme, TEEP.
The Tony Elumelu Entrepreneurship Programme is a $100 million initiative of the Tony Elumelu Foundation aimed at discovering and supporting 10,000 African entrepreneurs over the next ten years thereby creating as much as one million new jobs and $10 billion in additional revenues in the process.
The contest saw over 20,000 African entrepreneurs from 52 countries across Africa applying for the programme and the top 1,000 applicants were selected for the 2015 class.
The founder, Tony Elumelu, who spoke on the desired impact of the programme, stated that the programme would help to “drive Africa’s economic and social transformation from within and to radically intensify job creation in Africa”.
He expressed confidence that the rigorous criteria and selection process had ensured that the successful 1,000 interns selected are Africa’s hope for the future, stating also that he was delighted to invest his resources in such.
“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,” he promised.
The winners, who represent 52 African countries and territories, come from diverse sectors ranging from agriculture and education to fashion and ICT.
The 1,000 selected entrepreneurs will continue through the programme cycle over the next nine months. This cycle include an intensive online training curriculum, mentoring, and participation in a two-day entrepreneurship boot-camp and the Elumelu Entrepreneurship Forum.
About 19,000 applicants who were screened out during the selection process will however be invited to join the Tony Elumelu Entrepreneurship Network where they will be able to further hone their entrepreneurial knowledge and skills.
The director of entrepreneurship at the Tony Elumelu Foundation, Parminder Vir, stated that the quality of applicants received has testified to the brilliant ideas and incredible talent that exists in abundance across Africa.
He further stated that the Tony Elumelu Entrepreneurship Programme will give structure and support to these African entrepreneurs to develop themselves and to grow their businesses, reasoning also that “through TEEP, the ripple effects of the long-term investments in a new generation of Africapitalists will be felt throughout the continent”.
The Tony Elumelu Foundation is an African-based, African-funded philanthropic organization, founded in 2010 by African business leader and philanthropist Tony Elumelu, with a commitment to drive African economic growth, through empowering African entrepreneurship.