BUJUMBURA December 3rd (ABP) – The Tony Elumelu Foundation (TEF), the leading African philanthropic organization dedicated to empowering African entrepreneurs, will begin accepting applications for the 2020 TEF Entrepreneurship Program cohort from January 1, 2020, according to a statement issued by this Foundation in Lagos (Nigeria) on Sunday, December 1, 2019.
According to that statement, applications will be made through TEF Connect, the digital networking center of the African Entrepreneurship Ecosystem, created by the Foundation.
The statement said the TEF Entrepreneurship Program is open to entrepreneurs from all over Africa, whether with new start-up ideas or companies that have been in existence for at least three years, operating in all sectors. Successful applicants will join more than 9,000 current beneficiaries from 54 African countries, and will benefit from business training, mentoring, $ 5,000 non-repayable seed capital and global networking opportunities.
Last year (2019), the Foundation received around 216,000 applications, 42% of which were women entrepreneurs from all over the continent. Among those candidates are 200 Burundians, of whom 52 have been selected. They have just completed a 12-week training and are waiting for their seed capital.
The program consists of a $ 100 million, 10-year commitment to identify, train, mentor and fund 10,000 young African entrepreneurs. The goal is to create the millions of jobs and incomes needed for sustainable development of the continent, by applying the philosophy of African capitalism, which positions the private sector as Africa’s engine of growth, and stresses the importance of creation of social and economic wealth.
According to the Foundation’s 2018 Impact Report, 70% of the total number of companies in its network of former beneficiaries were still operational, two years after benefiting from the Program.
The report also indicates an increase of 189% in the generated revenue and 197% in the number of additional jobs created by the beneficiaries, after obtaining the Program’s certificates, as well as a 100% commitment to the sustainable development goals.