Entrepreneurs in Ibadan and other Nigerian and African cities can apply for as high as US$10,000 seed funding through the $100 Million Tony Elumelu Foundation Entrepreneurship Programme – an annual programme of training, funding and mentoring, designed to empower the next generation of African entrepreneurs.
Application is now open for entries through its application portal.
The $100 million programme, announced at the Tony Elumelu Foundation headquarters in Lagos, Nigeria, on December 1st 2014, will identify and support 1,000 entrepreneurs from across the continent each year over the next decade. The 10,000 start-ups and young businesses selected from across Africa will ultimately create one million new jobs and add $10 billion in annual revenues to Africa’s economy.
The flagship entrepreneurship programme from the Tony Elumelu Foundation opens its application portal for entries at 12:01am WAT on January 1st 2015 and will continue to accept applications until midnight WAT on March 1st 2015. In order to submit an application, entrepreneurs must complete the online application form with questions on their background, experience and business idea, plans for growth and proposed pan- African impact. “Since the Tony Elumelu Foundation Entrepreneurship Programme was announced, we have been enthused by the level of interest and excitement from entrepreneurs across Africa. We are looking forward to reviewing the entries and identifying the first cohort of the continent’s next generation of business leaders,” said Parminder Vir director of Entrepreneurship, The Tony Elumelu Foundation.
The Tony Elumelu Foundation Entrepreneurship Programme is open to citizens and legal residents of all 54 African countries. Applications can be made by any for-profit business based in Africa in existence for less than three years, including new business ideas. The application portal is available in English, French and Portuguese and applications will be accepted in these three languages. At the launch, Tony O. Elumelu CON, the founder of the Tony Elumelu Foundation, spoke of his personal commitment to empowering African entrepreneurship, saying, “This programme is far more than a funding initiative or networking opportunity. It is an act of faith in our entrepreneurs and our young people to transform our continent; to be the engine for the creation of both economic and social wealth, putting into practice what I have called Africapitalism.” Applications for the programme will close on March 1st 2015 when they will be reviewed by a distinctive and discerning Selection Committee.