Turning business dreams into reality: 2024 application portal for Tony Elumelu Foundation Entrepreneurship Programme launched.

The Tony Elumelu Foundation, TEF, announced the call for application for all aspiring African entrepreneurs seeking to turn their business dreams into reality through the TEF Entrepreneurship Programme, TEF2024, recently. 

Those interested in the programme are encouraged to apply at www.TEFConnect.com. Worth noting is the fact that since 2015, more than 700 Cameroonians have benefited from training and seed capital through the TEF Entrepreneurship Programme.

Since its inception in 2010, the Tony Elumelu Foundation, a leading philanthropy dedicated to eradicating poverty, catalysing job creation, and increasing women’s economic empowerment, has been at the fore of empowering African entrepreneurs.

Equally, the Foundation has since the launch of its flagship Entrepreneurship Programme, partnered with numerous organisations to support entrepreneurship across the continent. 

Such partnerships include collaborations with the International Committee for the Red Cross, ICRC; the United Nations Development Programme, UNDP; Sémé City, Deutsche Gesellschaft für Internationale Zusammenarbeit, GIZ; and many others. The partnerships with regional and international organisations have over the years paved the way for collaboration and strategic networking, enhancing market access for entrepreneurs across Africa. 

Beneficiaries hail TEF for life-changing opportunities

Mechi Amaah, a Cameroonian beneficiary and owner of cosmetic company, Black and Natural Cosmetics, in spite of difficulties during the COVID-19 pandemic, used the seed capital she got from the Foundation to diversify and employ two more workers, thereby saving her business from liquidation. 

Coupled with the training received on the programme on business management, she has been able to take her business to another level and created a high level of impact in her community. 

Since getting the grant, Amaah has employed four more staff to help with her business and now has seven employees working directly under her. In addition, her annual revenue has increased by 70%, with her opening two other companies and awards to her name. 

Amaah, it should be said, had benefited after graduating from university and trying her hand at various petit trade, and later deciding to settle on manufacturing and selling hair products solely.

Her company, Black and Natural Cosmetics, is a 100% organic cosmetic manufacturing company aimed to encourage the consumption of organic hair cosmetics, initially and subsequently, skin cosmetics. 

A beneficiary from Ghana who is Founder of African Heritage Clothing, Freddie Shava, has attributed the successes of his business to the training and mentoring he received on the programme.

“The training was a game-changer for me as it equipped me with the necessary skills,” Shava said. 

“…my vision was to create wealth and social impact for Africa which l could not do while full time employed. So far, the enterprise has affected 120 youths, trained and released to start their own business. They currently employ 20 workers directly. They service a client base of over 120 corporate clients buying from them through local production for import substitution,” he disclosed. 

“In addition, they have generated revenues of $600,000 over a six-year period. In line with their business model, they have created more impact than profitability, but are on course to wealth creation now with the business more stable and readying itself for expansion to expand the market to AfCFTA,” the beneficiary added. 

These testimonials highlight the tangible and lasting impact of the TEF Entrepreneurship Programme, demonstrating its effectiveness in empowering entrepreneurs across Africa. 

TEF to empower entrepreneurs across Africa 

Looking ahead, the Tony Elumelu Foundation is set to enhance its commitment to empowering African entrepreneurs. 

In a groundbreaking move, the foundation has announced its Coalition for African Entrepreneurs. This initiative aims to support 100,000 young African entrepreneurs, including 50,000 women, by 2033. The focus will be on fragile states, women’s entrepreneurship, and green entrepreneurship. 

The Tony Elumelu Foundation’s Coalition for African Entrepreneurs invites collaboration from development agencies, the private sector, philanthropic organisations, and governments, reinforcing its role as a leading philanthropy dedicated to eradicating poverty, catalysing job creation, and increasing women’s economic empowerment. 

As the Programme considers its future, there is a renewed focus on sustainability and policy advocacy. The emphasis is on finding the best ways to allocate funding, ensuring the continued success of the TEF Entrepreneurship Programme and its pivotal role in empowering the next generation of African entrepreneurs. 

As the flagship TEF Entrepreneurship Programme nears the end of its 10-year lifespan, it is an opportune moment to reflect on the organisation’s remarkable accomplishments. 

The Tony Elumelu Foundation, building on this success and its robust delivery process, will deepen its commitment to reach across sectors and geographies to identify and support young African entrepreneurs, targeting female empowerment and growth in fragile states, through its soon-to-be-launched Coalition for African Entrepreneurs.