1,000 African Entrepreneurs Announced As Winners Of
The $100M Tony Elumelu Entrepreneurship Program
The inaugural group of winners of the Tony
Elumelu Entrepreneurship Program (TEEP)
was announced earlier today in Lagos, Nigeria. One thousand African
entrepreneurs representing 52 African countries and territories were decided
upon by the TEEP selection committee comprised of some of Africa’s
distinguished industry captains and leading entrepreneurs including Monica
Musonda, CEO, Java Solutions; Ory Okolloh, Director of Investments,
Omidyar Network’s Government; Professor Reid Whitlock, the new CEO
of the Tony Elumelu Foundation. Parminder Vir OBE, Director of Entrepreneurship
at the Tony Elumelu Foundation, said, “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.”
Following the shortlist from the selection committee, Accenture Development Partnerships was appointed as an independent consultant to thoroughly evaluate each application based upon criteria approved by the committee; the evaluation criteria included, feasibility, market opportunity, financial understanding, scalability and leadership potential and entrepreneurial skills. “We are delighted to dedicate our expertise in the evaluation of thousands of applications from across the continent and partner with the Foundation on this historic initiative to empower African entrepreneurs,” said Niyi Yusuf, Nigeria’s Country Managing Partner, Accenture.
An impressive 20,000 African entrepreneurs from 52 countries across the continent applied to the program when the online application portal went live on Jan 1st, 2015 and closed on March 1st, 2015. “Filling the form itself was an enlightening process that helped me see a lot of loopholes to eliminate from my business, and regardless of the outcome, I know that I am on track towards the achievement of my dream; to transform Africa into a hub that feeds the world, one country at a time,” applicant Obewe N said, whose application represented the creativity and potential of the continent. The initial 1,000 selected for the 2015 class were described as a remarkable group of entrepreneurs who are a testament to the ability of Africa’s own entrepreneurs to drive Africa’s growth and development.
According to the TEEP selection committee, the winning business plans represented a multitude of value adding sectors ranging from agriculture to Information and Communications Technology (ICT), education and fashion. The majority of winners came from Nigeria, Kenya, Uganda, South Africa and Ghana. All five African regions – North, East, Southern, Central and West Africa were represented, as well as the major language blocs – Anglophone, Francophone, Lusophone, and Arabic Africa.
The 1,000 selected entrepreneurs will continue through the programme cycle over the next nine months. This cycle includes an intensive online training curriculum, mentoring, and participation in a two-day entrepreneurship boot-camp and the Elumelu Entrepreneurship Forum. The approximately 19,000 entrepreneurs who were not selected will be invited to join the Tony Elumelu Entrepreneurship Network where they will be able to further hone their entrepreneurial knowledge and skills. “TEEP 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,” said Parminder Vir OBE.
TEEP is a $100 million USD initiative to discover and support 10,000 African entrepreneurs over the next decade, with a target of creating one million new jobs and $10 billion in additional revenues in the process.
Speaking on the desired impact of the program, founder, Mr. Tony O. Elumelu, CON, said, “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 inaugural group of winners of the Tony Elumelu Entrepreneurship Program (TEEP) was announced earlier today in Lagos, Nigeria. One thousand African entrepreneurs representing 52 African countries and territories were decided upon by the TEEP selection committee comprised of some of Africa’s distinguished industry captains and leading entrepreneurs including Monica [...]
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