The Tony Elumelu Foundation announced the selection of 1,000 entrepreneurs for the 2nd round of the Tony Elumelu Entrepreneurship Programme (TEEP) yesterday.
75 Kenyans made the cut to attend one of the largest African philanthropic initiative devoted to empower 10,000 African entrepreneurs, while creating one million jobs. Over the next three months, the entrepreneurs will receive the intensive online training , networking and mentoring, followed by a 3 day entrepreneurship boot camp in Nigeria. They will then get US$ 5,000 as seed capital and another US$ 5,000 as debt or equity.
This year, 45,000 Africans applied for the entrepreneurship programme, which is more than double the number of applications received in 2015. 32% of those who applied are women from different fields in agri-business, fashion, manufacturing and cosmetics.
Founder, Tony O. Elumelu, said: “In TEEP’s first year we spent over $8 million of our $100 million commitment – with $5 million going directly to entrepreneurs as seed capital — and the results have far exceeded our expectations. We have funded entrepreneurs, established networks and helped extraordinary people take control of their destinies. The 2016 Tony Elumelu Entrepreneurs will become a generation of newly empowered African business owners, who are the clearest evidence yet, that indigenous business growth will drive Africa’s economic and social transformation.”