The power of African entrepreneurial momentum
Frankfurt (Germany) and Lagos (Nigeria), October 2018. This week, the 4th Tony Elumelu Foundation Forum is taking place in Lagos, Nigeria. The TEF forum is the annual meeting for participants of the Tony Elumelu Entrepreneurship Programme, a ten-year initiative to provide support to 10,000 African Entrepreneurs over a ten-year period. The program provides candidates with seed capital, mentorship, and training to help promote African entrepreneurship and development in Africa. The forum will bring together Africa’s entrepreneurial ecosystem, including the broad investor community, government and policymakers, leading developmental organisations, private sector representatives, the media and partners.
The Tony Elumelu Foundation Entrepreneurship Programmme is the largest African philanthropic initiative devoted to entrepreneurship. Since the launch of the Foundation in 2015, the Tony Elumelu Foundation (TEF) has successfully run three cycles of its’ eponymous Entrepreneurship Programme and supported 3,010 African entrepreneurs from 54 countries across the continent, providing training, mentorship, networking opportunities, and over USD20million investment to grow their businesses. These entrepreneurs are already making an impact, creating jobs, generating wealth in their own communities and countries.
We are very happy to see initiative light the path for early-stage entrepreneurship and we are very pleased to see more and more organizations such as The German Corporation for International Corporation’s (GIZ) with Make IT in Africa programme and The French Development Agency (AFD) join the movement this year. GIZ has recently partnered with the TEF, committing to support an additional 210 candidates from the 2018 TEEF applicant pool with 1 Million Euro in funding. This summer, AFD signed a partnership with the TEF, pledging to support the programme through a risk-sharing guarantee framework where beneficiaries of the TEF program can access loans from UBA branches across Africa up to €300,000 under certain conditions. The TEF is also partnered with United Nations Development Programme (UNDP) and the International Committee of the Red Cross (ICRC).
As active supporter of the African entrepreneurship ecosystem, GreenTec Capital partnered with the TEF since 2017 and participated last year in the annual Forum. We wanted to return to this intense moment and share with you the energy of African entrepreneurs through this video.