TEF Targets Over 3,000 SMEs – Dedicated Focus in 2021 on Female Entrepreneurs
The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering African entrepreneurs, opens applications on its TEFConnect digital platform (www.tefconnect.com) today, January 1, 2021.
This year’s intervention prioritizes the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.
To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the Foundation’s Entrepreneurship Program will empower 1,000 young African entrepreneurs, selected from the 2020 cohort. The Foundation will also open applications to an additional 2,400 young entrepreneurs in 2021, in collaboration with global partners.
The Tony Elumelu Foundation, which celebrated ten years of impact in 2020, is empowering a new generation of African entrepreneurs, through the TEF Entrepreneurship Program. Successful applicants receive world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities. The Program is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.
CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu stated, “The Tony Elumelu Foundation now more than ever is demonstrating our commitment to unleashing the potential of young African entrepreneurs, the key to Africa’s long-term economic transformation. The pandemic has created challenges across the continent, but we know that with the Tony Elumelu Foundation’s tried and tested Program, we can execute the largest Covid-19 economic recovery plan for African SMEs and break the cycle of poverty in Africa.”
The Tony Elumelu Foundation’s $100million Entrepreneurship Program, launched in 2015 to empower 10,000 entrepreneurs over 10 years, is now entering its 7th year and has empowered to date, over 9,000 young African entrepreneurs from 54 African countries.
Prospective applicants should apply to the digital networking hub for African entrepreneurs, www.tefconnect.com.
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