The Tony Elumelu Foundation (TEF) has been a beacon of hope for African entrepreneurs, offering them the support and resources to bring their business dreams to life. Through TEF, 20,000 young African entrepreneurs have already received $5,000 in seed funding, business training, and world-class mentorship. This support aims to spur economic growth and build resilience across the continent, transforming individual lives and entire communities.
Founded by Nigerian entrepreneur and philanthropist Tony Elumelu, the foundation was launched to drive economic transformation across Africa. Elumelu believes in “Africapitalism,” the idea that Africa’s private sector has a central role in the continent’s growth and that investing in local businesses can yield incredible returns for society. Through TEF, he has committed financial resources and knowledge to empower young Africans who have promising ideas but lack the necessary support to bring them to life.
TEF provides more than just seed money. It offers a comprehensive support system that includes:
The $5,000 grant gives startups the financial boost they need to cover initial costs. The foundation offers a 12-week training program that covers key skills such as financial planning, marketing, and business management. This training equips participants to navigate the complex landscape of entrepreneurship. TEF’s mentorship connects young entrepreneurs with successful business leaders who guide them through the ups and downs of running a business. This hands-on advice has proven invaluable in helping entrepreneurs overcome early-stage challenges.
Since its inception, TEF has empowered 20,000 entrepreneurs from across the continent, who have gone on to create over 400,000 direct and indirect jobs. These startups span various sectors, from agriculture and tech to health and education, each contributing to Africa’s growing economy in unique ways. By offering these entrepreneurs a solid foundation, TEF has played a role in improving local economies and lifting families out of poverty.
One inspiring example of TEF’s impact is Blessing Akinyi from Kenya. With TEF’s support, she launched an eco-friendly startup that converts agricultural waste into affordable biogas for rural households. Her business not only provides clean energy but also reduces environmental pollution, making a lasting impact in her community.
Another success story is Emmanuel Okonkwo from Nigeria, who created a mobile health platform that connects rural communities with healthcare providers. Thanks to TEF’s funding and mentorship, Emmanuel’s platform has reached thousands of people, bridging the healthcare gap in underserved areas.
These are just two examples among thousands that show how TEF’s support enables entrepreneurs to create solutions tailored to Africa’s unique challenges.
While TEF’s impact has been profound, Tony Elumelu recognizes that financial support alone isn’t enough. In a recent fireside chat at the Future Investment Initiative New Africa Summit, he emphasized that entrepreneurs need an enabling environment to thrive. He pointed out unreliable electricity, complex taxation, and restrictive policies often hold businesses back. Elumelu called for governments and private sectors to work together to address these issues, stressing that while the private sector can provide resources, public policies are essential to creating a sustainable business environment.
Elumelu’s vision for TEF is ambitious yet grounded. He believes that Africa’s youth hold the key to the continent’s transformation and that by investing in them, we are investing in a brighter future for Africa. With continuous support, TEF aims to empower even more entrepreneurs in the coming years, fostering innovation and creating jobs.
The Tony Elumelu Foundation exemplifies how African-led initiatives can make a profound impact on the continent. By empowering individuals with both resources and knowledge, TEF is helping to lay the groundwork for a prosperous Africa driven by its own entrepreneurs and innovators. Through every grant and every success story, TEF is not just funding businesses—it’s building a movement.
