Abuja, Nigeria – In a significant boost to Africa’s entrepreneurial ecosystem, the Tony Elumelu Foundation (TEF) and Heirs Holdings have announced a landmark investment of $5,000 seed capital in 20,000 African startups. This initiative aims to catalyze economic growth, create jobs, and empower young African entrepreneurs.
Empowering African Entrepreneurs
The Tony Elumelu Foundation’s Entrepreneurship Programme, now in its 9th year, has already supported over 15,000 entrepreneurs across 54 African countries. This additional investment will:
- Foster innovation and entrepreneurship
- Enhance economic opportunities for African youth
- Promote private sector-led growth
- Encourage entrepreneurship as a viable career path
Seed Capital and Mentorship
Each selected startup will receive:
- $5,000 seed capital
- Expert mentorship
- Business training and networking opportunities
- Access to TEF’s pan-African entrepreneurial community
Tony Elumelu’s Vision
“Our goal is to democratize access to opportunity, creating a vibrant entrepreneurial ecosystem that drives Africa’s economic transformation,” said Tony O. Elumelu, CON, Founder, Tony Elumelu Foundation. “We believe in the potential of African entrepreneurs to shape the continent’s future.”
Heirs Holdings’ Commitment
“Heirs Holdings is committed to supporting the next generation of African business leaders,” said Nnorom Chukwuma, Group Executive, Heirs Holdings. “This investment underscores our dedication to empowering entrepreneurs and promoting economic growth.”
Application and Eligibility
African entrepreneurs aged 18-65, with innovative business ideas or existing startups, can apply for the program through the TEF website. Applications are accepted annually.
About Tony Elumelu Foundation
The Tony Elumelu Foundation is a leading African philanthropic organization dedicated to entrepreneurship, empowerment, and economic development.