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General News of Tuesday, February 19, 2019
Source: UBA Ghana
2019-02-19
The program is inspired by Tony Elumelu's economic philosophy of African capitalism
The Tony Elumelu Foundation, the largest philanthropic organization founded in Africa and committed to empowering African entrepreneurs, has announced its latest call for applications as part of its prestigious 2019 Entrepreneurship Program.
The application portal launched on January 1, 2019 will be closed on March 1, 2019.
Selected beneficiaries will join the current 4,470 alumni and receive $ 5,000 in seed capital, access to mentors, tailored training and numerous policy opportunities at local and global levels.
Open to African entrepreneurs from 54 African countries, the Entrepreneurship Program accepts business ideas as well as
companies with less than three years of experience in all sectors of the economy. This program has been hailed as one of the few accelerator type programs to encourage viable businesses at the idea stage to demonstrate their potential for growth, income generation and job creation.
A commitment of $ 100 million over 10 years to identify, train, guide and fund 10,000 African entrepreneurs. The goal of the program is to create at least 1,000,000 new jobs and generate at least $ 10 billion in new business revenue in Africa.
Among the successes of the Tony Elumelu Foundation Entrepreneurship Program are Mama Moni, founded by Nkem Okocha, a Fintech social enterprise that provides loans to women in rural communities in Nigeria; Founded by Martin Ruga, Anyone Desserts, a chocolate processing company in Kenya was created from scratch and with the injection of capital from the Tony Elumelu Foundation 's entrepreneurship program, the company' s. business now serves more than two tons of chocolate to more than 50,000 consumers; Help Mum, a Nigerian company founded by Abiodun Adereni, provides inexpensive birth kits to prevent infant and maternal mortality. She has just won the first-ever Google Nigeria Impact Challenge and has attracted additional investment; iMed Tech, founded by Nneile Nkholise, innovates in the medical technology sector in South Africa using technology to create bad prostheses for women with bad cancer; In Egypt, Ahmed Abbas founded SunCity, a company that supplies mobile solar pumps to small farmers.
In addition, six of the Tony Elumelu Foundation's entrepreneurs were recognized on the Forbes 30 under 30 list. Among many other achievements, some have been appointed to the board of directors of global corporations, government agencies and development institutions, influencing policies at different levels.
The program is inspired by Tony Elumelu's economic philosophy of African capitalism and his vision of institutionalizing luck and democratizing opportunities for a new generation of African entrepreneurs. Applications will be judged against criteria such as the feasibility, scalability and growth potential of the product / service; market opportunity for the idea / company; financial understanding, leadership potential and entrepreneurial skills.
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