African entrepreneurs to benefit from $100m initiative

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Thousands of entrepreneurs across the continent beginning next year will benefit from a $100 million Pan-African Entrepreneurship Initiative.

This follows the launch of the Tony Elumelu Foundation Entrepreneurship Programme – a multi-year programme of training, funding and mentoring, designed to empower the next generation of African Entrepreneurs.

The programme will identify and help grow an initial 10,000 start-ups and young businesses from across Africa over the next ten years, targeting 1 million new jobs and $10 billion in annual revenues to the African economy.

It is the first such initiative to be launched by an African philanthropic organisation (Tony Elumelu Foundation) and the largest targeting the entrepreneurial space.

Addressing the launch, African business leader and the brainchild behind this initiative, Tony Elumelu said, ” Entrepreneurship is the conerstone to African development and the key to local value creation in Africa. I am determined to ensure that Africa’s next generation of entrepreneurs have the platform they need to turn their entrepreneurial aspirations into sustainable businesses that will drive economic growth and job creation across Africa.”

A selection committeee of African business leaders will select the most promising 1,000 start-ups anually from across the continent.

Successful applicants will participate in a comprehensive programme designed to equip them with skills needed to build a successful business.

source : myjoyonline.com