The Tony Elumelu Foundation (TEF) has officially released the list of 1000 African entrepreneurs from across the continent that the program will support this year.
According to TEF, "more than 151,000 Africans from 114 countries worldwide applied to join the 4th cycle of The Tony Elumelu Foundation’s 10-year, $100 million Entrepreneurship Programme."
However, Nigeria, Uganda and Kenya have dominated the list with 258, 126 and 74 successful candidates respectively. A similar trend was seen last year where the three countries dominated in the same order.
Previously, Tony Elumelu Foundation has been selecting only 1000 entrepreneurs. Yet this year, an additional 250 has been added due to sponsored by the foundation's partners.
"The 2018 cohort includes an additional 250 entrepreneurs to the standard selection of 1,000 thanks to a $1,000,000 partnership with the International Committee of the Red Cross (ICRC) to support 200 entrepreneurs in conflict and fragile zones of Nigeria, a $200,000 agreement with the United Nations Development Programme (UNDP) to support 40 pan-African entrepreneurs; and a $50,000 partnership with Indorama (an Asian-based company with operations in West Africa) to support 10 Nigerians," TEF wrote.
The selected companies will now under-go mentorship and preparation by the foundation before convening for the annual TEF forum in Lagos later this and finally receive a $5,000 seed investment to boost their programs.
"In the next nine months, the 2018 Tony Elumelu Entrepreneurs will be trained and mentored and will use the skills acquired to develop a business plan; after which they become eligible to receive $5,000* in seed capital to develop their business concepts," TEF said.
The program was started in 2015 and so far has dispersed "$15 million in direct funding to entrepreneurs and $5.8 million in Programme & technology development and operations" according to a statement from the Foundation.
Earlier this year, Tony Elumelu, the founder of Tony Elumelu Foundation, was awarded “2017 Philanthropist of the Year” by Per Second News. The businessman has been also recognized amongst the people at the forefront of building Africa. Notably, he is credited with making the word Africapitalism mainstream.