The Tony Elumelu Foundation (TEF) has announced its commitment to empower 20,000 African startups with $5,000 each in non-refundable seed funding. This significant initiative was unveiled at the Future Investment Initiative New Africa Summit in Saudi Arabia, where Tony Elumelu, Chairman of Heirs Holdings and founder of TEF, emphasized the critical role of entrepreneurship in tackling unemployment and infrastructure challenges in Africa.
Empowering Entrepreneurs for Economic Change
During a fireside chat moderated by CNN host Eleni Giokos, Elumelu shared insights on the transformative potential of entrepreneurship. He stated, “In demonstrating Africapitalism, our group, Heirs Holdings, partners with the Tony Elumelu Foundation, our family-funded philanthropy committed to empowering young African entrepreneurs.”
Through this initiative, the foundation provides seed capital, world-class mentorship, and business training, enabling young African men and women to build successful enterprises. Elumelu highlighted that TEF has already empowered 20,000 entrepreneurs, resulting in the creation of 400,000 direct and indirect jobs. “This is our way of changing Africa,” he affirmed.
Africapitalism: The Path to Development
Elumelu’s advocacy for Africapitalism underscores the belief that Africa’s private sector must lead economic development. However, he cautioned that access to capital alone cannot address all the continent’s challenges. “If you want to develop, you must improve access to electricity, reform taxation systems, and create policies that ease challenges for entrepreneurs to succeed,” he explained.
The Role of Government and Private Sector Collaboration
While the private sector plays a vital role in providing funding and opportunities, Elumelu emphasized the need for governments to foster an enabling environment for businesses to flourish. “Too often, entrepreneurs are stifled,” he noted, urging for strategic private-public partnerships to propel Africa’s progress.
In closing, Elumelu praised Richard Attias, Chief Executive Officer of the FII Institute, for creating a platform that amplifies Africa’s voice on the global stage. He remains optimistic that Africa can leverage its strengths to transform challenges into opportunities, ultimately driving sustainable economic growth.
Source: PunchNG