LONDON — Calling African entrepreneurs: The Tony Elumelu Foundation is seeking applications for the 2018 round of its flagship entrepreneurship program, which provides training, mentorship, and networking opportunities, as well as up to $10,000 in funding, to 1,000 aspiring African businesses every year.
With an additional 30 million young people set to enter the African workforce annually until 2030, the continent is in need of jobs and business opportunities for its young population.
To meet some of this demand, the entrepreneurship program was launched in 2015 by Nigerian businessman and philanthropist Tony Elumelu. With an ambitious agenda, it aims to identify and help grow 10,000 businesses led by young entrepreneurs from across Africa over the next 10 years, and Elumelu has put $100 million of his own money into the program.
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Now in its fourth cycle, the program runs for 12 weeks, with the deadline for applications on March 1 and the winners due to be announced March 22. Those who get through receive a mixture of online business training, mentoring, help writing a business plan, networking opportunities, and $5,000 in seed funding. Some entrepreneurs are then also eligible to apply for an additional $5,000 in either loan or equity financing from the foundation.