From what I said above, it is easy to see that this economic philosophy is an inclusive and non-discriminatory one; it accommodates all entrepreneurs committed to using business as a tool to solve social problems. Take the Tony Elumelu Foundation, for example. We established a self-funded $100 million initiative called the Tony Elumelu Entrepreneurship Programme, whose goal is to support 10,000 African entrepreneurs over the next ten years. These entrepreneurs come from all walks of life and, like me, were not born with silver spoons in their mouths. But they must demonstrate a willingness to think creatively, work hard and undergo rigorous business training and mentoring that can serve as a springboard for their future businesses. We are creating opportunities for all Africans to find, drive and multiply economic success – that’s what Africapitalism is about.
Are you already seeing initial benefits from the Tony Elumelu Foundation Entrepreneurship Programme?
Certainly! So far we have provided mentoring, training, networking opportunities and up to $10,000 in seed capital to 2,000 entrepreneurs in all 54 African countries. These entrepreneurs have gone on to develop their businesses, employ others and contribute to the economy of their countries. Some have even been recognized for their unique business accomplishments and contributions to society.
The most fulfilling thing is that we have been able to build the largest entrepreneurial ecosystem in Africa. Our entrepreneurs are
organized into alumni networks in their various countries, where they share ideas and best practices and provide mutual support to each other. This is consistent with the vision we set when we started.
Do you think the Foundation will make a real difference?
I am confident that it will indeed make a meaningful impact on the continent. Our vision is to be the leading advocate for the role of entrepreneurship in Africa’s development. And with some of our recent successes, I think it’s safe to say that we are already making a difference.
The first two phases of the Tony Elumelu Foundation Entrepreneurship Program have so far been extremely successful and our alumni regularly testify about the impact it has made in their lives. Beyond that, countries and regional bodies have begun to take notice of our work and are indicating an interest to partner with us. For example, the Prime Minster of Cote d Ivoire recently signed an MOU with the Foundation to replicate our entrepreneurship program in his country and help drive up the success rate of Ivorian SMEs. The Foundation has also signed an agreement with ECOWAS (Economic Community of West African States) to support startups in that region.
While accomplishing so much within such a short period is noteworthy, there is still so much work to be done as we are still far from achieving our goals. We will not rest until we fully maximize the impact the Foundation can make.
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