The Bertha Centre for Social Innovation and Entrepreneurship at the University of Cape Town has completed an informational case study on the Tony Elumelu Foundation Entrepreneurship Programme which they have described “as one of the most ambitious entrepreneurship programme on the African continent”. The purpose of the case study was to examine TEF’S dynamic model of empowering African entrepreneurs and draw best practices for the wider entrepreneurship ecosystem.
The case study describes how an African-founded and funded Foundation through a $100 million, decade long commitment, is harnessing the entrepreneurial skills and energy of the continent’s human capital to drive economic growth. Through a deep-dive into the seven pillars of the TEF Entrepreneurship Programme: a 12-week start-up enterprise toolkit; mentoring; seed capital; TEF Entrepreneurship Forum; and membership to the TEF Alumni Network and meet-ups – the report confirms the importance of the holistic and robust approach the Foundation has taken to entrepreneurship development on the continent. It also highlights critical lessons that will be useful for key stakeholders in the entrepreneurship ecosystem.
The Foundation has invested over $20.5 million in the development of African entrepreneurs.
Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, the Foundation has invested over $20.5 million in the development of African entrepreneurs. Of this, we have spent $15 million in direct seed capital investment and over $5.2 million in building a sustainable technology and process infrastructure for the programme.
15% (426) of our 3000 entrepreneurs reveal that they have generated $25.8 million in revenue and created 3728 jobs.
Our philanthropic investments are rooted in our conviction that it is entrepreneurs that will build the future of Africa. Indeed, our expectations continue to be surpassed as our entrepreneurs develop innovative solutions to Africa’s seemingly intractable problems. A recent survey of 15% (426) of our 3000 entrepreneurs reveal that they have generated $25.8 million in revenue and created 3728 jobs. Across critical sectors such as agriculture, ICT and healthcare, our entrepreneurs are driving Africa’s economic diversification and structural transformation. The fact that we have been able to attain this remarkable progress over such a short period shows that we are doing something right.
The Tony Elumelu Foundation embraced the insights provided by this case study and are delighted to share our pan-African model of building the entrepreneurship ecosystem with the rest of the world. Four years into running this programme, the impact and testimonials shared by our entrepreneurs across the continent provide strong validation of the dynamism of our model. Now more than ever before, we can confidently charge national governments, development finance institutions and private sector players who are eager to support African entrepreneurs to adopt our model.