By CASSEY KAYULA –
TWENTY-TWO entrepreneurs from Zambia with the most innovative and high potential business ideas have been selected to participate at the 4th cycle of the Tony Elumelu Foundation (TEF) programme.
TEF is a US$100 million entrepreneurship programme launched in 2015 that brings together key persons in the African and global entrepreneurial ecosystem to promote African entrepreneurs.
TEF founder Tony Elumelu said the number of applicants illustrates the strength and depth of entrepreneurial commitment on the continent.
“Selection is never easy and we profoundly regret that we cannot help all, our partnerships with the Red Cross, United Nations Development Programs (UNDP) and Indorama, alongside ongoing discussions with other international organisations, reflects the growing global recognition of what we have known all along that entrepreneurship is the most effective path to sustainable development on our continent,” he said.
Mr Elumelu said the Pan-African entrepreneurship program was designed to equip entrepreneurs with the skills needed to build strong and sustainable businesses.
He said this during selection of the 1,250,000 entrepreneurs for the TEF 4th cycle of the 10th year programme in Lusaka at the weekend.
“There was a near 50-50 split between male and female applications, reflecting the entrepreneurial ambition of Africa’s women.
“Agriculture was the leading sector among selected entrepreneurs at 30.5 per cent followed by technology with 10.5 per cent and education and training at nine per cent,” he said.
Mr Elumelu said in an effort to grow and create 10,000 startups across Africa, each entrepreneur receives seed capital, a non-returnable investment of $5,000 to support early growth.
He said this would bring TEF’s total program investment to US$15 million in direct funding to entrepreneurs and $5.8 million in program and technology development and operations.
“Our beneficiaries have created more than 55,000 jobs and counting and will convene from across Africa’s 54 countries in Lagos this October for the TEF forum,” he said.