Elumelu Foundation Launches Second Round of TEEP

The Tony Elumelu Foundation has announced the launching of the second annual round of the $100million Tony Elumelu Entrepreneurship Programme (TEEP) for emerging African entrepreneurs on January 1st 2016.

In a statement, the Foundation said that TEEP will open for entries on 1st January 2016 and will accept applications until midnight on March 1st, 2016.

In 2015, TEEP empowered 1,000 African entrepreneurs, selected from over 20,000 applicants, with start-up investment, active mentoring, business training, an entrepreneurship boot camp and regional networking across Africa.

Entrepreneurs, with an average age of 21-40, from 51 African countries completed the programme and received $5,000 in seed capital for their start-up businesses.

The Tony Elumelu Foundation invested a total of $4,860,000, including $1,405,000 in agriculture; $410,000 in education and training; and $365,000 in manufacturing.

The sector- agnostic programme funded start-ups across a further 20 industries, all based in Africa. UBA Chairman, investor and philanthropist, Tony O. Elumelu, who established the Tony Elumelu Foundation in 2010, said, “I set out to institutionalise luck with the Foundation and give back to the Continent that made me.

Entrepreneurship can chart a new course of development for Africa, with Africans taking responsibility for wealth creation, creating value adding businesses here in Africa and this is why I encourage applications from across the Continent, regardless of age, gender, religion or color.