In a advance to authorize thousands of African industrialists who have great business ideas but do not have enough liquid capital to take their businesses to the next level.
Tony Elumelu Foundation has launched $ 100 million pan African entrepreneurship ambition to grow 10000 start ups and young businesses from crosswise Africa over the next ten years.
The fund is geared forwards producing one million new jobs in 54 countries of the continent while adding $ 10 billion in the continent’s annual revenues. The program is the first action of this kind to be floated by an African altruistic organization.
Tony Elumelu founder of the foundation told the fund is stimulated by the fact that he has always hunted ways to help motivate generation across African continent stressing that the program gets together his own entrepreneurial experience and faith that it is entrepreneurs that will lead Africa’s development and revolutionize its future.
I have had the opportunity to get hundreds of entrepreneurs who have good businesses can spot unique opportunities and tap into strong networks he said on Monday.
These are people who can fuel our future but I have found many of them often less capital. This Foundation will offer précised multiyear favorable circumstances to access funding knowledge and most importantly advise on a scale that is unprecedented in Africa Elumelu said.
The fund is open to all entrepreneurs of Africa, without regard of gender age and language. It includes two rounds of funding.
First a primary $ 5000 non refundable seed capital investment which shows that the entrepreneur is not wonted to repay. Second, involving another $ 5000 which will be offering to the entrepreneur as a loan or equity.
But there are selection benchmarks. The business idea must be feasible compelling and commercially viable. It must have market potential and financial module.
Moreover, there must be skill ability in the entrepreneur who also must possess leadership qualities.
It does not matter from where you are belonging Lagos- Accra- Johannesburg- Nairobi or Dakar, Africa is buzzing with entrepreneurs who need a platform that enables them to take their business or idea to the next level. The Foundation has been designed to provide that mechanism.
The program is made in such a way that a committee of African business leaders will select the most promising 1000 start ups annually across the continent.
Selected entrepreneurs will be provided with experienced mentors who will guide them. While application begins on January 1, 2015, the selection process starts in March.
Wiebe Boer, CEO, Tony Elumelu Foundation, told entrepreneurship is booming in the continent. Stressing that the program is aimed at institutionalizing luck and giving entrepreneurs the kind of opportunity the founder, Tony Elumelu had.
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