Tony Elumelu Entrepreneurship Programme

The Tony Elumelu Entrepreneurship Programme (TEEP) is an entrepreneurial initiative run by the Tony Elumelu Foundation, based in Nigeria, spanning across Africa. The programme’s founder is billionaire businessman and philanthropist, Tony O. Elumelu C.O.N and the CEO of the Tony Elumelu Foundation is Parminder Vir, OBE.[1]

The programme gives training, mentorship and seed capital to entrepreneurs with start-up business ideas they want to execute in Africa. By doing so, TEEP embodies Africapitalism, the economic philosophy that Elumelu coined.

History

TEEP was unveiled on 1st of December 2014[2] in Lagos, Nigeria, one month ahead of the portal opening for applicants on 1 January 2015. During the unveiling press conference, founder Tony O. Elumelu, CON, made a $100 million commitment to the programme which will run every year for a 10-year duration.[3][4]

In the January 2015 edition of The Economist magazine,[5] Tony Elumelu predicted, “In 2015, the African entrepreneur will explode on to the global stage, as a new generation shows the world what those of us doing business in Africa have long known: that our continent is home to some of the most exciting and innovative entrepreneurial talent.”

Launch

The TEEP portal was open to applicants for 8 weeks and received over 20,000 applications.[6] On 23 March 2015, the selection of 1,000 entrepreneurs accepted into the 2015 cycle was announced. Selectees of the programme originate from every African region, with the highest number of applicants being from Nigeria, Kenya, Uganda, Ghana, South Africa, Cameroon, Tanzania, Côte d'Ivoire, Zambia, Rwanda, Zimbabwe, Benin, Ethiopia, Burundi and DR Congo.[7] Sectors represented include Agriculture, Information and Communications Technology (ICT), education, finance and fashion.[8]

Programme Structure

The TEEP entrepreneurs undergo a 9 month programme which includes a 12 week online business plan development training and mentoring programme, followed by a two day Bootcamp.[9][10] Following a successful completion of their business plan, the entrepreneurs receive a Non-returnable Seed capital investment of $5,000 for their businesses. The entrepreneurs are also entitled to second round of funding, structured as loan or equity of $5,000. The seed capital disbursements were concluded in September 2015.

On completion of the 9-month programme cycle, TEEP entrepreneurs graduate to become TEEP Fellows with full access to the TEEP Resources Centre and TEEP Alumni.[11]

The next cycle of TEEP will reopen on 1 January 2016.

Affiliations and Appearances

On 6 May 2015, The White House announced an event that would highlight global entrepreneurs as part of the Spark Initiative to ignite entrepreneurship in emerging markets.[12] The Tony Elumelu Entrepreneurship Programme is an official partner of Spark and Tony O. Elumelu participated in an entrepreneurship panel discussion at the White House that was moderated by US. Secretary of State, Penny Pritzker.

The Young African Leaders Initiative (YALI) invited TEEP programme Director Parminder Vir to speak to entrepreneurs at the Mandela Fellowship West Africa edition in Accra on April 27, 2015.[13]

Tony Elumelu Entrepreneurship Programme Bootcamp

From 10–12 July 2015, 1000 African entrepreneurs gathered in Ota, Nigeria for the TEEP bootcamp.[14][15] The two day skills development weekend was an opportunity for the entrepreneurs from the programme to network and share ideas. Guest speakers included: Yemi Osinbajo, Vice President of Nigeria;[16] Lionel Zinsou, Prime Minister of Benin Republic and Mallam Nasir El-Rufai, Governor of Kaduna State, Nigeria; Nollywood actress, Omotola Jalade-Ekeinde; media mogul, Mo Abudu; personal finance expert, Nimi Akinkugbe; Bank of Industry CEO, Rasheed Olaoluwa; Arunma Oteh, Vice-President and Treasurer of the World Bank; amongst others. Founder, Tony O Elumelu CON, held a two hour open mic session to further encourage and inspire the entrepreneurs who represent every region in Africa and across multiple sectors.[17][18] This is thought to be the biggest gathering of African entrepreneurs ever held.

Global Entrepreneurship Summit, Kenya 2015

During the Global Entrepreneurship Summit which was opened by President Barack Obama, three Tony Elumelu Entrepreneurs were part of the official GES programme and gave ‘Ignite talks’ on their entrepreneurial journey to the global audience including President Obama and President Kenyatta of Kenya.[19][20] Shadi Sabeh, CEO Brilliant Footsteps Academy, Nigeria; Tonee Ndungu, Founder, Kytabu, Kenya; and Jean Patrick Ehouman, Co-Founder and president, Akendewa , Cote D’Ivoire were the speakers representing their companies and are beneficiaries of the Tony Elumelu Foundation.[21]

Global Footprints

To consolidate on its increasing pan-African network of entrepreneurs and foster bonding among them, the Foundation has been organizing meet-ups from Abidjan to Johannesburg, Calabar, Kampala, Nairobi and other cities across the continent.

References

  1. ↑ "1,000 African Entrepreneurs Announced As Winners Of The $100M Tony Elumelu Entrepreneurship Program". Forbes. Retrieved 2015-04-20.
  2. ↑ "Elumelu unveils $100m entrepreneurship programme - Vanguard News". Vanguardngr.com. 2014-12-11. Retrieved 2015-04-20.
  3. ↑ Updated 1607 GMT (0007 HKT) January 23, 2015 (2015-01-23). "African entrepreneurs boosted by billionaire investor - CNN.com". Edition.cnn.com. Retrieved 2015-04-20.
  4. ↑ "Nigeria's Tony Elumelu funds 1,000 African entrepreneurs - BBC News". Bbc.com. Retrieved 2015-04-20.
  5. ↑ "Middle East and Africa: The rise of Africapitalism". The Economist. 2014-11-20. Retrieved 2015-04-20.
  6. ↑ "Tony Elumelu prepares to unveil Africa’s newest 1000 entrepreneurs". Ventures Africa. Retrieved 2015-04-20.
  7. ↑ "Tony Elumelu Foundation Selects First 1,000 African Entrepreneurs To Receive $5,000 Grant". Forbes.com. 2015-03-23. Retrieved 2015-04-20.
  8. ↑ "Tony Elumelu Foundation selects Inaugural 1,000 participants for $100M Entrepreneurship Programme - Premium Times Nigeria". Premiumtimesng.com. 2015-03-23. Retrieved 2015-04-20.
  9. ↑ "Tony Elumelu Foundation Selects 1000 Inaugural African Entrepreneurs for the $100m TEEP Programme". TechCabal. 2015-03-23. Retrieved 2015-08-10.
  10. ↑ Myjoyonline.com (2015-06-25). "Ghana News - 1000 Pan-African Entrepreneurs set to gather at $100M TEEP Boot Camp". Myjoyonline.com. Retrieved 2015-08-10.
  11. ↑ "Tony Elumelu Foundation selects 1,000 entrepreneurs". Punchng.com. 2015-03-25. Retrieved 2015-04-20.
  12. ↑ "President Obama to Recognize Emerging Global Entrepreneurs". whitehouse.gov. 2015-05-06. Retrieved 2015-08-10.
  13. ↑ "The First Mandela Washington Fellowship Conference Reunites Fellows In Accra â€" Naa Oyoo Quartey". Naaoyooquartey.com. Retrieved 2015-08-10.
  14. ↑ Post, Daily (2015-07-11). "Character is ground for entrepreneurial success - Osinbajo - DailyPost Nigeria". Dailypost.ng. Retrieved 2015-08-10.
  15. ↑ Powered by DMflex WebGen --- www.dmflex.com (2015-07-13). "Elumelu Foundation Organises Bootcamp for 1,000 Emerging African Entreprenuers, Articles". Thisday Live. Retrieved 2015-08-10.
  16. ↑ TEEP Hosts Reps From 51 Countries (2015-07-13). "TEEP Hosts Reps From 51 Countries". Theunion.com.ng. Retrieved 2015-08-10.
  17. ↑ Ghana, News (2015-07-11). "Participants in TEEP boot camp could get $100m assistance for startups". Newsghana.com.gh. Retrieved 2015-08-10.
  18. ↑ "The TEEP bootcamp begins today in Nigeria". TechCabal. 2015-07-10. Retrieved 2015-08-10.
  19. ↑ http://www.covafrica.com/2015/07/obama-in-kenya-a-report-from-the-field-and-a-recap-of-the-global-entrepreneurship-summit/
  20. ↑ http://www.brookings.edu/blogs/africa-in-focus/posts/2015/07/29-obama-kenya-schneidman
  21. ↑ https://www.standardmedia.co.ke/article/2000170554/50-universities-to-benefit-from-sh6-billion-ibm-funding
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