Mathew Dadiya, Abuja
The Tony Elumelu Foundation (TEF) – an African philanthropic foundation committed to empowering entrepreneurs, has selected over 3, 050 applicants for the 2019 cohort of the flagship entrepreneurship programme.
3, 050 applicants were selected out of the 216, 000 who submitted applications representing 58 per cent males and 42 per cent females.
The announcement was made at the TEFSelection – Meet the 2019 Tony Elumelu Entrepreneurs on Friday at the Transcorp Hilton, Abuja.
According to the foundation, some of the parameters used in selecting shortlisted applicants include, feasibility, market opportunity, scalability, leadership skill and viability of the idea.
The 2019 cohort selection tripled because of partnership from corporate organizations and government, the foundation stated.
Wife of the President, Aisha Buhari and wives of states governors were part of the dignitaries who graced the occasion.
The Africa Development Bank is sponsoring 1, 000 entrepreneurs, International Committee of the Red Cross (ICRC) is sponsoring 180 entrepreneurs, the Republic of Benin will empower five citizens with $200, 000, Botswana is sponsoring 20 entrepreneurs, Anambra state is sponsoring 15 entrepreneurs from the state while US Consulate is sponsoring 20 entrepreneurs.
Every year, the foundation opens its application portal to African entrepreneurs, with businesses of less than three -years -old.
Through its $100 million entrepreneurship programme, the foundation empowers 1, 000 entrepreneurs annually, who receive $5, 000 in non-refundable seed capital, access to mentors, a 12-week training programme and opportunities to promote their businesses to a global audience.