Category Archives: Tony Elumelu Foundation

TEF 2019 class unveiled

The fifth cycle of beneficiaries of the Tony Elumelu Foundation (TEF) entrepreneurs program was unveiled on Friday, March 22 in Abuja, Nigeria.

This year 216,000 applied to join (up from 151,000 in 2018), with 90,000 being women during the window that opened on January 1. After an extensive shortlisting process, 3,050 entrepreneurs, from 54 African countries, were selected to receive $5,000 capital for their business ventures, 12 weeks of tailored training, and the opportunity to attend the annual TEF Forum in July 2019.

Over the years, more strategic partners have come forward to assist the Tony Elumelu Foundation to expand the impact of their ten-year $100 million program that aims to empower 10,000 entrepreneurs and create 1 million jobs and in 2019, partners are providing funding support for 2,500 entrepreneurs.

The African Development Bank (AfDB) is sponsoring 1,000 entrepreneurs (a commitment worth $5 million) and matching the support of the Tony Elumelu Foundation this year. Also, the United National Development Program (UNDP) is sponsoring 754 from 45 countries, while the International Committee of the Red Cross (ICRC) is sponsoring 180 entrepreneurs from conflict-hit countries. Others are Seme City (from the Federal Republic of Benin), the US Consulate in Lagos (sponsoring 20), the Anambra State Government, Indorama, and the Government of Botswana (sponsoring 20).

Present at the unveiling, that was livestreamed around the world, was Aisha Buhari, the First Lady of Nigeria, and Tony Elumelu, who founded the Program. Others were the Foundation CEO Ifeyinwa Ugochukwu, her predecessor Parminder Vir, TEF partner representatives, and the media.

Also at the event, a team of evaluators from Accenture explained the selection and short-list process they had done since the application deadline of March 1 2019. They also provided a breakdown of applications by country, gender, business stage, and business industry, with the highest number of applicants for 2019 engaged in agriculture, ICT and education sectors. They also highlighted trends in the program over the years including the overall increase in the number of female applicants.

All the applicants are now part of TEF Connect, which, with over 600,000 members, is the largest social network of African entrepreneurs. On the Connect platform, they can chat with fellow business owners in different African countries, access mentors, learning materials and network and share business ideas.

Idea Exchange: Anzisha, Obama, Elumelu, HEVA

EDIT The African Banker Awards that will take place during the African Development Bank Annual Meetings on 11th June in Malabo, Equatorial Guinea are now accepting entries for the awards of African Bank of the Year, African Banker of the Year, Investment Bank of the Year, Best Regional Bank in Africa, Best Retail Bank in Africa, Innovation in Banking, Infrastructure Deal of the Year, Deal of the Year (Debt), Deal of the Year (Equity), Award for Financial Inclusion, and Socially Responsible Bank of the Year. All financial institutions (banks, micro-financiers, investment banks, DFIs and others) are invited to compete. Completed entry forms should be submitted by Monday 1st of April.

Edit Africa CEO Forum Awards recognizes outstanding business leaders and this year includes a  “Gender Leader of the Year” prize and “Disrupter of the Year” award to go with other existing awards for CEO of the Year, African Champion of the Year, and International Company. Some nominees include Mohamed El Kettani – Attijariwafa bank and Tewolde Gebremariam – Ethiopian Airlines for “CEO of the year”, Banque Centrale Populaire, Ethiopian Airlines, OCP Group and Royal Air Maroc for “company of the year”, Absa Group, Access Bank, First Bank of Nigeria and Unilever for “gender leader” and Africa’s Talking, Baobab+, InTouch, Jumia and Kobo360 for the “disruptor” award. The awards will be given during the 7th Africa CEO Forum on 25 – 26 March 2019 in Kigali, Rwanda.

Africa Netpreneur Prize Initiative (ANPI) will officially open its call for applications starting from the 27th of March 2019. The ANPI is a US$10 million Prize competition for African entrepreneurs, founded by the Jack Ma Foundation, where ten finalists from across the continent will compete for US$1 million in total prize money. Deadline for applications is 30th June 2019

EDIT Class 5 of the Alibaba Global Initiatives eFounders fellowship is open to founders/co-founders of digital ventures from Botswana, Cameroon, Chad, Kenya, Rwanda, or Uganda. It is jointly organized by Alibaba Business School and UNCTAD and the deadline is March 17. Note that the fellowship does not cover air tickets and transportation/pick-up services to and from Hangzhou, China.

The Anzisha Prize is Africa’s biggest award for her youngest entrepreneurs and hands out over USD $100,000 every year in funding to entrepreneurs from all over the continent.  Details here.

EDIT  The British Council Future Leaders Connect, is a global network for emerging policy leaders seeking to connect to a long-term network of emerging leaders from around the globe, who want to change the world through policy making. To take part you must be aged 18-35 and live in one of our participating countries – Canada, Egypt, India, Indonesia, Kenya, Mexico, Morocco, Nigeria, Pakistan, Poland, Tunisia, UK and USA. Applications from Egypt and the USA are by invitation only. Applications close on Monday 6 May 2019.

EDIT Cities Alliance a global partnership supporting cities to deliver sustainable development, hosted by the United Nations United Nations Office for Projects Services (UNOPS), is offering grants up to USD 50,000 to people working on innovative and accessible solutions for improving tenure security and land and property rights in any African country. It is open to Innovators, microenterprises, social entrepreneurs, community-based organisations, and national and local NGOs working in African cities.  Deadline to apply for the Cities Alliance is  March 14, 2019.

Edit Coca-Cola Beverages Africa and PETCO have launched an innovation challenge, dubbed the Beyond Baling Innovation Challenge (BBIC), that aims to provide innovative solutions to bale post-consumer PET plastic in order to ease their transportation for recycling and manufacturing.

DRC Innovation for Financial Services 2019:  The Central Bank of Congo, in partnership with FSDA Africa and Elan DRC, has launched Innovation for Financial Services 2019, a competition for businesses and entrepreneurs aimed at promoting the development of innovative and relevant financial services and payment solutions in the DRC. The winner of each category will then have access to FSD Africa’s investment process with the possibility of raising up to US$130,000.

The Tony Elumelu Foundation, the leading African-funded and founded philanthropy committed to empowering African entrepreneurs, has announced its last call for applications into its prestigious 2019 Entrepreneurship Programme. Selected beneficiaries will join 4,470 current alumni and will receive $5,000 seed capital, access to mentors, bespoke training and numerous opportunities to impact policies at the local and global level.

The programs is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs, the Programme’s objective is to generate at least 1,000,000 new jobs and create at least $10 billion in new business revenue across Africa. Applicants can apply on TEFConnect, the largest digital networking platform for African entrepreneurs by March 1.

HEVA Fund: HEVA has launched a Growth Fund in collaboration with Agence Française de Développement (AFD), targeting mature businesses in the creative economy – fashion, apparel and accessories; live cultural events (music, shows, venues, festivals); and digital media content production and distribution. – that have been in operation for at least 5 years, with annual revenues exceeding KES 10 million. The targeted businesses are in the following creative economy value chains:  HEVA will be investing a minimum of KES 5 million and a maximum of KES 10 million in each successful enterprise. Deadline is 13th March 2019. HEVA is also receiving applications for its Cultural Heritage Fund and for a Young Women in Creative Enterprise Fund.

The Inter Region Economic Network (IREN) has launched the IREN Technologies and Innovations Platform 2019 (ITIC 2019) to promote the best mix of technology and innovation to processes along the agribusiness value chains. Innovators are expected to address the region’s challenges in value addition, energy, storage, logistics and marketing. The Lake region is known for fish, grain, vegetable, cash crop, dairy and livestock production. IREN welcomes Institutions and established companies to participate in the final ITIP 2019 Trade Fair to be held later in November 2019.

Edit MEST: Five promising start-ups from across Africa have been chosen as regional winners in MEST Africa’s annual Pan-African pitch competition, moving one step closer to winning $50,000 in equity investment, a place in the MEST Africa incubator of their choice and global mentorship to help their company scale. The winners who were chosen from over 1,000 applicants are AMPZ.TV – a ‘LinkedIn for Sports’ (Nigeria), OZÉ – a financial data insights company (Ghana), Snode – real-time cyber security (South Africa),  WayaWaya – a fintech company (Kenya) and Seekewa – an agricultural financing platform (Cote d’Ivoire).

Obama Founder Leaders Africa Applications are live for the Obama Foundation Leaders Africa Program which aims to identify a group of emerging African leaders from all sectors—government, civil society, and entrepreneurs—who have demonstrated a commitment to advancing the common good. Apply by February 28, 2019.

Edit  Pivot East: East Africa’s premier entrepreneurs’ program is back for its 6th year after a two year break with a call for applications opening on 11th March 2019 and the startups pitching competition and conference event happening on 27th June 2019. Applicants can be in software and hardware in five categories of finance, enterprise, entertainment, social Impact and utilities.

Sanofi, the global pharmaceutical company, extended the registration deadline for entries to this year’s edition of the VivaTech innovation conference. 17 Kenyan start-ups have registered so far and are expected to participate in the conference.

Large Bank Engagement Programs: Nigeria and Kenya

How do large banks engage with the public? Some have programs that go beyond the usual corporate social responsibility – and which go out to address unique national challenges or provide opportunities to large segments of the population who may also be customers of the bank

Kenya scholarships and training.

In Kenya, large banks have some education programs, offering scholarships and support to gifted primary and high school students in different counties. The largest of these has been Equity Bank, which has its “Wings to Fly” leadership program. In nine years, Wings to Fly has given over 15,000 scholarships to needy or financial challenged pupils, 8,000 of who attained the university entrance grade after secondary school.

There are also other entrepreneurship forums, training programs and business clubs.

KCB has a KCB2Jiajiri, a Kshs 50 billion program started in 2016 that aims to benefit 500,000 entrepreneurs in 5 years, thereby creating at least 2.5 million direct and indirect jobs. 

Barclays

Barclays Bank of Kenya launched Ready to Work, a free online training program to help college students and recent graduates get “job-ready” for a world of work. The bank also has a business club founded in 2003 that has supported over 9,000 companies and whose entrepreneur members have traveled to network and trade in over ten countries.

Nigerian bank do mega events:

Access Bank: In December, Access Bank had a huge year-end musical event.

The Bank also hosted a “Born In Africa Fest,” a musical event that was attended by over 25,000 guests.

Ecobank: The bank has a recurring fintech challenge to find financial technology companies with solutions and models that can scale across Africa.

GT Bank

GT Bank stages an annual fashion event called the GTBank Fashion Weekend that brings together fashion and business leaders from around the world to create the biggest fashion experience in Africa.

They also aim to showcase African art in different countries.

UBA: Unique among the banks is UBA, who in conjunction with their Chairman, and his Tony Elumelu Foundation have just launched the fifth year of a $100 million entrepreneurship challenge a philanthropic program that aims to find, train and fund 10,000 African entrepreneurs. So far, over 4,470 entrepreneurs have benefited, and, through UBA in Kenya, over 350 local entrepreneurs in Kenya have received the seed capital of $5,000 for their businesses, training and mentoring, and many of them have been to Nigeria to attend an annual congress of entrepreneurs.

The number of applicants has been increasing each year. Last year there were over 150,000 applicants, and this year applications are all being done via TEFConnect, which is billed as the largest digital networking platform for African entrepreneurs.

The TEF Entrepreneurship Program is open to citizens and legal residents of all African countries, who run for-profit businesses based in Africa that are no older than three years. The deadline for applications submission is March 1, 2019.

Zenith Bank

Zenith Bank held “Style by Zenith,” a flagship Lifestyle, beauty, fashion, accessories and entertainment fair, in conjunction with Fashion One, in the last weekend of December 2018.

Idea Exchange: Food, Fellowship, Counties, Army Worm, Film, Sports, AI, Oil Opportunities

New, and ongoing, opportunities to apply for.

UNCTAD: United Nations Conference on Trade and Development, jointly with Jack Ma, founder and executive chairman of the Alibaba Group, have the eFounders Initiative aims to help bridge the digital divide faced by young entrepreneurs in developing countries and allow them to grasp the opportunities of e-commerce ecosystems.  This capacity building programme to empower 1, 000 e-commerce entrepreneurs from developing countries over a period of five years to become catalysts and the next course will focus on African entrepreneurs from Algeria, Egypt, Kenya, Morocco, Namibia, Nigeria, Rwanda, South Africa and Uganda and will take place at the campus of the Alibaba Business School in Hangzhou, China from 19 to 29 June 2018. Application Deadline: 4 May 2018
Earth Journalism Network: Climate Change Media Partnership 2018 Reporting Fellowships Apply to report from both the Global Climate Action Summit in San Francisco and the UN Climate Negotiations in Katowice, Poland.

The Africa Food Prize is the preeminent award for recognizing the extraordinary individual or institution whose contributions to African agriculture are forging a new era of sustainable food security and economic opportunity for all Africans.  The deadline for nominations for the USD 100,000 prize is Tuesday 15 May and the 2018 winner will be unveiled at a high-profile gala dinner at the African Green Revolution Forum (AGRF) 2018 this September in Kigali, Rwanda.

African Food Security Prize Launched to Stop Devastating Crop Pest: Feed the Future, supported by Land O’Lakes International Development and the Foundation for Food and Agriculture Research, has opened its call for applications for the Fall Armyworm Tech Prize that offers to fund up to $400,000 in digital solutions that aim to help stop the spread of fall armyworm in Africa-a pest that is devastating agriculture and demolishing billions of dollars’ worth of crops across the continent. The application deadline is 14 May 2018 and applications may involve a range of digital solutions and must demonstrate how the proposed tool(s) will help smallholder farmers and those that reach them, such as extension agents, monitor, identify, treat or report the incidence of fall armyworm.

Africa Innovation Summit II: A call for application has been launched across Africa for innovations addressing the continent’s challenges – which include energy access, water, food insecurity, health systems, and governance. Applications close on 15 April.

The 2018 African Union Research Grant offers up to $9 million of funding. The deadline for applications is May 22 The call supports research on food, nutrition security and sustainable agriculture (FNSSA).

Andela Kenya, Uganda, Nigeria Fellowships:  The recruitment Schedule for Andela Kenya fellowship cycle 29, and Andela Nigeria, cycle 33 deadline is May, while for the Andela Uganda fellowship cycle 9 and boot camp, the deadline is April 27.

Anzisha Prize: Aims to find a young entrepreneur who is making a difference in their community,  aged 15- 22 so that they can have the chance to win a shared amount of US$100 000 and become an Anzisha fellow. The deadline is 15 April.

Asoko, in a new collaboration with the London Stock Exchange Group, PwC and CDC Group is seeking Africa’s leading private companies – companies to Inspire Africa for a leading report showcasing Africa’s 1,000 most dynamic private, high-growth companies. Deadline is June 11.

BAKE Awards 2018: The nominees of the Bloggers Association of Kenya (BAKE) Awards 2018, that recognizes and awards the best in Kenyan blogging have been announced  in categories including Technology, Photography, Creative Writing, Best Business Blog, Food , Environmental , Fashion & Style, Agricultural, Best New Blog, Corporate Blog, Sports, Entertainment, Education, Travel, Public Health, County Blog, Religious or Spirituality , Lifestyle, Beauty & Hair, Best Video Blog (Vlog), Social Issues & Active Citizenship, and Kenyan Blog of the Year. Voting for the winners is now on, up to 30 April.

The BMCE Bank of Africa – African Entrepreneurship Award 2018 has $1 million of prizes and a trip to Morocco for entries in categories of innovation or sports entrepreneurship. Deadline is  April 30, and more details here.

Chatham House invite applicants for the Academy Africa Fellowship in the Queen Elizabeth II Academy for Leadership in International Affairs in research topics for 2018-19 of
new technologies and their impact on international security (with a focus on artificial intelligence or space), the geo-economics of technology, climate-resilient development ( managing energy transition in a low-income context) and the rising burden of non-communicable diseases (NCD’s) in Africa. The deadline for applications is 29 April.

DEMO Africa 2018: DEMO Africa is a launch pad for emerging technology and trends, attracting over 2000 people from around the globe to experience the finest African innovations. The top five startups from DEMO Africa will be sponsored to Silicon Valley for an all-expense paid trip to be part of the Lions@frica Innovation Tour. Now accepting startup applications until June 15.

EDiT Research Fellows in Applied Development Finance: The Global Development Network (GDN) and the European Investment Bank (EIB) have partnered to create the ambitious EIB-GDN Program in Applied Development Finance for deepening understanding of EIB’s investment operations in African, Caribbean and Pacific (ACP) countries. Under this partnership, GDN and EIB will identify, train and deploy teams of research professionals in the ACP regions to conduct “deep dive” studies of selected projects funded under EIB’s Impact Financing Envelope (IFE).

Kenyan winners from the Tony Elumelu Foundation announced earlier this year

Fourth Mining 4i: The Strathmore Extractives Industry Centre (SEIC), in collaboration with the Kipya (Africa) Limited and Extractives Baraza, hosts the Fourth Mining 4i, an annual invite-only forum which focuses on the promotion of Kenya’s mineral potential by attracting investment in technological innovation.

Google Africa Scholarship Program:  Web and Android Scholarships available for residents of African countries. Some scholarship recipients may be able to participate in an Andela Learning Community with our partners from Andela. Finally, top students from each track will earn full scholarships to one of our Android or Web Development Nanodegree programs. Applications due by April 24.

Kalasha Kenya: Submit your entries for the #MyKenyaMyStory competition for a chance to walk away with grand prizes worth Kshs 500,000 Check poster for more details.

The Competition Authority of Kenya #CAKuzaAwards2018 is celebrating excellence in Kenyan Broadcasting. Vote for your favorite TV and Radio Station, by sending the word KUZA to 15601. Voting is free.

Merck Accelerator Nairobi Satellite Program: In partnership with Mettā, Nairobi, Merck Accelerator’s satellite program in Nairobi is seeking early-stage startups with no more than 4 years in existence, startups in the fields of Healthcare, Life Sciences, Performance Materials and other search fields such as Biosensing and Interfaces, and Precision Farming. For startups based in East Africa, Nairobi Applications are open to May 5, 2018, and founders that are available are to attend a boot camp on May 15-18 in Nairobi, Kenya, if selected.

MEST Africa Challenge 2018: MEST is celebrating 10 years of supporting aspiring African entrepreneurs with a first Pan-African pitch competition, the MEST Africa Challenge. MEST Africa Challenge 2018 will give winning applicants the chance to meet and pitch to leading investors, corporate and ecosystem partners from Africa and beyond, at the finals in Cape Town. The trip will be fully funded. The winning entrepreneurs could receive, as much as, sh.5,000,000 ($50,000) in equity investment and space in one of MEST’s incubators. Companies that apply must be primarily tech-focused. Details here and the deadline for applications is April 22.

Microsoft Imagine Cup 2018: Microsoft has announced this year’s Imagine Cup, the students’ developer technology and innovation competition that will see winners walk with $100, 000 in prizes. Imagine Cup participants create or join a team of up to 3 students. Together, they make an original technology project from start to finish: come up with a great idea, make a plan, build a project, and submit. This year’s Imagine Cup has three special awards that represent the current state of digital transformation: Artificial Intelligence, Big Data, and Mixed Reality.

Norwegian Accelerator, Pangea, a platform connecting African startups with international investment & expertise, has shortlisted 11 start-ups who will be considered for funding of up to 50,000 USD per startup. The 11 start-ups companies are drawn from Kenya-9, Egypt -1 and Nigeria-1. Pangea plans to launch a crowd investment platform in June 2018, allowing accelerated startups further access to funding.

The 8th Orange Social Venture Prize for Innovative Startups in Africa and Middle East (50,000 Euros in Prizes) aims to reward the best innovative business projects. Application deadline is May 31, but now no more Kenyan firms are eligible after Orange divested from Kenya.

Pitch AgriHack 2018 for young agriculture entrepreneurs is a competition for agriculture startups owned by young entrepreneurs, with reward being capacity building and access to a grant. It is organized by the Technical Centre for Agricultural and Rural Cooperation (CTA) and the African Development Bank (AfDB). 8 winners will be selected from 2 categories and there will be an additional category to reward a woman-owned, founded or co-founded startup by one of the partnering organizations that made Pitch AgriHack 2018 possible. It is open to e-agriculture startups offering digital services in the agriculture sector. Details here and the deadline is 21 May.

She Leads Africa Accelerator is set to provide training and funding for women-led technology enabled businesses. The 2018 Accelerator will consist of three 1-week residencies in Lagos where entrepreneurs will receive training from the SLA team, business leaders and experts. Applications close on May 20.

Upstream Oil & Gas Awards: The Upstream Awards 2018 is a ceremony to recognize and celebrate outstanding achievements from within the emerging upstream oil and gas industry. Nominations have closed for, among others, nominees for company of the year, drilling contractor, oil field services ​company of the year, upstream CEO, upstream woman of the year award, local community award, local supplier, oil & gas future leader, upstream financier of the year, journalist of the year, legislator of the year, engineering award, life achievement award, and upstream county award.

USAID and Feed the Future have issued an invite to Sub-Saharan Africa women in agribusiness for the Accelerating Women Entrepreneurs Prize 2018. It is open to women helping smallholder farmers increase access to agricultural input (seeds, fertilizer, etc.), technology (ICT, irrigation, etc.), financial and risk management services. Winning applicants will enjoy access to capital to scale and improve their work. Details here and the deadline for applications is 25 April.

Visa will open the first Visa Everywhere Initiative for Sub Saharan Africa to young developers at this year’s Nairobi Tech Week (NTW) taking place from April 19- 21. Developers who win the Visa-led hackathon during the tech week will automatically gain entry into the Visa Everywhere Initiative where they will have an opportunity to compete for a chance to win up to US $50,000, at a regional event in the region.

WTO 2018 Essay Award for Young Economists:  The WTO has issued a call for young economists to submit papers for the 2018 WTO Essay Award. The award aims to promote high-quality research on trade policy and international trade co-operation and to reinforce the relationship between the WTO and the academic community. Essays must be submitted by 1 June 2018, must address issues related to trade policy and international trade co-operation and cannot exceed 15,000 words.

2018 World Travel Awards:  Nominees have been selected and voting for African winners in is open up to 19 August in categories including (*Kenyan nominees in brackets) – Leading Luxury Private Villa (Cottar’s Bush Villa, Maasai Mara) Africa’s Leading Tented Safari Camp(Elephant Pepper Camp Masai Mara, Fairmont Mara Safari Club, Finch Hattons, Mahali Mzuri, Porini Amboseli Camp, Selenkay Conservancy) Africa’s Leading Safari Lodge (Borana Lodge, Kicheche Bush Camp, Loisaba, Ngerende Island Lodge, ol Donyo Lodge, Sirikoi),  Africa’s Leading Meetings & Conference Centre 2018  (The Kenyatta International Conference Centre), Africa’s Leading Serviced Apartments (Cowrie Shell Beach Apartments), Africa’s Leading Private Island Resort (Manda Bay, Rusinga Island Lodge) Africa’s Leading Luxury Hotel Villa (The Cliff Villa, Alfajiri Villas) Africa’s Leading Hotel Residences (Palacina),  Africa’s Leading Hotel (Fairmont Mount Kenya Safari Club, Fairmont The Norfolk Hotel), Africa’s Leading Green Hotel ( Nairobi Serena Hotel, The Aberdare Country Club) Africa’s Leading Family Resort (Fairmont Mount Kenya Safari Club, Leopard Beach Resort & Spa), Africa’s Leading Business Hotel 2018 (Fairmont The Norfolk Hotel, Radisson Blu Hotel, Nairobi Upperhill, Tribe Hotel), Africa’s Leading Boutique Hotel (Giraffe Manor, The Safari Collection,  Hemingways Nairobi, Lion in the Sun)  Africa’s Leading Beach Resort (AfroChic Diani Beach, Almanara Luxury Resort, Swahili Beach, The Majlis), Africa’s Leading All-Inclusive Resort 2018 (Diamonds Dream of Africa) Africa’s Leading Tourist Board 2018 (Kenya Tourism Board) and Africa’s Leading National Park (Masai Mara National Reserve).  

Kenya Airways has been nominated for Africa’s Leading Airline – Business Class, Africa’s Leading Airline – Economy Class, Africa’s Leading Airline, Africa’s Leading Airline Brand 2018 and Leading Inflight Magazine (Msafiri). Also nominated are Fly540 and Jambojet, for Africa’s Leading Low-Cost Airline 2018  and AirKenya, Fly540, Mombasa Air Safari, Safarilink Aviation, Tropic Air for Kenya’s Leading Domestic Safari Carrier 2018.

What other opportunities are there for readers to apply for?

Entrepreneurs get support from UBA Foundation and Kenya’s Youth Fund

The UBA Foundation and the Youth Enterprise Development Fund in Kenya have signed a partnership to support Kenyan entrepreneurs who participate in the fourth cycle of the Tony Elumelu Foundation entrepreneurship development program.

The UBA Foundation is the CSR arm of the UBA Group, a pan-African bank that is in 19 countries. It focuses on economic empowerment, education, and the environment, while the Tony Elumelu Entrepreneurship program is a flagship of the Tony Elumelu Foundation (TEF) . The program is an investment of $100 million that aims to nurture 10,000 African startups to create 1 million jobs and generate $10 billion in revenue growth over ten years. This will be through funding, training, mentorship, counseling and networking for the startups to trade across Africa and beyond.

Entrepreneurs apply to the TEF and Youth Fund.

The CEO of the Youth Fund Josiah Moriasi said the organization had advanced Kshs 12.2 billion to 1.4 million Kenyans through their core products such as LPO financing, talanta loans (for creatives), and startup loans. Ronald Osumba, Chairman of the Youth Fund, said that while the Fund had been in the news for some wrong reasons, it had also supported many young successful people,  not just with finance, but also business support, market linkages, and business spaces.  They were also working to reduce the failure rate of startups through market aggregation models in counties around the country.

This year the TEF program is already seeing a record number of entries from 54 countries since the window for applications opened on January 1.   It runs up to March 1, 2018, for applicants to submit their startups or business ideas and the selected entrepreneurs  will participate in the 2018 cycle that runs from May 1 to December 2018. 

The Tony Elumelu Foundation program has 3,000 alumni now, and over 200 Kenyans have benefited from the program, each having received $5,000 (~Kshs 500,000) as seed capital for their businesses which they have then used to scale and grow into other product and service lines. This year, UBA Kenya officials hope to enroll more Kenyan in the program as the country has run a distant second to Nigeria in past applications and enrollment.

The application process is rigorous but it pays off. TEF entrepreneurs get twelve weeks of training, mentorship, $5,000 of seed capital and access to the alumni network and further funding opportunities.  Kenyan entrepreneurs who complete the application to the TEF site can also apply to the Youth Fund for another $5,000 in matched funding.