The Elumelu Foundation is a private philanthropic organization that was founded in 2010 by Tony Elumelu, a Nigerian businessman, and philanthropist. The foundation was created with the goal of empowering and supporting African entrepreneurs to drive economic development and create jobs across the continent. Since its inception, the Elumelu Foundation has become one of the leading organizations supporting entrepreneurship in Africa, providing funding, mentorship, and training to thousands of entrepreneurs across the continent.
In this article, we will look briefly at the background of Tony Elumelu, explore the story of the Elumelu Foundation, its impact on African entrepreneurship, and the lessons that can be learned from its success.
The Man Tony Elumelu
Tony Elumelu is a Nigerian businessman and philanthropist who founded of the Elumelu Foundation. Born on March 22, 1963, in Jos, Nigeria, Elumelu received his Bachelor of Science degree in economics from Ambrose Alli University in Nigeria before completing his Master of Science degree in economics from the University of Lagos.
After completing his education, Elumelu began his career in the banking industry, serving in various roles at several Nigerian banks. In 1997, he was appointed the CEO of Standard Trust Bank, where he led the transformation of the bank into one of the most profitable in Nigeria. In 2005, he led the merger of Standard Trust Bank with United Bank for Africa (UBA) and was subsequently appointed the CEO of UBA.
Under Elumelu’s leadership, UBA became one of the largest and most profitable banks in Africa, with presence in over 20 countries across the continent. Elumelu later founded Heirs Holdings, a diversified investment company focused on Africa, which has invested in a range of sectors including energy, healthcare, and hospitality.
In 2010, Elumelu founded the Tony Elumelu Foundation, TEF, with the aim of promoting entrepreneurship in Africa and empowering the next generation of African entrepreneurs.
The story behind the Tony Elumelu Foundation
The story behind the Tony Elumelu Foundation in African entrepreneurship is a tale of vision, determination, and impact. Established in 2010, the foundation was created with the aim of promoting entrepreneurship in Africa and empowering the next generation of African entrepreneurs to drive economic growth and job creation on the continent.
The idea for the foundation grew out of Tony Elumelu’s own experience as an entrepreneur. Elumelu had built a successful career in the banking industry, serving as the CEO of United Bank for Africa (UBA) and later founding Heirs Holdings, a diversified investment company focused on Africa. Throughout his career, Elumelu had seen firsthand the potential of entrepreneurship to drive economic growth and development in Africa.
However, He recognized that many African entrepreneurs faced significant challenges in building successful businesses, including the lack of access to capital, networks, and training. To address these challenges, Elumelu founded the Tony Elumelu Foundation with a mission to identify, train, mentor, and to fund 10,000 African entrepreneurs over a 10-year period.
The foundation’s flagship program, the Tony Elumelu Foundation Entrepreneurship Programme (TEEP), was launched in 2015. The program provides selected entrepreneurs with $5,000 in seed funding, as well as training and mentorship to help them grow their businesses. The program is designed to support entrepreneurs at all stages of the business cycle, from ideation to growth and expansion.
In addition to TEEP, the Elumelu Foundation has launched a range of other programs and initiatives aimed at supporting African entrepreneurship, including the Tony Elumelu Foundation Impact Investment Programme, the Elumelu Nigeria Empowerment Fund, and the Africa Exchange Holdings.
The Elumelu Foundation has since become a leading organization in promoting entrepreneurship in Africa, with a focus on supporting startups and small and medium-sized enterprises (SMEs) across the continent. Its programs and initiatives have supported thousands of entrepreneurs, enabling them to build successful businesses that contribute to economic growth and job creation.
The Elumelu Foundation’s origins lie in Tony Elumelu’s vision of promoting entrepreneurship as a means to drive economic growth and development in Africa. The foundation has since grown into a leading organization in this space, providing comprehensive support to African entrepreneurs and promoting entrepreneurship as a powerful tool for positive change on the continent.
The Impact of the Elumelu Foundation on Africa
The Elumelu Foundation has had a significant impact on entrepreneurship in Africa since its inception in 2010. Through its various programs and initiatives, the foundation has provided funding, training, and mentorship to thousands of entrepreneurs across the continent, enabling them to build successful businesses that contribute to economic growth and job creation.
One of the foundation’s most significant achievements has been the Tony Elumelu Foundation Entrepreneurship Programme (TEEP). TEEP is a 12-week program that provides selected entrepreneurs with $5,000 in seed funding, as well as training and mentorship to help them grow their businesses. The program is designed to support entrepreneurs at all stages of the business cycle, from ideation to growth and expansion.
TEEP has been hugely successful, providing support to over 10,000 entrepreneurs across Africa since its inception. According to a report by Accenture, TEEP entrepreneurs have created over 300,000 jobs and generated over $10 billion in revenue since the program’s inception. These businesses are driving economic growth and development across the continent, helping to reduce poverty and improve living standards.
Offshoot of programs from the Elumelu foundation
In addition to TEEP, the Elumelu Foundation has launched a range of other programs and initiatives aimed at supporting African entrepreneurship. These include the Tony Elumelu Foundation Impact Investment Programme, which provides funding and technical assistance to high-potential African startups; the Elumelu Nigeria Empowerment Fund, which supports small and medium-sized enterprises (SMEs) in Nigeria; and the Africa Exchange Holdings, a platform that aims to connect African SMEs with investors and other stakeholders.
Through these programs, the Elumelu Foundation has helped to address some of the key challenges facing African entrepreneurs, including a lack of access to capital, networks, and training. By providing comprehensive support to entrepreneurs, the foundation has helped to enable them to build successful businesses that contribute to economic growth and job creation across the continent.
Moreover, the Elumelu Foundation has inspired other organizations to launch similar programs and initiatives aimed at supporting African entrepreneurship. This has helped to create a thriving ecosystem of support for entrepreneurs, enabling them to access funding, mentorship, and training from a range of different sources.
The impact of the Elumelu Foundation on African entrepreneurship has been significant. Through its various programs and initiatives, the foundation has provided comprehensive support to thousands of entrepreneurs across the continent, enabling them to build successful businesses that contribute to economic growth and job creation.
What to learn from the Success story of the Elumelu Foundation
The success of the Elumelu Foundation in promoting entrepreneurship in Africa provides important lessons for others interested in supporting entrepreneurship and economic development on the continent. Here are some of the key lessons that can be learned from the foundation’s success:
Comprehensive Support is Key:
One of the key factors that have contributed to the success of the Elumelu Foundation is its focus on providing comprehensive support to entrepreneurs. The foundation’s programs and initiatives provide not only funding, but also training, mentorship, and access to networks and resources. This holistic approach has helped to address some of the key challenges facing African entrepreneurs and has enabled them to build successful businesses that contribute to economic growth and job creation.
Collaboration is Essential:
Another important lesson from the success of the Elumelu Foundation is the importance of collaboration. The foundation has worked closely with a range of different stakeholders, including governments, NGOs, and the private sector, to create a thriving ecosystem of support for entrepreneurship in Africa. By working together, these stakeholders have been able to leverage their collective resources and expertise to support entrepreneurs and drive economic development across the continent.
Local Context Matters:
The Elumelu Foundation recognized the importance of understanding the local context in which entrepreneurs operate. The foundation’s programs and initiatives are tailored to the specific needs and challenges facing entrepreneurs in different regions and countries across Africa. This approach has helped to ensure that the foundation’s support is relevant and effective, and has enabled entrepreneurs to overcome the unique challenges they face in their respective markets.
Entrepreneurship can Drive Positive Change:
The success of the Elumelu Foundation has highlighted the potential of entrepreneurship to drive positive change in Africa. By supporting entrepreneurs to build successful businesses, the foundation has contributed to economic growth and job creation and has helped to reduce poverty and improve living standards across the continent. This demonstrates the important role that entrepreneurship can play in addressing some of the key challenges facing Africa, and the potential for entrepreneurship to be a powerful tool for economic and social development.
The success of the Elumelu Foundation provides important lessons for others interested in supporting entrepreneurship and economic development in Africa. By focusing on comprehensive support, collaboration, local context, and the potential of entrepreneurship to drive positive change, the foundation has been able to make a significant impact on the lives of thousands of entrepreneurs and their communities. These lessons are important for anyone interested in supporting entrepreneurship and promoting economic development in Africa and beyond.
Overall, the story of the Elumelu Foundation in African entrepreneurship is one of visionary leadership, bold action, and tangible impact. By promoting entrepreneurship and supporting the next generation of African entrepreneurs, the foundation has helped to create a brighter future for the continent and its people.
The Story behind Elumelu Foundation in African Entrepreneurship
