Third Tony Elumelu Foundation Entrepreneurship Forum 2017

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Third Tony Elumelu Foundation Entrepreneurship Forum 2017

13-November-2017
‘No one but us will develop Africa,’ says Tony Elumelu

Tony Elumelu addressing journalists at the UBA headquarters in LagosNigerian entrepreneur, chairman of Heirs Holdings, the United Bank for Africa, Transcorp, investor and philanthropist Tony O. Elumelu has said no one but Africans will develop Africa and that the continent needs a development model that embraces shared prosperity which looks at local value addition, long-term investment, private sector development and ultimate entrepreneurship, hence Africapitalism.
Mr Elumelu was speaking to distinguished invitees, established entrepreneurs and journalists from all over Africa at the third Tony Elumelu Foundation (TEF) forum held from October 13-14 in Lagos, Nigeria.
The Tony Elumelu Foundation (TEF) Entrepreneurship Programme is the largest African philanthropic initiative devoted to entrepreneurship and represents a 10-year, $100 million commitment, to identify and empower 10,000 African entrepreneurs across 54 African countries, create a million jobs, and add $10 billion in revenues to Africa’s economy.
It was launched in 2015 and since then has assisted nearly 2,000 entrepreneurs and created hundreds of jobs across the continent. In its third forum the Seychelles was represented as media.
The programme is inspired by the founder’s inclusive economic philosophy of Africapitalism, based on the belief that a vibrant African-led private sector is the key to unlocking Africa’s economic and social potential; commitment to drive African economic growth through the fostering of African entrepreneurship. It has as mission to institutionalise luck and create an environment where home-grown pan-African companies in various sectors can flourish. TEF’s vision is to establish the pre-eminent pan-African entrepreneurship programme and create 10,000 startups across Africa within the next 10 years that generate significant employment and wealth. This is being done through identifying 10,000 African startups and African entrepreneurs with ideas that have the potential to succeed; grow the businesses through business skills training, mentoring, access to seed capital funding, information and membership in our Africa-wide alumni network and creating businesses that can generate at least 1,000,000 new jobs and contribute at least $10 billion in revenues across Africa over 10 years.
TEF believes the private sector holds the key to unlocking Africa’s economic potential, hence the empowerment of the continent’s entrepreneurs. TEF is the most diverse annual gathering of African entrepreneurs and SMEs. It is enabling African SME communities to come together and expand the possibilities for intra-African partnerships.

In the context of Seychelles, Seychellois young entrepreneurs are encouraged to participate in such a programme at no cost to them. They can do so by applying through the foundation’s website, www.tonyelumelufoundation.org/programme/faqs/ . To be eligible, business must be based in Africa; must be for profit and must be 0-3 years old. Applicants must be at least 18 and a legal resident or citizen of an African country.
The programme provides critical tools for entrepreneurial success, including 12 weeks of intensive training on setting up and managing businesses. Mentoring where a mentor will guide successful applicants in creating a robust business plan and $5,000 in non-refundable seed capital and access to a $5,000 convertible loan.
As the Seychelles is putting much emphasis on the training of local entrepreneurs, by strengthening the culture of entrepreneurship in the country and creating a new generation of entrepreneurs with the capacity to really make things happen, access to such a prestigious training platform will surely go a long way to achieving what the country is aspiring to – a private sector driven economy led by robust young entrepreneurs.
As for the two-day forum, it was the first time media was invited. It featured plenary panels, master classes, sector specific networking opportunities and policy-led forums focused on enabling African business growth. Prominent speakers were from International Finance Corporation; Afrexim Bank; African Development Bank; USAID Nigeria; European Investment Bank and United Nations Development Programme and their presentations focused on mainly how to access finance from their respective institutions.
As TEF has built an infrastructure and a format programme that works, the United Nations Development Programme (UNDP) has chipped in through the signing of a memorandum of understanding to assist the foundation in hopefully training more entrepreneurs during the established time-span through capacity building, mentoring and the fundamentally important access to finance. It was TEF chief executive Parminder Vir, OBE who did the signing with the UNDP.
“In Africa our people are young, talented, energetic, hardworking and extremely enterprising. And if we have such people, let us remind ourselves what potential capacity and opportunity lies in this,” said Elumelu. But he also mentioned the three main challenges facing Africa in the ease of doing business which were the operating environment; translating ideas to action which he described as also very important which is tied to the operating environment and to the individuals who have ideas.
“It is easier to dream dreams but it is more important to translate those dreams to action which is a tough force,” said Mr Elumelu, adding the aspiring entrepreneurs need to be handled, they need a little push.
“No one but us will develop Africa. Let us not be shy to say to ourselves that Africa remains highly underdeveloped. A new development model is therefore needed. A development model that embraces shared prosperity and look local value addition, long-term investment, private sector development and ultimate entrepreneurship, hence Africapitalism. Africa enterprising development model that protects their youth and create hopes for them with an inclusive approach that brings development to everyone” said Mr Elumelu.

M. Julie

http://www.nation.sc/article.html?id=256509