According to the Foundation 2024 report, businesses supported by the foundation are generating over $710 million yearly, estimated at $4.2 billion by 2025. With 21,059 firms supported, these businesses have created over 1.5 million direct and indirect jobs.

The programme’s impact extends beyond job creation and revenue generation; it has contributed to the adoption of sustainable practices, as 37% of supported businesses incorporate environmentally responsible procedures in their operations.

Speaking on the inclusivity focus of the programme, Dr. Awele Elumelu, Co-founder, Tony Elumelu Foundation, said:

“Women are the backbone of our economies and the catalyst for sustainable development.

“Through the TEF Entrepreneurship Programme, we have provided seed capital, mentorship, and training to thousands of young entrepreneurs – 45% of whom are women.

“These women have not only built thriving businesses but have also created  over 300,000 jobs and generated nearly $320 million in annual revenue, demonstrating the undeniable power of inclusive economic growth.”

Identifying the enormous challenges battling Africa’s creative economy, such as economic constraint, political instability, and limited access to capital despite the richness and diversity of the African creative landscape, the programme is now focusing on supporting the creative industries and talent.

The TEF entrepreneur program was established to stimulate and drive economic growth in Africa.

Celebrating over a decade of creating impact and supporting businesses, the foundation highlights its success in lifting millions of Africans out of Poverty, job creation, and provision of support to businesses, ensuring revenue generation.

The event, hosted with the purpose of identifying the role of Artificial Intelligence (AI) in business, brought together industry professionals, entrepreneurs, and AI enthusiasts for an educative session of expert-led discussions, panel conversations, and networking opportunities.

The AI in Business meetup served as an engaging forum where participants discuss AI-driven business solutions, covering topics such as AI in project management, content creation, marketing optimization, and business analysis. In attendance are business owners, project managers, and marketers eager to understand how AI can ease decision-making and help in efficient operation.

The session started with networking over coffee, allowing participants to connect (meet and greet) before going into enlightening discussions led by experts.

Speakers included Philip Madaubuchi and Michael Osumo, who provided a wide overview of AI’s impact on business.

Michael Osumo, Program Manager at InstigLabs, emphasized the importance of AI in business, stating, “AI is no longer a futuristic concept; it’s a present-day tool that businesses must leverage to stay competitive. Our goal with this event is to help professionals understand how to integrate AI into their operations effectively.”

Oluwadamilare Akinpelu shared practical insights on leveraging AI for content creation, while Damilola Ogunfowora covered AI-powered business intelligence for strategic decision-making.

Damilola Ogunfowora, Growth Manager at The Adrenalina, highlighted AI’s potential, saying, “Artificial intelligence is changing the businesses approach to problem-solving and decision-making. Events like this are needed in helping entrepreneurs and professionals tap into these advancements.”

Throughout the event, attendees participated in breakout sessions, exchanging ideas and forming valuable professional connections. The engaging and interactive format of discussions, real world relevance of applications shared, and networking opportunities provided, have stimulated positive feedbacks from the participants

Phillip Maduabuchi, TEF Alumni Lagos Lead, reflected on the event’s impact, stating, “Bringing together entrepreneurs, AI experts, and business leaders in one room creates a powerful synergy. This event is a step toward raising AI-driven business growth across industries.”

To extend the conversation beyond the meetup, a WhatsApp community named “AI in Business” has been created to increase ongoing knowledge sharing, networking, and collaboration on AI-driven business solutions.

It is no doubt, industries are now leveraging the use of AI for efficient operation in different.

About Instig Labs

Instig Labs is a business incubation platform that provides a watering bed for pre-seed startups in the tech space through various support systems.

Pan-African, sector agnostic, and technology-focused, Instig Labs aims to facilitate investment funds for at least 10 startups and create over 200 jobs by the end of 2024.

The case study, first of its kind on any philanthropic organisation in Africa, is to be launched today, before a class of graduate students in Boston, Massachu­setts and will explore the Foun­dation’s unique approaches and transformative initiatives, show­casing how strategic philanthro­py offered by TEF is driving positive change and elevating countries and communities.

This move by Harvard, according to Independent report, underscores the Foundation’s pivotal role in empowering young Af­rican entrepreneurs across all 54 African countries and places the Foundation at the forefront of global discussions on transfor­mative and catalytic philanthro­py, acknowledging its significant contributions towards fostering entrepreneurship in Africa.

In addition to delving into the foundation’s innovative approaches and the resultant impact it has garnered over the years, the event will also feature an exclusive acknowledgment of the Founder of TEF, Tony Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

The Tony Elumelu Foundation is the leading philanthropy, empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing inclu­sive economic empowerment.

Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to 20,000 young African women and men, who have col­lectively created over 400,000 di­rect and indirect jobs.

Tony Elumelu who spoke on the impact of Tony Elumelu Foundation on the Afri­can youth said,

“TEF is creating economic hope and opportunity for African Entrepreneurs. We know that entrepreneurship is the antidote to poverty, youth unemployment and insecurity.

Through the intervention of the Tony Elumelu Foundation, we are encouraging our young peo­ple, giving them hope through the seed capital we provide, capacitising them through the training and mentoring we provide and setting them up to create businesses that will suc­ceed and create even more jobs. Collectively we are fixing the challenges that we have on the continent.”

The coinage signifies an economic philosophy predicated on the belief that Africa’s private sector can and must play a leading role in the continent’s development.

So, as Tony Elumelu Foundation (TEF) kicked off applications for the Tony Elumelu Entrepreneurship Programme (TEEP) 2022 (SEE DETAILS HERE), the founder found it necessary to write the African Entrepreneur out there on three key values to work on this year:

Tony Elumelu’s Open Letter African Entrepreneur:

We all did it…. We made it through 2021. Another year of the global pandemic, uncertainty, challenge, but also opportunity.

As we enter 2022, I wanted to write personally, as we plan for the future and create new goals.  I want to share a little of my own story and what I call the #TOEWAY and the core values that guide me.  These values have helped me personally and professionally, and are incredibly important for every young African entrepreneur to imbibe, learn, thrive, and grow from.

The first is Execution.

Execution demands that we focus on results. It gives us a sense of urgency.  A commitment to our objectives. We must be meticulous. There is a discipline of getting things done.  

There is a temptation to put things off – we should shun excuses, and needless explanations. Remain driven and committed to that goal. Committed to going that extra mile.  Be known for your dependability, and be consistent in delivering results.

The second is Excellence.

To achieve excellence, there must be a sense of professionalism across everything you do. You cannot be guided by the short term or emotional sentiments. Strive to be fair and objective at all times. Lead with integrity. Be exceptional, stand out for your disciplined and rigor.

Prioritize your customers and give them the best experience that you can offer. Be respectful of your peers, subordinates and leaders.

Our final value is on Enterprise.

What is enterprise?  It is about doing things differently – to seek out new ways. Not change for changes sake, but because our increasingly complex world demands new answers to new challenges.  It is the essence of entrepreneurship.  It is what can set you apart, raise you up, change your life – and those around you.

As my wife, Dr. Elumelu stated in a recent interview, your generation, in addition to being smart and technology savvy, is entrepreneurial.  You have refused to follow the traditional paths that we took in our day, where a lawyer was just a lawyer, who gradually and patiently climbed the career ladder, or a doctor was just a doctor or an engineer just an engineer.  

This generation is entrepreneurial and solutions-driven and so, are applying their academic knowledge along with digital savvy to solve endemic social and economic issues.  Your businesses have improved the ease of cross-border payments, intra-Africa logistics, and even improved representation in new tech-driven sectors – it knows no boundaries.

I was born in Africa, raised in Africa, studied in Africa, worked in Africa, and have achieved success in Africa.  Beyond business success, one must always look for ways not only to give back, but also to empower the generation coming behind us so that they can go even further than we have.  That is how we can enact this social and economic change that we are all seeking in our continent and in our world today. As a parent, one’s desire is for your children to do better and so we strive to provide the resources and materials that they need to ensure that they go far in life. Similarly, at the Foundation, we are equipping the next generation with the tools they need to succeed.

Indeed, we are committed to your future. I am invested in your success. Your success is our success.  This year, the Tony Elumelu Foundation received 406,257 applications from all 54 African countries and provided training to 206,550 – more than 50% of applicants. This year alone, we disbursed USD$24.75m to 5,000 African entrepreneurs, demonstrating our mission to catalyse economic growth, drive poverty eradication and ensure job creation on the continent.

This is why on this first day of 2022, we are opening the 2022 Tony Elumelu Foundation Entrepreneurship Programme Application portal on tefconnect.net! Entrepreneurs from all 54 African countries can apply for the opportunity of a lifetime to receive $5,000 non-refundable seed capital, world-class business management training, mentorship, and access to key networks and markets.

I am a product of luck and hard work and know first-hand that these factors are inextricable if you want to succeed.  

If you wonder how you can achieve your goals, as I have said earlier, know that the first step is to be disciplined. Choose discipline as your daily practice.  

Nurture the mindset of longevity in all areas of your thinking. Embrace challenges; there is no success without sacrifices.  Whether it is in your business, personal life or relationships, a new year is a clean slate.  It is a chance to set goals, commit to them, and prepare your mind for the discipline that is required for growth and success.

For many young people, beginnings can be scary and uncertain, charged with many decisions to make and ambitions to fulfil.  You know that you are increasingly ambitious.  Take advantage of this opportunity of the Tony Elumelu Foundation Entrepreneurship Programme to drive change in your life, in that of your family, your local community!

As we usher in the 3^rd year of living through a pandemic, do not to lose hope. Entrepreneurship is years of hard work, long hours, and unquantifiable sacrifices.  Your capacity to thrive and remain committed despite temporary setbacks, will have significant impact in realising your dreams.

Let us all look forward to a productive year ahead of achieving all of our goals.

To those who have not yet been awarded, do not forget to apply on  tefconnect.net, and please share with a friend!

Signed:

Tony Elumelu