The Tony Elumelu Foundation, together with professors from the Massachusetts Institute of Technology, the University of Chicago, and Columbia University, have drafted a study with rich insights into entrepreneurship in Africa.
The evaluation uses a randomized control trial methodology to compare otherwise similar applicants who embarked on our flagship program versus those who did not. This is an important milestone as the Foundation redoubles its efforts in focusing on impact outcomes: in measuring key outputs and in communicating these results.
The study is in the process of tracking entrepreneur outcomes such as success in opening a business, income, number of employees, and business sales. The Foundation expects final results in late 2024 which will help to further demonstrate how it is tackling the most difficult issues like poverty, climate change, fragility, and food insecurity. These outcomes will also be presented in a way that allows our audiences to disaggregate results by gender, youth, region, country, and other parameters.
In a second, related experiment the Tony Elumelu Foundation has explored how messaging affects entrepreneurial ambitions. Notably, the study uncovers a remarkable resilience among African entrepreneurs, with many demonstrating high levels of optimism despite initial setbacks.
Recall that the Tony Elumelu Foundation (TEF), was established in 2010 by Nigerian entrepreneur Tony Elumelu, and is dedicated to fostering entrepreneurship and driving economic development across Africa. Its core mission is to empower African entrepreneurs by providing essential resources, including training, mentorship, and funding. The foundation’s flagship initiative, the Tony Elumelu Entrepreneurship Program (TEEP), launched in 2015, is one of Africa’s largest entrepreneurship programs.
Each year, TEEP selects thousands of entrepreneurs to receive a $5,000 seed capital grant, mentorship from industry experts, and access to a network of successful business leaders. Additionally, the foundation operates TEF Connect, a digital platform that connects entrepreneurs with resources, information, and collaboration opportunities. The TEF Alumni Network further supports past participants, offering ongoing engagement and resources to help them scale their ventures.
Since its inception, TEF has significantly impacted the African entrepreneurial landscape, empowering thousands of entrepreneurs and contributing to economic growth. The foundation is recognized globally for its role in promoting entrepreneurship and has received widespread acclaim for its efforts to support and develop businesses across the continent.
