Monday January 11 2016

Local entrepreneurs to benefit from Tony Elumelu programme

United Bank of Africa chairman Tony Elumelu.

United Bank of Africa chairman Tony Elumelu. 

By Jonathan Adengo

Kampala. Budding Ugandan entrepreneurs and others across Africa can now apply to join the second annual Tony Elumelu Entrepreneurship Programme for start-up businesses based in Africa.

Applications opened for entries on January 1, 2016 and will accept applications until March 1, 2016 and can be made by any for-profit business based in Africa.
Successful applicants who complete the programme will receive $4,300 (Shs14m) as non-returnable seed capital, and are eligible for a further $4,300 (Shs14m) in the form of either debt or equity, depending on business need and other criteria.
Selected entrepreneurs will join the existing 1,000 Tony Elumelu entrepreneurs, from 51 countries, who formed the inaugural 2015 cycle of the programme.

Talking about the programme, founder, serial entrepreneur and United Bank for Africa chairman Tony O. Elumelu said: “I believe in empowerment that can change the face of Africa as we know it. African entrepreneurs are our future leaders and I am passionate about giving them the opportunity to succeed.” He continued: “The Programme is a major, deliberate effort on my part, to institutionalise luck and provide seed capital funding, mentoring, business training, pan-African networking and springboard that our aspiring Entrepreneurs need to leap from.”

The chief executive officer of the Tony Elumelu Foundation, Mr Parminder Vir OBE, made a call for an even broader participation in the programme this year, saying: “We encourage women and men with business ideas from all sectors, from every region, city, town and village across Africa, to apply.”
The Tony Elumelu EntrepreneurshipProgramme is open to all citizens and legal residents of 54 African countries.

Benefits from the programme
Entrepreneurs that participated have thus far, received considerable benefits from their participation, including:
Training.12 weeks of training on how to set up and manage businesses with mentoring and financial support offered by The Tony Elumelu Foundation.
Accelerated Growth. More than 90 per cent of Tony Elumelu entrepreneurs, with existing businesses, have reported increased growth in the past year.

Access to Further Funding. A significant portion of our entrepreneurs have accessed additional external funding through the platform provided by Tony Elumelu Foundation.
Networking Opportunities. A flourishing alumni network has developed, providing personal linkages and business opportunities across the Continent.