Nigerian dollar- billionaire Tony Elumelu has launched the fourth cycle of a $100 million (Sh10.3 billion) fund meant to nurture 10,000 entrepreneurs across Africa over a decade.
The Tony Elumelu Entrepreneurship Programme application portal will accept applications until March 1 in a continent-wide search for 1,000 business people who stand to get non-refundable seed and debt funding.
Successful applicants will receive approximately $5,000 (Sh515,000) as capital and will be eligible for a similar amount in the form of either debt or equity, depending on business need and other criteria.
Selected entrepreneurs will join the existing cohort of 3,000 Tony Elumelu Programme, who form the inaugural 2015 funding, and entrants from 2016 and 2017.
“We need Africa’s best and brightest to grow their businesses and build our continent,” said Mr Elumelu in a statement.
This year’s competition will select the entrepreneurs based on the viability of their ideas, market opportunity, financial understanding, scalability, leadership and skills.