74 Kenyans to get training under Tony Elumelu Foundation

What you need to know:

The entrepreneurs who are among 1,000 selected under the TEF as individuals with the most innovative and high-potential business ideas, will gather in Lagos on October 25.
This year’s gathering will bring together entrepreneurs, global investors, leaders from the African public and private sectors as well as developmental organisations.
The TEF selects 1,000 entrepreneurs annually based on idea viability, including marketability, entrepreneur’s financial understanding as well as leadership and demonstrable entrepreneurial skills.

Seventy-four Kenyan entrepreneurs are set to join their counterparts from Africa in Nigeria for the fourth edition of the annual Tony Elumelu Foundation (TEF) Entrepreneurship Forum.

The entrepreneurs who are among 1,000 selected under the TEF as individuals with the most innovative and high-potential business ideas, will gather in Lagos on October 25.

This year’s gathering will bring together entrepreneurs, global investors, leaders from the African public and private sectors as well as developmental organisations.

“In just four years, we have directly impacted 4,460 entrepreneurs, and we are beginning to see the results – job creation, ripple effects, but most importantly a recognition that Africa’s economic well-being is driven by entrepreneurs,” said TEF founder Mr Tony Elumelu.

The Nigerian billionaire and philanthropist started the TEF in 2010 to spur African economic growth through empowering entrepreneurship.

Under the TEF, he committed $100 million to be spread in a span of ten years to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.

Its goal is to invest in businesses that will generate at least 1,000,000 new jobs and contribute at least $10 billion in new annual revenues across the continent.

The TEF selects 1,000 entrepreneurs annually based on idea viability, including marketability, entrepreneur’s financial understanding as well as leadership and demonstrable entrepreneurial skills.

This year’s enterpreneurs were shortlisted from 151,000 applications received from 114 countries worldwide.

“This year, we are truly achieving scale and impact; we received over 150,000 applications in 2017 alone, up from 20,000 applications in 2015,” said Mr Elumelu.

President Uhuru Kenyatta and his Ghanian counterpart Nana Akufo-Addo are set to take part in an interactive session at the gathering.

Having the two heads of state at the event is in line with the Foundation’s track record of bringing politicians face to face with the new generation of young business women and men shaping Africa.

The Forum will also feature the launch of the TEFConnect, the world’s largest digital platform for African entrepreneurs, dedicated to connecting African entrepreneurs and the entrepreneurship ecosystem.