Enterprise

Beneficiaries of Elumelu plan rise to 4,500

uhuru

President Uhuru Kenyatta addresses entrepreneurs from Nailab. He also spoke to the Tony Elumelu Foundation (TEF) Entrepreneurship Forum 2018 via video link at State House, Nairobi. FILE PHOTO | NMG

The total number of beneficiaries under the Tony Elumelu Foundation (TEF) Entrepreneurship Programme has hit 4,470 as more entrepreneurs graduated last week.

Seventy-four Kenyan entrepreneurs were selected as individuals with the most innovative, high-potential business ideas in this year’s Programme. The individuals are among 1,000 entrepreneurs selected out of 151,000 Africans from 114 countries worldwide.

President Uhuru Kenyatta who was among key note speakers at this year’s TEF Entrepreneurship Forum asked the youth to be aggressive in business by expanding their knowledge base in order to succeed.

The forum marked the graduation of the 2018 cohort of the TEF Entrepreneurship Programme, following a rigorous nine-month period of training, mentorship and funding.

Mr Kenyatta said the youth are Africa’s backbone and should be given an enabling environment to thrive economically.

This, he said can only be achieved if the public and private sectors joined hands to create an enabling environment for the youth to realise their economic potential.

“Young, innovative African leaders are fighting for positive change and using technology to enhance education and solve problems presented by poor services, lack of infrastructure, and in some areas in the continent, political stagnation,” he said.

Ghanian President Nana Akufo-Addo also gave an address at the TEF gathering that brought together about 5,000 participants from the entrepreneurship ecosystem.

The participants including African entrepreneurs, private and public-sector leaders, gathered in Lagos, Nigeria.

Kenya ranked third in the number of entrepreneurs selected for fourth edition of the TEF, after Nigeria and Uganda. The scenario is similar to last year’s ranking where a total of 55 Kenyan enterpreneurs made it to the lucrative list.

Agriculture topped other sectors in applications at 30.3 per cent followed by fashion at 12.7 per cent and commercial/retail at 8.1 per cent, an indication of the industries of interest for African start-ups.

Tony Elumelu reiterated his commitment to championing Africa’s economic development by supporting and training a new generation of entrepreneurs, whose successes can transform the continent, delivering opportunity, job creation and social impact. ‘Africa’s future is in African hands’ he stated.

One of the highlights was the unveiling of TEFConnect, a revolutionary digital community that brings together the complete entrepreneurship ecosystem across Africa and beyond, including entrepreneurs, investors and the broader business community on one platform, connecting them digitally with three vital elements for success – capital, market and business tools.

Africa is riding a wave of rapid technological driven change in payment systems, education, agriculture and infrastructure and TEF Connect fulfills a critical role in linking entrepreneurs across the continent.