Tony Elumelu Foundation set to host more than 1000 entrepreneurs

The Tony Elumelu Foundation is gearing up to host its third annual entrepreneurship summit, scheduled to take place later this week. The summit, which is expected to bring together approximately 1,300 entrepreneurs, business leaders, and policymakers, aims to instill and empower entrepreneurship among African youth. Parminder Vir, CEO of the Tony Elumelu Foundation, recently discussed the foundation's plans for the upcoming summit in an interview with CNBC Africa. The foundation has seen significant growth in its entrepreneurship program in recent years, with a notable increase in the number of applications received. From a modest 20,000 applications in 2015, the program received a staggering 93,000 applications this year, showcasing the expanding impact and reach of the initiative. The foundation has committed $100 million over a decade to empower 1,000 entrepreneurs from 54 African countries in three languages. The entrepreneurship summit serves as the culmination of a 12-month program, whereby selected entrepreneurs undergo a rigorous 12-week training program with mentors, develop business plans, and receive seed capital to actualize their business ideas. Previous editions of the summit primarily facilitated interactions among program participants. However, this year's summit will incorporate a wider spectrum of stakeholders, including established entrepreneurs, business leaders, corporations, investment banks, and incubators, fostering a more inclusive entrepreneurial ecosystem. Noteworthy success stories have emerged from the foundation's program, highlighting the impact of entrepreneurship on individuals and communities. Entrepreneurs like the woman who established a motor mechanics workshop in Lagos and secured contracts with companies like Uber, or the agri-entrepreneur from Gambia who transformed a simple idea into a $1.2 million agribusiness, exemplify the transformative power of the foundation's support. The application process for the entrepreneurship program is rigorous, designed to sift out mere grant-seekers from dedicated and passionate entrepreneurs. Criteria include market opportunity, scalability of the business idea, financial acumen, and entrepreneurial drive. The foundation works in collaboration with Accenture to ensure a transparent selection process. As the summit approaches, anticipation and excitement are building among entrepreneurs and stakeholders eager to network, collaborate, and drive innovation in the African entrepreneurial landscape. The Tony Elumelu Foundation's commitment to nurturing and empowering the next generation of African entrepreneurs is poised to make a lasting impact on economic growth and development across the continent.