TEF unveils 2024 cohorts, plans African coalition of entrepreneurs

The Tony Elumelu Foundation recently unveiled the list of its 2024 cohort for the entrepreneurship program for the tenth and final time. TEF Founder, Tony Elumelu, emphasized the importance of democratizing luck and transforming lives through entrepreneurship. Elumelu and co-founder Awele Elumelu sat down with CNBC Africa to discuss the impact and legacy of the foundation over the last decade. Elumelu shared the foundation's mission of creating jobs, catalyzing economic prosperity, and addressing critical issues like access to electricity and poverty in Africa. With over 1.2 billion people on the continent, the foundation aims to empower entrepreneurs to make a lasting impact and drive positive change. Addressing the new cohort of entrepreneurs, Elumelu emphasized the non-linear nature of the entrepreneurial journey. He advised them to be resilient, persevere, dream big, stay focused, and learn from failures. Elumelu highlighted the success stories of past participants who have built businesses worth millions of dollars, underscoring the potential for growth and impact in the entrepreneurial space. Awele Elumelu commended the latest cohort for their commitment and encouraged them to leverage the support and experience of previous cohorts to navigate the challenges ahead. She emphasized the ripple effect of their success, not just for their businesses but for their countries, communities, and the continent as a whole. Reflecting on the Pan-African impact of the program, Elumelu noted the foundation's success in empowering and funding 20,000 entrepreneurs over the past decade. In addition to financial support, the foundation has trained over 1.5 million entrepreneurs through its digital hub, TEF Connect. These entrepreneurs have collectively created over 400,000 jobs and generated billions of dollars in economic value, showcasing the program's tangible impact. Looking ahead, Elumelu outlined plans to expand the foundation's reach and engage more partners to support African entrepreneurs on a larger scale. The foundation's advocacy efforts also aim to collaborate with policymakers and governments to create an enabling environment for entrepreneurship and economic growth. By fostering partnerships between the private and public sectors, the foundation seeks to drive sustainable development and empowerment across Africa. As the Tony Elumelu Foundation marks the end of its 10-year commitment, the legacy and impact of the program continue to inspire a new generation of African entrepreneurs. With a focus on resilience, collaboration, and advocacy, the foundation is poised to shape the future of entrepreneurship on the continent and create a coalition of empowered and impactful change-makers.