261 young Ugandan entrepreneurs to get capital

 

Uganda's young entrepreneurs have received the second largest invitation to get seed capital of $5,000 (sh18.8m) each to boost their start-up businesses.

 

The Tony Elumelu Foundation (TEF) has selected 261 Ugandan entrepreneurs to receive the capital. 

 

Applications opened up on the 1st of January 2019 and entrepreneurs from all over Africa were encouraged to apply.

 

The Foundation that is championing entrepreneurship in Africa will host its Fifth Annual Forum on July 26 - 27, 2019. The funds will be provided during the two-day event that will take place at the Transcorp Hilton Hotel, Abuja.

 

By the close of entries, up to 216,025 applications had been received. Of these, over 3,000 were selected and Uganda had the second largest number after the host country Nigeria.

 

The successful applicants will be mentored, trained," said a statement from the Foundation.

 

This new generation of African business leaders, who are transforming Africa's economic trajectory, will come together at the culmination of the annual Tony Elumelu Foundation Entrepreneurship Programme. 

 

The Ugandans expected to participate at this event get a unique opportunity to meet, learn and network with the broader African and global entrepreneurship ecosystem.

 

 "The Forum provides an opportunity for stakeholders to make a commitment to advance entrepreneurship and scale up the impact of our entrepreneurs to accelerate the development of the continent," TEF CEO, Ifeyinwa Ugochukwu said.

 

Keynote speakers at the Forum include President Paul Kagame of Rwanda, President Macky Sall of Senegal. Present will be Tony O. Elumelu Founder and Chairman of Heirs Holdings and the United Bank for Africa (UBA).

 

"We are constantly inspired by the stories we receive from our entrepreneurs who are creating jobs, employing people and impacting their local communities and ultimately, the continent.

 

We believe that these entrepreneurs are our future. Invest in them now and reap the Africa of our dreams tomorrow. This is what we are committed to", said Ugochukwu.

 

The statement said the attendance of presidents at the Forum allows African entrepreneurs in attendance to engage with political leaders, to give first-hand testimony of the important role government can play in catalysing growth and encouraging business ambition.

 

The Forum agenda includes master classes and panel discussions with leading speakers and sector experts, from Africa and globally, who will engage attendees in specialised training sessions to share insights, deepen their knowledge and refine their skills.

 

The Forum will also feature a pitching event, where select entrepreneurs will deliver exciting presentations on the goods and services they provide to a distinguished judging panel.

 

The Forum will also bring together leading policymakers, business leaders, development agencies and the alumni of the Foundation's Entrepreneurship Programme.

 

At last year's forum TEFConnect was launched, a digital networking platform for African entrepreneurs, which provides a digital hub for the African entrepreneurship, facilitating networking, mentorship, and business beyond borders.

 

The Foundation has expressed determination to bring change in scale, across Africa and its relentless focus on entrepreneurship rooted in the inclusive philosophy of Africapitalism, created by its founder, which recognizes economically empowering Africa's youth the continent's future wealth creators and thereby creating sustainable economic and social wealth, as one of the most pressing issues of the 21st century.

 

In 2015, the Foundation committed $100 m (sh376b) to empower 10,000 entrepreneurs from across the continent, over 10 years.

 

The Foundation has so far funded, mentored and provided business management training to over 7,500 start-ups and small businesses from the 54 African countries.