The Tony Elumelu Foundation, Funding African Entrepreneurs

Still on the Global Entrepreneurship Summit (GES), which took place in Kenya about two weeks ago, here is yet another notable development that made rounds in that epoch making event, which took place in Africa for the first time. It is the great work that the Tony Elumelu Foundation is doing in furtherance of the raising of African entrepreneurs. This is as reported by the foundation.

“The Tony Elumelu Foundation said FINANCE, INFRASTRUCTURE and INADEQUATE RESOURCE CENTERS are the major impediments affecting

entrepreneurial development in Africa. The Africapitalism Institute of the foundation in a report of its survey on the business climate of the continent revealed disclosed this on Monday in Lagos. The report was presented at the sixth Global Entrepreneurship Summit in Kenya where President Barrack Obama gave the keynote address. The 86-page report, titled “Unleashing Africa’s Entrepreneurs” seeks to understand the distinctive constraints encountered by Africa’s entrepreneurs and proffering solutions to public sector leaders for action.

It said that the challenges inhibit the potential viability and competitiveness of entrepreneurial endeavors in the continent. According to the report, 87 per cent of respondents indicated access to seed capital as a constraint, three per cent had commercial bank loan, while 69 per cent used personal savings to finance their business. Access to machinery, raw materials, office space was cited by 53 per cent of entrepreneurs while 63 per cent advocated for improved infrastructure to mitigate operational cost and boost their competitiveness. Eighty-two per cent of the respondents said that access to a business resource center was vital to business, while 66 per cent revealed current participation in a business incubator programme.

Mr Tony Elumelu, Chairman of Heirs Holdings said that entrepreneurship was the key to unlocking the abundance of untapped human potential across Africa. “That is why I have endowed the Tony Elumelu Entrepreneurship Programme with 100 million dollars in an effort to empower 10,000 entrepreneurs throughout Africa over the next 10 years,” he said.

The report’s insights were gained from surveys provided to the 20,000 emerging entrepreneurs from 54 African countries and territories in the Tony Elumelu Entrepreneurship Network. The resulting set of data is the world’s largest and most diverse assessment of entrepreneurship from the perspective of emerging African entrepreneurs themselves.”

If we were in a gathering, I would have said this is a good place to clap, especially if you are an aspiring or active entrepreneur in Africa. So ahead then, and take advantage."

If we were in a gathering, I would have said this a good place to clap, especially if you are an aspiring or active entrepreneur in Africa. So why not look up the foundation and take a chance; you could just be up next.