Tony Elumelu Foundation Empowers 20,000 African Startups with $5,000 Seed Fund
In a bid to boost Africa’s entrepreneurial ecosystem, the Tony Elumelu Foundation, in partnership with Heirs Holdings, has provided $5,000 in seed capital to 20,000 young African entrepreneurs.
This initiative aims to spur economic growth and address pressing challenges such as unemployment and infrastructure deficits across the continent.
Speaking at the Future Investment Initiative New Africa Summit in Saudi Arabia, Tony Elumelu, Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, emphasised the critical role of entrepreneurship in Africa’s development. “In demonstrating Africapitalism, our group, Heirs Holdings, partners with the Tony Elumelu Foundation… to empower young African entrepreneurs with $5,000 in non-refundable seed capital, world-class mentorship, and business training,” Elumelu stated.
Elumelu, a staunch advocate for Africapitalism – the idea that Africa’s private sector must lead economic development – highlighted the foundation’s impressive track record. “To date, we have empowered 20,000 young men and women who have gone on to create 400,000 direct and indirect jobs – this is our way of changing Africa.”
However, Elumelu cautioned that access to capital alone is insufficient. “If you want to develop, you must improve access to electricity, reform taxation systems, and create policies that ease challenges for entrepreneurs to succeed,” he emphasised.
Elumelu stressed the importance of strategic private-public partnerships in fostering an enabling environment for businesses to thrive. “Too often, entrepreneurs are stifled,” he noted, urging governments to create conducive conditions for entrepreneurship.
The Tony Elumelu Foundation’s commitment to empowering African entrepreneurs has yielded tangible results, with 20,000 startups already benefiting from the program. Elumelu remains optimistic about Africa’s potential, asserting that the continent can harness its strengths to transform challenges into opportunities, ultimately leading to sustainable economic growth.
“In Africa, we have the talent, the resource, and the will to transform our challenges into opportunities,” Elumelu concluded, commending Richard Attias, CEO of the FII Institute, for providing a platform to amplify Africa’s voice on the global stage.