As Africa receives renewed geopolitical interest and traditional models of development finance are increasingly challenged, Harvard Business School today released a case study examining the role and the impact of the Tony Elumelu Foundation (TEF) and its unique approach to catalyzing entrepreneurship in Africa.
The Foundation, the leading funder of young entrepreneurs in Africa, has pioneered an innovative approach to seeding, empowering and networking young entrepreneurs across Africa. Taking direct inspiration from the entrepreneurial journey of Tony Elumelu, who recognizes that luck and chance played an important role in his success, the Foundation democratizes luck, spreads opportunities, in a sector-independent approach, and has developed an infrastructure tailor-made which reaches all African countries. The Foundation is a direct expression of Elumelu’s philosophy of Africapitalism, which states that the private sector must play a central role in Africa’s development and that investment must seek social and economic returns.
The case study, the first of its kind focused on African philanthropy, was launched today, Thursday, February 29, 2024, in front of a class of Harvard Business School graduate students and explored the unique approaches and transformative initiatives of the Foundation, showing how the strategic philanthropy offered by TEF drives positive change and uplifts countries and communities.
The case study recognizes the challenges the Foundation faces and the responses it has made in developing its mission since its creation in 2010. The track record is impressive, with more than 20,000 entrepreneurs funded, more than one million digitally connected and the development of an impact evaluation capacity. TEF has disbursed more than $100 million, reaching all African countries. The Foundation is increasingly developing a partnership-based approach, working with institutions such as the EU, US agencies, UNDP, ICRC, Ikea Foundation and others to develop tailored programs focused on fragile states, women entrepreneurs and sustainability initiatives.
Tony Elumelu, speaking at Harvard, said: “TEF creates hope and economic opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth unemployment and precariousness. Thanks to the intervention of the Foundation, we are transforming our young people, we are giving them hope. Collectively, we can all solve the challenges we face on the continent.
It is wonderful to have had the opportunity to work with HBS, to highlight our successes, to recognize the challenges we have sometimes faced and to provide an opportunity to share our experience, for the benefit of others.
The Harvard Business School session provided an opportunity to engage in a constructive discussion on the role of philanthropy in shaping sustainable and inclusive economies. As the world grapples with complex challenges related to demographics, climate and sustainability, the Tony Elumelu Foundation model offers a fascinating model of how strategic philanthropy can be a driving force for positive change .