TEF Seed Fund : 65 Cameroonian Beneficiaries Already

Some 65 Cameroonian entrepreneurs have so far benefited from the Tony Elumelu Foundation (TEF) Entrepreneurship Programme which seeks to incubate a new breed of entrepreneurs who can themselves become catalyst for further entrepreneurial-led growth. Just in its third edition, the decade-long philanthropic programme of Nigerian businessman Tony O. Elumelu still has $70 million (over FCFA 38 billion) to dole out to Cameroonian and other African entrepreneurs. According to the Chief Operating Officer of TEF, Owen Omogiafo, on the average, each entrepreneur has created about 20 direct jobs and 60 indirect jobs.

Of the 1,000 entrepreneurs retained each year from across the continent, we learned Cameroon had 19 in 2015, 25 in 2016 and 21 this year. As such, the seed fund from TEF has enabled the Cameroonian entrepreneurs to create on an average, 1,300 direct jobs and 3,900 indirect jobs, giving an approximate total of 5,200 jobs. The figures are even more startling at the continental level – 160,000 jobs. Each year, once entrepreneurs are selected, they are trained and mentored to develop a business plan; giving them eligibility to receive up to $10,000 (about FCFA 5.5 million) in seed capital to develop their business concepts. This year, some 16 male and five female Cameroonian entrepreneurs are amongst the cohort. Cameroon is amongst the ten top participating countries, with a percentage of 2.7.

Cameroonian entrepreneurs are engaged in farming, agribusiness, commerce a...