The Tony Elumelu $100 million entrepreneurship initiative goes live

Nigerian billionare, Tony Elumelu has officially launched his US$100 million pan-African entrepreneurship initiative.

The initiative known as the Tony Elumelu Foundation Entrepreneurship Program (TEEP) went live yesterday – January 1, 2015 was opened for business ideas submissions and entries from applicants across Africa via its online application portal.

It provides training, seed capital and mentoring and is primarily designed to empower the next generation of African entrepreneurs because according to Elumelu, “the private sector in Africa and entrepreneurs in particular have an important role to play in the growth and transformation of the continent.”

According to Elumelu, there is a need “to relentlessly create and nurture African entrepreneurs” given the numerous challenges on the continent which include: limited access to finance, electricity, and to the markets.

Read more: Forbes