By Olusegun Olanrewaju
In the face of renewed geopolitical interest in Africa, as well as increasing questioning of traditional development finance models, the Harvard Business School (HBS) has released a case study examining the role and impact of the Tony Elumelu Foundation (TEF) and its unique approach to catalysing entrepreneurship on the continent.
The Foundation, Africa’s leading funder of young entrepreneurs, has pioneered an innovative approach to seeding, capacitising, and networking of young entrepreneurs across Africa.
Drawing directly from Tony Elumelu’s entrepreneurial journey, including his acknowledgment that luck and chance played an important role in his success, the Foundation democratises luck, spreads opportunity, in a sector-agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa.
According to the promoters, the Foundation is a direct expression of Elumelu’s philosophy of Africapitalism, ”that the private sector must play a pivotal role in Africa’s development, and that investment must seek social, as well as economic returns”.
The case study, described by the HBS as the first of its kind, focused on African philanthropy, was launched today, Thursday, February 29, 2024, before a class of graduate students at Harvard Business School.
It explored the Foundation’s unique approaches and transformative initiatives, showcasing how the strategic philanthropy offered by TEF has been driving positive change and elevating countries and communities.
”The case study recognises challenges the Foundation faces, and its responses, as it developed its mission, since its founding in 2010.
”The track record is impressive, with over 20,000 entrepreneurs funded, over a million connected digitally, and the development of an impact assessment capacity.”
As a corollary, TEF says it has disbursed over $100m, reaching every African country.
”The Foundation is increasingly developing a partnership-based approach, working with institutions such as the EU, US agencies, the UNDP, the ICRC, the Ikea Foundation, and others to develop bespoke programmes focused on fragile states, female entrepreneurs, and sustainability initiatives.”
Speaking at Harvard, Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs.
”We know that entrepreneurship is the solution to youth unemployment and insecurity. Through the intervention of the Foundation, we are transforming our young people, giving them hope. Collectively, all of us can resolve the challenges that we have on the continent.
”It is wonderful to have had the opportunity to work with HBS, to spotlight our successes, acknowledge the challenges that we have at times faced, and provide the opportunity to spread our experience, for the benefit of others.”
The HBS, he added, “Provided an opportunity to engage in a meaningful discussion on the role of philanthropy in shaping sustainable and inclusive economies.
”As the world grapples with complex challenges around 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.”
