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Harvard Business School has released a case study examining the role and impact of the Tony Elumelu Foundation (TEF), Africa’s leading funder of young entrepreneurs, and its unique approach to catalysing entrepreneurship in Africa. This comes at a time of renewed geopolitical interest in Africa and an increasing questioning of traditional development finance models.
The Foundation has pioneered an innovative approach to seeding, capacitating, and networking young entrepreneurs across Africa. Drawing directly from Tony Elumelu’s entrepreneurial journey and his belief in the pivotal role of the private sector in Africa’s development, the Foundation has developed a bespoke infrastructure that reaches every country in Africa. The Foundation is a direct expression of Elumelu’s philosophy of Africapitalism, which posits that investment must seek social, as well as economic returns.
The case study, launched on Thursday, February 29, 2024, before a class of graduate students at Harvard Business School, is the first of its kind focused on African philanthropy. It explores the Foundation’s unique approaches and transformative initiatives, showcasing how the strategic philanthropy offered by TEF is driving positive change and elevating countries and communities.
The case study recognises the challenges the Foundation faces and its responses as it developed its mission since its founding in 2010. With over 20,000 entrepreneurs funded, over a million connected digitally, and the development of an impact assessment capacity, TEF’s track record is impressive. The Foundation has disbursed over USD$100 million, reaching every African country, and 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.
Tony Elumelu, who spoke at Harvard, 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.”
He added, “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 Harvard Business School session 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.
