MISLEADING SOCIAL NETWORK COMMENT
Our attention has been drawn to recent comments on a certain social network, concerning non-payment of seed capital to entrepreneurs. We understand these comments do not originate from our alumni and we believe there is no basis to the claims.
From the outset, we have constructed robust, transparent, and objective delivery methodologies, including the use of external partners, initially Accenture and now Deloitte, to conduct our selection process. In six years, our flagship programme and recent partner programmes have funded 9,038 entrepreneurs, disbursing US$38,940,000 in non-returnable seed capital, across all 54 African countries, in a selection process that has involved to-date, a total of 807,916 applicants.
In addition, we have spent significant sums on research, training, mentoring, convening and technology. We meticulously audit disbursements in order to ensure all entrepreneurs who have completed the training programme, submitted all mandatory due diligence documents and valid banking details, receive their seed capital grant and count among the 9,038 entrepreneurs funded to date.
As part of a significant upgrade to our unique TEFConnect digital platform, we are identifying ways of further ensuring that data and methodologies are available to monitor the status of all entrepreneurs who participate in the programme. This, in turn, will assist impact measurement and academic research into the catalytic role entrepreneurship plays in Africa’s economic transformation.
Ifeyinwa Ugochukwu
Chief Executive Officer
The Tony Elumelu Foundation
