The Tony Elumelu Foundation (TEF) is set to unveil its 2026 entrepreneurship cohort after receiving more than 265,000 applications from all 54 African countries, a record that strongly reflects the continent’s growing entrepreneurial drive and, at the same time, exposes the urgent need for accessible early-stage funding.
This overwhelming response positions the programme not just as a funding opportunity, but as a critical pipeline for young Africans seeking to build sustainable businesses in challenging economic environments. It also reinforces TEF’s role as a leading force in shaping Africa’s entrepreneurial future.
Applications for the 12th cohort cut across key sectors such as agriculture, artificial intelligence, healthcare, and the green economy, highlighting where innovation and opportunity are most active across the continent. These sectors continue to attract young founders who are not only building businesses, but also solving real social and economic problems within their communities.
In 2026, the Foundation will empower 3,200 entrepreneurs through a mix of its core programme and strategic partnerships with global institutions including the European Commission, UNDP, GIZ, and the IKEA Foundation. This expansion reflects a growing recognition among international partners that African entrepreneurs are central to driving inclusive growth.
Each selected entrepreneur will receive $5,000 in non-refundable seed capital, alongside access to structured business training on TEFConnect, one-on-one mentorship, and a wide network of investors and collaborators. The selection process, conducted independently by Ernst & Young, ensures credibility and transparency in identifying the most promising ventures.
Speaking ahead of the announcement, Founder Tony Elumelu emphasised the long-term vision behind the initiative. “The future of Africa will be built by Africans who create businesses, generate jobs and solve the challenges of our continent,” he said. “At the Tony Elumelu Foundation, we believe that empowering entrepreneurs is the most sustainable path to Africa’s economic transformation.”
The scale of interest this year also underscores a deeper issue—limited access to startup capital for young Africans with viable ideas. While the Foundation plans to disburse $16 million across its programmes in 2026, demand continues to far exceed available funding, pointing to a broader financing gap across the continent.
Since its inception, TEF has trained over 2.5 million young Africans and disbursed more than $100 million to over 24,000 entrepreneurs. These businesses have collectively generated $4.2 billion in revenue and created over 1.5 million jobs, demonstrating the tangible impact of targeted entrepreneurial support.
Elumelu added, “I look forward to announcing and congratulating the 2026 cohort of Tony Elumelu Entrepreneurs and look forward to witnessing the impact they will create across our continent.”
