African business guru and philanthropist, Tony Elumelu present at an event organized by the Tony Elumelu Foundation and the Co-Creation Hub, announced his intention to increase to 50, the number of annual grants his foundation will make to kick off businesses that solve African challenges while providing sustainable returns.
He made announcement in the presence of the Minister of Communication Technology, Omobola Johnson and a gathering of young technology entrepreneurs who were there to listen to the inspiring stories of just three of the
Tony Elumelu, who is the Chairman of the pan African proprietary investment company Heirs Holdings and founder of the Tony Elumelu Foundation also lauded the entrepreneurs’ enthusiasm and commitment and outlined why the foundation was involved.
He said,“The early stage of a business is perhaps the most challenging period in the life cycle of an entrepreneur; yet it is also the most crucial in determining its sustainability and this is why we are providing support at this level. We are awarding early stage grants, not investment funding, designed to purely to provide or supplement seed money that one would typically raise from ‘friends or family’.