Spotlights
Role of African Philanthropy in Transforming the Development Agenda in Africa
At a time of renewed geopolitical interest in
Africa, and an increasing questioning of traditional development finance
models, Harvard Business School today released a case study examining the role
and impact of the Tony Elumelu Foundation (TEF), and its unique approach to
catalysing entrepreneurship in Africa.
The Foundation, Africa’s leading funder of young
entrepreneurs, has pioneered an innovative approach to seeding, capacitising
and networking young entrepreneurs across Africa. Drawing directly from Tony Elumelu’s entrepreneurial
journey, his acknowledgement 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. 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, 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 and explored 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 challenges the Foundation
faces, and its responses, as it developed its mission, since 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. TEF has
disbursed over USD$100 million, 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.
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.
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.
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