Onome Amuge
Amidst geopolitical uncertainty and shifting development finance landscapes, the Tony Elumelu Foundation (TEF) has forged a groundbreaking path for mentoring, resourcing, and networking young African entrepreneurs, earning recognition from the Harvard Business School.
A recent case study from Harvard Business School recently explored the innovative and transformative work of the TEF in catalysing entrepreneurship in Africa. The research university, in a case study, presented to a class of graduate students on February 29, 2024, provided a comprehensive look at the Tony Elumelu Foundation’s work, including its unique approach and transformative initiatives.Â
By showcasing the Foundation’s impact, the case study shed light on the power of strategic philanthropy to drive positive change and uplift entire communities. The case study also highlighted the importance of supporting and investing in Africa’s future.
The study showed that with growing interest in Africa’s potential, the TEF’s model offers a fresh perspective on how to drive economic development on the continent. Drawing on the experience of the TEF, the case study also provided valuable insights for organisations seeking to support entrepreneurs and build sustainable businesses in Africa.
Harvard Business School drew on Tony Elumelu’s own entrepreneurial experiences and insight that luck and chance played an important role in his success, noting that the foundation seeks to democratise luck by spreading opportunity equitably across the continent.Â
The case study also indicated that the Tony Elumelu Foundation’s philosophy of Africapitalism is a direct reflection of Tony Elumelu’s belief that Africa’s private sector has a pivotal role to play in the continent’s development, and that investment must pursue both social and economic returns.
While the case study focuses on the Tony Elumelu Foundation’s many successes, it also highlighted the challenges the organization has faced since its founding in 2010. Among these challenges are developing and implementing a clear mission, as well as building a strong network of partners and supporters.Â
Despite these challenges, the study noted that the Foundation has made impressive progress, having funded over 20,000 entrepreneurs and connected over a million people digitally. In addition, the Foundation has developed a rigorous impact assessment capacity, allowing it to effectively measure and demonstrate the impact of its work.
According to the case study, the Tony Elumelu Foundation’s impact extends far beyond its financial contributions. In addition to funding over $100 million worth of projects,and has collaborated with a variety of international partners to create bespoke initiatives that focus on fragile states, female entrepreneurs, and sustainable development. These partnerships,it stated, have allowed the Foundation to expand its reach and make a meaningful impact on communities across Africa.Â
In his remarks at Harvard Business School, Tony Elumelu, stressed the importance of entrepreneurship in addressing the twin challenges of youth unemployment and insecurity in Africa. He highlighted the crucial role that his brainchild, the Tony Elumelu Foundation has played in supporting African entrepreneurs and creating economic opportunities. Elumelu also expressed his belief that through collective effort, it is possible to address the challenges facing the continent.
The discussion at Harvard Business School provided a thought-provoking and inspiring discussion on the role of philanthropy in shaping sustainable and inclusive economies in Africa and beyond. The Tony Elumelu Foundation’s model was highlighted as a unique and effective approach to driving positive change through strategic philanthropy. The session also sparked a broader discussion on the need for more collaborative and innovative approaches to tackling global challenges.Â
