With a mission to assist technology start-ups in solving more local problems, The Tony Elumelu Foundation (TEF) is upgrading its commitment for Seed Funding to Tech Startups in Nigeria through the ccHub. The Founder, Tony Elumelu said, “the foundation will increase the number of annual grants made available to start-ups who develop local content applications, which solve Africa’s challenges, from 20 to 50.”
“I strongly believe that we can do well in business whilst doing good for Africa. This is the essence of Africapitalism and these are the next generation of Africapitalists who will move Africa forward. We want to move them to a stage where investors can seriously consider them.” He also added that, “With the level of talent I see at the ccHub, there is no reason why the next Bill Gates or Steve Jobs cannot come out of Africa.”
TEF provides a seed funding of $5000 to each qualified start-up to support their ventures at a very early stage.