This archive report was first published on 8 August 2019.
On August 8, 2019, the Tony Elumelu Foundation Entrepreneurship Forum announced that 3000 startups from 54 African countries would receive $5000 in seed capital, mentorship, and training.
Of these, 113 beneficiaries from Kenya would benefit from the programme, up from 74 the previous year.
The foundation received 216,000 applications, with 10,170 making it to the evaluation stage and 3,050 winners selected.
Majority of the applications came from Nigeria, Kenya, and Uganda, with most from the Sub-Saharan region.
Only 27 startups from Northern Africa were selected for the funding.
Startups in the agriculture sector benefited the most, with 26.4% receiving funding, followed by fashion and retail.
Healthcare, a critical sector for the continent's growth, was represented by only 3.8% of the beneficiaries.
During the event, the UBA Marketplace was unveiled, a platform for budding entrepreneurs to market their products and services.
President of the African Development Bank, Akinwumi Adesina, urged the private sector to invest in young people, seeing them as an asset rather than a liability.
African countries were urged to improve their business environments and invest in healthcare to support the growth of the continent.
