Across the world, it is known that when you empower women, you empower nations. Yet, even though women form 50% of the global population and 40% of the workforce, women own only 1% of global wealth. Far fewer earning opportunities exist for women than men around the world leading to higher unemployment rates among women, even in educated and semi-educated demographics. As the father of five young daughters, I am especially concerned.
The statistics are alarming. Studies show that businesses owned by women tend to stay smaller for longer periods and experience slower growth rates. An estimated 70% of small and medium businesses owned by women in developing countries can’t access enough financing to grow – caused in part by shockingly low access to land and vital collateral required to secure institutional loans. For example, even though over 80% of the Nigerian farming workforce are women, less than 5% of landowners are women. In many cultures, women are barred from inheriting property – a key element of wealth transfer – which means that women are disproportionately excluded in wealth distribution and redistribution.
An overwhelming percentage of African women entrepreneurs acknowledge they struggle with a business management knowledge gap that reinforces a lack of investor confidence in women entrepreneurs on the continent where investors would rather invest in men, than in women. Our women are being left on the bench and are excluded from participating in the formal economy! As an #AfricanEntrepreneur of over 30 years with business investment across eight strategic sectors, I agree strongly with President Obama comments at the Global Entrepreneurship Summit last July where he stated, “If half of your team is not playing, you’ve got a problem. And in too many countries, half of the team — our women and girls — are not participating enough.”
In January of 2015, the Tony Elumelu Foundation launched the most comprehensive entrepreneurial ecosystem improvement program in Africa. With a personal financial commitment of $100 million, I pledged to change the entrepreneurial space on the continent by empowering 10,000 African entrepreneurs to create one million new jobs and drive $10 billion in revenue growth across Africa within the next decade. We set out to discover inspiring entrepreneurs from across the continent that embody the spirit of entrepreneurship that energizes them to dream, create and implement some of the most exciting business plans and ideas.
Successful applicants selected as Tony Elumelu Entrepreneurs on an annual basis will complete a rigorous 12-week online business training programme with active support from designated mentors, participate in the global Tony Elumelu Entrepreneurship forum and receive $5,000 in seed capital with the potential for an additional $5,000, depending on their initial success. The programme directly addresses some of the thorniest challenges to African startups – skills and capacity gaps, financial constraints and lack of access to mentoring. Following completion of the formal programme, the entrepreneurs stay connected to the Foundation and to each other through their lifetime membership in the Tony Elumelu Entrepreneurship Programme Alumni Network. We have set up Country Chapters in 51 African countries to support our entrepreneurs as they grow and expand their businesses.
Last year, the Tony Elumelu Entrepreneurship Programme received more than 20,000 applications from 51 countries in Africa. 24% of all applications submitted were from women; a troublingly low percentage in my opinion. This year, we have focused our communication efforts to target African women entrepreneurs to apply to #TEEP to get the training and the skills to run a business competitively and professionally, to tap into the networks and mentors that can make a world of difference in attaining success, and to access up to $10,000 in seed capital. We are encouraging outstanding young women who represent the promise of entrepreneurship in Africa to apply to #TEEP now. We believe that women are powerhouse entrepreneurs. And existing research backs our belief: research shows that when women entrepreneurs succeed, they drive economic growth and invest more back into their families and communities.
I am especially proud of the #TEEP women on our programme and I’d like to share a few success stories that have recently been featured in both local and international media. First, we have Joyce Awojoodu, from Nigeria, who launched a luxury botanically-based product line and spa clinic in Lagos, late last year. The brand, ORÍKÌ, caters to both men and women, and strictly utilizes only raw materials and natural ingredients sourced from within the continent. Joyce’s favourite part of the TEEP experience was our mentorship which she describes as “phenomenal” and “invaluable in an area of need for ORÍKÌ”. In her own words, “Each Tony Elumelu Entrepreneur was assigned a mentor and I couldn’t have asked for a better one. TEEP connected us and now the mentorship has continued and I know I always have an ear to share my thoughts about the business with and a person who also can offer advice.” Do read about her interview with Ventures Africa http://venturesafrica.com/young-afr……/
Next, we have Mavis Mduchwa from Botswana, an agribusiness entrepreneur and #TEEPWoman who was recently profiled by CNN. Mavis runs Chabana Farms, a poultry farm that provides training and work for unemployed young people, in addition to setting up the first animal feed manufacturing plant in her area. Even though agriculture accounts for 32 percent of Africa’s gross domestic product, and employs over 65 percent of its labour force, landownership and access to land remains a significant challenge for many farmers especially women. According to Mavis, “In Botswana, about 80% of people survive on agriculture, and many of those people are women, but for you as a woman to turn it into a business, you have a challenge of finding land.” Mavis has used the seed capital and training from the Tony Elumelu Entreprenuership Programme to find new ways to grow her operations. Read more about her on CNN http://edition.cnn.com/…/women-africa-farming-agriculture-…/
These are but two examples of over 200 #TEEPWomen entrepreneurs in our network. Are you inspired by their stories and the role #TEEP has played in their success? APPLY now to become one of them! http://tonyelumelufoundation.org/te…