Entrepreneurs should be driven and success-hungry: Somachi chris-Asoluka, CEO, Tony Elumelu Foundation

Previously, Tony Elumelu Foundation’s Director of Partnerships and Communications, Somachi Chris-Asoluka, now, as CEO, scales the unique model of identifying, training, mentoring, and funding entrepreneurs through partnerships with global institutions, including the EU, UNDP, ICRC, USADF, OACPS, AFD, DEG, GIZ, AfDB, and Google. Also, Board Director, Treasurer, and Finance Board Committee Chairperson at WINGS, a global philanthropy support network, Somachi CHRIS-ASOLUKA, at a virtual media meeting, discussed the upcoming 2026 edition of its Entrepreneurship Programme, announcing the imminent selection of cohorts. She highlighted the Tony Elumelu Foundation’s ongoing support for its alumni, fostering their development to pivot Africa’s transformation from poverty to prosperity. Excerpts

Prologue:

The Tony Elumelu Foundation empowers young African entrepreneurs across all 54 African countries, recognising their unique capacity to create and scale businesses that generate jobs. Our mission is threefold: to empower entrepreneurs to create millions of jobs, eradicate poverty, and ensure inclusive economic empowerment. We aim to transform Africa from a continent associated with poverty to one of prosperity, ensuring equal participation in economic activity for women and people with disabilities and promoting equitable access to economic opportunity.Economic analysis reports

We support entrepreneurs holistically through comprehensive business management training, covering topics from financials and legal compliance to team building and market research. Recognising the importance of future technologies, we also provide training in artificial intelligence. For entrepreneurs in the green and agricultural sectors, we offer specialised green business management training, with a focus on climate resilience, helping them protect Africa’s climate despite the continent’s minimal contribution to climate change.
Since 2015, we have disbursed over $100 million to over 24,000 young African entrepreneurs. These entrepreneurs have created over 1.5 million direct and indirect jobs, generated over $4.2 billion in revenue, lifted 2.1 million people above the poverty line, and positively impacted 4.2 million households across Africa. These statistics demonstrate the impact of providing the right support and environment, including $5,000 non-returnable seed grants, training, mentorship, access to networks, and coaching.

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We also address the regulatory challenges entrepreneurs face through advocacy, leveraging our founder’s network to engage with heads of state and policymakers. This engagement aims to address issues like the high cost of alternative power, which can consume a significant portion of small businesses’ revenue, hindering their success. We advocate for improved infrastructure, such as road networks and electricity, to create a more conducive environment for entrepreneurs to thrive.Business directory listing.

Question: We’ve been following the Foundation and its activities over the years. What are the new things that we should expect this year?

Somachi: We have exciting news regarding our program this year. First, the gender breakdown is remarkable and reminiscent of a rare occurrence from our 12-year history. Second, we’ve selected entrepreneurs from all 54 African countries, a truly pan-African representation. Finally, the calibre and number of our partnerships are incredibly strong. The Tony Elumelu Foundation will disburse over $16 million to 3200 young African entrepreneurs through a program that includes training, funding, coaching, and mentoring. This will be done in four cohorts. The first cohort will be announced on Sunday. Subsequent cohorts will be in partnership with IKEA Foundation, UNICEF, Generation Unlimited, and the Dutch government; UNDP and the Rwanda Ministry of Arts and Youth; and the European Union, GIC, BMZ, and OACPS. These new partnerships are a testament to the programme’s growth. The numbers, geographical reach, and gender representation you’ll see on Sunday are new and exciting. Tune in to the live announcement on the Tony Elumelu Foundation YouTube page at 2 pm West Africa Time in English, Portuguese, Arabic, and French. A press conference will follow the live show for further questions about the data and demographics presented by Ernst & Young. Market intelligence reports.

Regarding application requirements: you don’t need an existing business to apply; 60% of our successful entrepreneurs applied with just ideas. We welcome both ideas and existing businesses under five years old. However, your application should demonstrate clear market research, scalability, visibility, and a clear path to profitability. We focus on for-profit ventures and encourage entrepreneurs to demonstrate how their businesses contribute to the Sustainable Development Goals (SDGs), as Africa needs to accelerate its progress toward the 2030 goals.

Entrepreneurship is a journey with highs and lows. If you aren’t selected on your first attempt, please reapply. Many entrepreneurs succeed on their second or third try. Reapplying allows you to refine your business plan. Don’t be discouraged if your name isn’t announced on Sunday; try again! Finally, among the nearly 300,000 applications received, the largest sectors represented are agriculture/agribusiness, retail, AI/ICT/tech, the green economy (waste, recycling), education, and healthcare. While applications are welcome from all sectors, these stood out in terms of volume.

Question: What specific gaps and opportunities has TF identified in Zambia’s entrepreneurial ecosystem that applicants should consider when designing their application proposals?

Somachi: While we appreciate Zambia’s participation, we aim to increase the number of young, ambitious Zambian entrepreneurs applying. We’ve seen incredible numbers from Uganda, Tanzania, and Kenya, and want to replicate that success in Zambia. Please help us rally more applicants. Entrepreneurs from all sectors are encouraged to apply; no single sector receives preferential treatment. Apply from the sector you’re most comfortable with.

Question: What are the criteria for the selection of the entrepreneurs?

Somachi: We assess proposals based on several key criteria: clarity of the business idea and demonstrated understanding of the problem being solved; sufficient market opportunity supported by thorough research; feasibility and long-term viability to ensure profitability; scalability beyond local communities to national and regional levels; capable founders who exhibit leadership experience (not necessarily professional, but demonstrated through community involvement) and the ability to combine strategy with resources to build thriving businesses; and finally, a clear contribution to the Sustainable Development Goals, positioning Africa for success by 2030.Business directory listing

Question: Can you share with us, Tony Elumelu Foundation’s impact in each African country and on your alumni?Market intelligence reports?

Answer: We have an impact breakdown and a TF faction breakdown that details each entrepreneur, the number of entrepreneurs, and the revenue and jobs created, organised country by country. This allows you to see the revenue and job creation numbers across all countries.

Question: Besides AI technology, what other innovations have you introduced? What’s your view of the future of entrepreneurship in Africa? Can you predict the future for us?

Somachi: We believe entrepreneurship will continue to drive Africa’s development. Guided by our founder’s philosophy of Africapitalism, which champions the African private sector’s leading role, the Tony Elumelu Foundation inspires, trains, and funds the next generation of African entrepreneurs. We aim to help SMEs grow into large businesses, investing in strategic sectors to generate both profit for shareholders and prosperity for stakeholders – Africapitalism in action. We foresee entrepreneurship expanding its role in Africa’s economic growth and sustainability, attracting increased global investment and attention. Just as Silicon Valley commands global interest, we envision African entrepreneurs demanding a greater share of the world’s resources and attention within the next few years. This is our vision for the continent, and why we are committed to young Africans.Economic analysis reports.

Question: Given the acknowledged rising costs, will you increase the award money? Which country presented the most challenges for awardees, specifically regarding regulations, and how did you assist them?

Somachi: While $5,000 may not build a factory, we believe it’s sufficient to launch an idea, prove its concept, rent space, and target initial customers. Therefore, the initial $5,000 grant remains unchanged. However, successful alumni can access further funding from our partners. For example, our partnership with the European Union enabled 100 top-performing women entrepreneurs to secure an additional €50,000 in funding and grants. We maintain a lifelong relationship with our entrepreneurs, offering ongoing training, access, and funding opportunities as their businesses grow. We also address challenges like infrastructure, advocating for necessary policy changes with Heads of state and policymakers to ensure fair and equitable regulations.

Question: How has the foundation followed up with past beneficiaries since 2015 to ensure they are successful and impactful, and, achieving the.objectives, especially poverty reduction in Africa?

Somachi: Monitoring and evaluation are crucial to the Tony Elumelu Foundation’s work. We track funded entrepreneurs from the initial funding stage and for two years afterward, as their businesses grow across Africa. While only 10% of entrepreneurs typically survive after five years, our program boasts a 77.5% success rate. This means 7.5 out of every 10 entrepreneurs we fund are still thriving five years after our intervention—a remarkable statistic for the African continent. This success is due to our combination of training, mentoring, coaching, funding, and access. While a small percentage of entrepreneurs discontinue their businesses, most return to professional employment. We consider this a success, as our goal is the meaningful economic engagement of young Africans, whether through entrepreneurship or applying our training in their careers. Africa also needs skilled professionals, and if our entrepreneurs leverage their business experience for senior-level positions they wouldn’t have otherwise attained, we view that as a positive outcome. Therefore, while 7.5 of our entrepreneurs remain in business and profitable after five years, we also acknowledge the success of those who transitioned back into professional careers.

Question: In Cameroon, many entrepreneurs struggle after spending $5,000. What structures does TEF have in place to ensure these businesses survive within the first year?Business directory listing.

Somachi: Alumni who demonstrate proof of concept to the $5000 level and whose businesses are scaling are eligible for additional Foundation funding.

Question: What sectors do Sierra Leonean beneficiaries participate in? Are there plans to increase investment support for smaller markets like Sierra Leone? What specific opportunities exist to amplify self-success and growth?

Somachi: The fact sheet details the number of Sierra Leonean entrepreneurs, their job creation, and revenue generation. While the initial $5,000 investment remains, entrepreneurs gain access to larger grants from our partners as they scale and validate their concepts. For advocates like you, we encourage continued awareness and ongoing communication with us.

Question: As you mentioned, inadequate electricity supply is a key challenge for SMEs in Africa. Does the foundation partner with the government to address this issue?

Somachi: Electricity challenges are widespread in Africa, including Nigeria. While we don’t create policies or regulations, we actively engage with leaders, providing data, research, and insights to address entrepreneurs’ challenges and foster better environments. In Nigeria, Tony Elumelu, through Transcorp Power, generates over 30% of the nation’s electricity. Understanding the critical need for power in businesses, classrooms, hospitals, workplaces, and factories, he has heavily invested in energy generation. Furthermore, AEDC, another of our companies, is involved in electricity distribution, ensuring comprehensive power solutions.Nigeria political analysis.

Question: How can young Africans emulate Tony’s success?

Somachi: Mr. Elumelu advises entrepreneurs to remain hungry and driven, understanding that short-term successes should fuel long-term impact. Entrepreneurship is a non-linear journey with inevitable setbacks. Successful entrepreneurs differentiate themselves through resilience, viewing setbacks as temporary constraints rather than permanent failures, maintaining their hard work, determination, and commitment to long-term goals. Entrepreneurs are encouraged to adopt this resilient mindset to thrive.

Question: How do you encourage women to apply to the TEF programme?

Somachi: When our programme began in 2015, women comprised only 22% of participants, a disparity we aimed to correct. We investigated the reasons for this imbalance, finding that women were underrepresented in entrepreneurship and faced challenges balancing training with household responsibilities. To address the representation issue, we showcased successful women entrepreneurs as role models in advertising, media, and community roadshows. These women’s stories encouraged others to apply, demonstrating that success was attainable. To accommodate women’s schedules, we adjusted the business management training, offering flexible hours over 12 weeks. Finally, we consistently advocated for women entrepreneurs in our communications, assuring them of our support despite potential past rejections from other institutions. These efforts resulted in a significant shift, with women now representing 48% of our alumni, nearly achieving gender parity.