Washington, D. C. – Harvard Business School has released a case study examining the Tony Elumelu Foundation (TEF), a leading African philanthropic organization that supports young entrepreneurs. The study, presented to graduate students on February 29, 2024, explores TEF’s innovative approach to entrepreneurship in Africa, which has been instrumental in seeding, capacitating, and networking entrepreneurs across the continent.
Founded in 2010, TEF has been a direct expression of founder Tony Elumelu’s philosophy of Africapitalism, which posits that the private sector must play a central role in Africa’s development, seeking both social and economic returns. The Foundation’s unique model has led to the funding of over 20,000 entrepreneurs, connecting more than a million digitally, and the development of an impact assessment capacity.
The case study acknowledges the challenges faced by TEF and its responses as it continues to evolve its mission. It also highlights the Foundation’s partnership-based approach, collaborating with international institutions to develop programs focused on fragile states, female entrepreneurs, and sustainability initiatives.
During a session at Harvard, Tony Elumelu spoke about the Foundation’s efforts in creating economic opportunities for African entrepreneurs and addressing issues like youth unemployment and insecurity. The event provided a platform for discussing the role of philanthropy in shaping sustainable and inclusive economies, with the TEF model offering insights into the potential of strategic philanthropy to drive positive change.
