TEF Expands Continental Impact with 3,200 New Entrepreneurs in 2026 Cohort

Olufemi Adeyemi

A new milestone in Africa’s entrepreneurship landscape is unfolding as the Tony Elumelu Foundation (TEF) unveils 3,200 young entrepreneurs selected for its 2026 cohort—one of its largest and most inclusive intakes to date. The development signals a strategic push to strengthen Africa’s economic future by equipping emerging business leaders with the tools needed to compete in an increasingly digital and sustainability-driven global market.

At a pre-announcement virtual media session, the Foundation’s Chief Executive Officer, Somachi Chris-Asoluka, described the selection as a defining moment in TEF’s 12-year journey. She highlighted that this year’s cohort stands out not just for its size, but for its diversity—cutting across gender lines and reaching entrepreneurs in even the most underserved regions of the continent.

According to Chris-Asoluka, the diversity of the selected entrepreneurs reinforces the Foundation’s commitment to ensuring equal opportunity across Africa. She emphasised that the programme continues to expand its reach so that no aspiring entrepreneur is excluded based on location or background.

Adapting to a Changing Global Economy

A defining feature of the 2026 programme is its alignment with emerging global economic trends. TEF has introduced a strong focus on artificial intelligence (AI) integration and climate resilience, equipping participants with the knowledge required to remain competitive in a rapidly evolving marketplace.

Chris-Asoluka explained that businesses can no longer afford to ignore AI, noting that the Foundation has embedded “AI thinking” into its training model. In addition, entrepreneurs are receiving specialised Green Business Management training to help them build sustainable and environmentally responsible enterprises.

She stressed that this strategic direction is rooted in the belief that entrepreneurs are central to solving Africa’s unemployment challenge. By harnessing innovation and local talent, TEF aims to catalyse job creation at scale while advancing its Africapitalism philosophy, which positions the private sector as a driver of social and economic development.

Structure, Partnerships, and Support Systems

The 2026 cohort will be managed in four distinct groups, enabling more targeted support and efficient programme delivery. This year’s initiative is backed by a range of global partners, including the United Nations Development Programme, the Dutch Government, and Young Africa Unlimited, reflecting an increasingly collaborative and scaled approach to entrepreneurship development.

Each selected entrepreneur will receive a $5,000 non-refundable seed grant, alongside mentorship and access to TEF’s extensive alumni network. This long-term support framework has become a hallmark of the Foundation’s approach, ensuring that beneficiaries are guided beyond the early stages of their ventures.

Internal monitoring data from the Foundation indicates a 75 per cent survival rate for funded startups after five years—substantially higher than global averages. Chris-Asoluka attributed this to TEF’s holistic model, which prioritises continuous engagement rather than one-time financial assistance.

“We don’t just provide funding and step away,” she noted, emphasising the Foundation’s commitment to nurturing entrepreneurs into large-scale enterprises capable of driving economic prosperity.

Driving Policy Engagement and Systemic Change

Beyond direct support, TEF continues to play an active advocacy role by connecting entrepreneurs with policymakers to address systemic challenges. Issues such as unreliable electricity, inadequate road infrastructure, and burdensome tax systems remain key barriers to business growth across Africa.

Chris-Asoluka highlighted the unsustainable cost burden on small businesses that rely heavily on generators for power, stressing the need for coordinated policy solutions. Through its advocacy efforts, the Foundation works to ensure that governments better understand and respond to the needs of entrepreneurs.

Measurable Impact Across Africa

Since the launch of its flagship Entrepreneurship Programme in 2015, TEF has built an extensive track record of impact across all 54 African countries. The Foundation has disbursed over $100 million in seed capital to more than 24,000 young entrepreneurs aged between 18 and 36.

Collectively, these businesses have generated over $4.2 billion in revenue and created approximately 1.5 million direct and indirect jobs. The ripple effects have been substantial, with more than 2.1 million Africans lifted out of poverty and over 4 million households positively impacted.

In addition to direct funding, TEF has expanded access to knowledge through its digital platform, TEFConnect, which has provided training opportunities to more than 2.5 million Africans.

Encouraging Persistence and Shaping Narratives

While celebrating the achievements of the 2026 cohort, the Foundation also encouraged unsuccessful applicants to remain persistent. Data shows that nearly 30 per cent of TEF’s most successful alumni were admitted only after applying multiple times.

Chris-Asoluka also called on the media to play a more active role in reshaping global perceptions of Africa. By amplifying success stories of local businesses, she argued, stakeholders can help shift the narrative from one centred on poverty to one defined by innovation and opportunity.

She concluded by describing the newly selected entrepreneurs as more than business owners, positioning them instead as the future leaders of Africa’s private sector—individuals who will drive the continent’s transition into an era defined by artificial intelligence and green economic growth.