In a groundbreaking move, the Harvard Business School, renowned for its prestigious graduate business programs, is set to illuminate the philanthropic achievements of the Tony Elumelu Foundation (TEF) in a first-of-its-kind case study. The study, marking an unprecedented focus on an African philanthropic organization, is scheduled for launch on Thursday, February 29, 2024, before a class of graduate students in Boston, Massachusetts.
The case study aims to delve into the unique approaches and transformative initiatives employed by the Tony Elumelu Foundation, showcasing how strategic philanthropy has been a catalyst for positive change, elevating countries and communities across Africa. This recognition by Harvard underscores the Foundation’s pivotal role in empowering young African entrepreneurs and positions it at the forefront of global discussions on transformative and catalytic philanthropy.
Noteworthy is the exclusive acknowledgment of Tony Elumelu, the Founder of TEF, and his economic philosophy of Africapitalism. This philosophy places the private sector, particularly entrepreneurs, as the driving force for social and economic development on the African continent.
The Tony Elumelu Foundation, a leading philanthropy, has been instrumental in empowering a new generation of African entrepreneurs, driving poverty eradication, catalyzing job creation across all 54 African countries, and promoting inclusive economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to 20,000 young African women and men. These entrepreneurs have collectively created over 400,000 direct and indirect jobs.
Tony Elumelu, reflecting on the impact of TEF on African youth, emphasized the Foundation’s role in creating economic hope and opportunity. He stated, “Through the intervention of the Tony Elumelu Foundation, we are encouraging our young people, giving them hope through the seed capital we provide, capacitating them through the training and mentoring we provide, and setting them up to create businesses that will succeed and create even more jobs. It’s all about transforming our society and making sure that we leave the society better than we met it.”
The Harvard Business School session is expected to provide a platform for thought leaders, scholars, and business enthusiasts to engage in meaningful discussions on the role of philanthropy in shaping sustainable and inclusive economies. The Tony Elumelu Foundation emerges as a beacon of hope, demonstrating how strategic philanthropy can drive positive change as the world grapples with complex challenges.