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Tips - October 7, 2022

5 Major Grants to Expect as an Entrepreneur in 2023

The lack of business funding has led to the death of many exceptional ideas and businesses in Africa. This need for capital for economic development has given birth to different organisations that give grants to entrepreneurs with extraordinary ideas.

Since the place of capital cannot be overemphasised, the efforts from the different organisations has gradually increased the number of startups and funds. According to The Big Deal report, in the third quarter of 2022, startups raised more than $4 billion. This is the fastest the country has recorded since 2019.

Although the funds are gradually increasing, some entrepreneurs are yet to find one. This is because they are oblivious to some of the available capital alternatives. If you fall in this category, there are grants you should watch out for in 2023 as an entrepreneur. 

Tony Elumelu Foundation (TEF) 

The Tony Elumelu Foundation (TEF) was founded in 2010 by the founder and Group Chairman of the United Bank of Africa (UBA). TEF believes the private sector is the key to unlocking and developing Africa’s economic potential. This has seen the foundation invest in young entrepreneurs by empowering them with needed funds. 

The founder, Tony Elumelu, said, “As an entrepreneur myself, I understand what it feels like to yearn for a lifeline, to hope for a ‘big break’, to look forward to enjoying some luck.”

Elumelu and his family pledged $100 million in 2015 to develop an entrepreneurial program that will empower 10,000 Africans for ten years through training, mentoring, funding, and market connections. They aimed to encourage sustainable economic growth through these entrepreneurs, who would then go on to generate more than $10 billion and establish about 1 million new employment. 

With this vision and mission, TEF has empowered 15,847 young African entrepreneurs in all 54 African countries. Although the 2022 TEF application has closed, it usually comes up between January to March every year.

Africa’s Business Heroes

Africa’s Business Heroes (ABH) was created by Jack Ma, the founder of Alibaba. It is a flagship philanthropic program of the Jack Ma Foundation to support African entrepreneurs. The foundation aims to promote African entrepreneurship by encouraging and developing local talent who make a positive difference in their countries.

The fund is available to entrepreneurs from all 54 African countries. The top 10 finalists will share $1.5 million in grants. The application always opens in March, so watch out for it in 2023 if you have what it takes.

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GroFin Fund

GroFin Fund is one of the grants available for Nigerian entrepreneurs. The organisation gives grants to entrepreneurs focusing on small and medium enterprises (SMEs). This is intended to empower SMEs to create sustainable jobs to promote social and economic development.

To date, the organisation has invested in 768 SMEs, supported 10,180 entrepreneurs and approved $366 million in business funds. 

Womenpreneur Pitch-a-ton Africa

Womenpreneur Pitch-a-ton Africa is an Access bank W initiative and the first of its kind women-in-business support initiative in the industry. Founded in 2019, the foundation provides a free mini-MBA certification to 50 women entrepreneurs and grants to the best five applicants. 

In the just concluded applications, the number of mini-MBA certifications increased from 50 to 100 women, and the price rose to N16 million. Although the application section has closed for 2022, watch out for the next one by June.

Africa’s Social Innovators Programme

Social Innovators Programme (SIP) is an initiative and programme of Leap Africa. It encourages youth social entrepreneurship and innovation. Through the foundation, the group has graduated 136 graduates from the fellowship and has attracted more than $ 4 million in funds.

With funds from partners such as Union bank and Nigerian breweries, Leap Africa, through SIP, equips, empowers and showcases young changemakers with skills and practical tools for building sustainable enterprises.

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