The pandemic highlighted the importance of entrepreneurship in driving economic growth and innovation on the continent. Many African entrepreneurs stepped up to provide essential goods and services, during and after the pandemic, such as personal protective equipment (PPEs), hand sanitizers, and various other medical supplies. They have also adapted to the changing market conditions, such as pivoting to e-commerce platforms to reach customers and shifting their business models to focus on more pandemic-related products and services.

However, these very same young African entrepreneurs are yet to fully overcome the following barriers that have been exacerbated by the COVID-19 pandemic. They include:

• Limited access to funding: The pandemic has made it more difficult for young entrepreneurs in Africa to access funding. Many investors and financial institutions have become more risk-averse due to the economic uncertainty caused by the pandemic. This has made it harder for young entrepreneurs to secure the much-needed capital that they need to start or grow their businesses.

• Disruption of supply chains: The pandemic disrupted supply chains globally, making it harder for young entrepreneurs in Africa to import and export goods due to some restrictions that have been put in place. This has also made it harder for them to source the materials and products they need to manufacture their products, and to reach their customers.

• Reduced demand for goods and services: The pandemic has led to a significant reduction in demand for many goods and services, particularly those that are not considered essential as people have been forced to cut back on their spending due to job losses and economic uncertainties. This has impacted young entrepreneurs in Africa who may be operating in industries that have been affected by the reduced demand. This has also affected the marketing efforts of many young entrepreneurs in Africa, who have had to find new ways to reach their customers.

• Closure of businesses: Many businesses in Africa have been forced to close, as they were unable to recover from the financial/ operational disruption due to the pandemic.It has also impacted young entrepreneurs who may have been relying on these businesses as suppliers or customers.

• Changes in consumer behaviour: The pandemic has led to seemingly permanent changes in consumer behaviour, with many people still preferring to shop online rather than in-person. This has created opportunities for young entrepreneurs who have been able to pivot their businesses to focus on e-commerce. However, it has also created challenges for those who have not been able to adapt to these changes.

• Increased need for innovation: The pandemic increased the need for innovation globally, particularly  for young entrepreneurs in Africa who have been able to innovate and adapt to the changing environment, as they are able to continue operating and even scale their businesses.

• Economic downturn: The pandemic has caused a significant economic downturn in Africa, with many businesses struggling to stay afloat. This has affected the ability of young entrepreneurs to secure funding and access other resources they need to start and grow their businesses.

Despite the challenges brought about by the pandemic, there have been positive developments and opportunities for youth entrepreneurship in Africa such as;

• Boost in online sales: The pandemic has accelerated the shift towards online shopping, presenting an opportunity for young entrepreneurs in Africa to reach a wider audience and expand their businesses through e-commerce platforms.

• Innovation: The pandemic has forced young entrepreneurs in Africa to be more innovative in their approach to business. Many have had to pivot their business models to adapt to the new reality and find new ways to generate revenue.

• New markets: The pandemic has created new markets for young entrepreneurs in Africa, as people have started to focus more on locally sourced products and services. This has created an opportunity for young entrepreneurs to showcase their products and services and build a customer base.

• Diversified  funding pool: The pandemic has led to an increase in funding opportunities for young entrepreneurs in Africa, as governments and other organizations have recognized the importance of supporting youth entrepreneurship during this difficult time.

• Increased government support for youth entrepreneurship: With many governments providing funding and other forms of support to help young entrepreneurs overcome the challenges they face.

• Increased collaboration: We see a surge of collaborative activities among young entrepreneurs in Africa, as many are coming together to share ideas and resources.

Having observed the aftermath of the Covid-19 pandemic on African entrepreneurs some of whom resorted to extreme measures to adapt to the changing environment, there was a  surge in support from the public and private sector, one of which is the Tony Elumelu Foundation, to come forward, collaborate, and empower these young entrepreneurs.

Governments and International organizations need to provide more support to African entrepreneurs. This can include financial empowerment, such as grants, and improving infrastructure and access to markets.

While the COVID-19 pandemic presented significant challenges for African entrepreneurship, many African entrepreneurs have adapted and found innovative ways to respond to the pandemic. To ensure the long-term success of African entrepreneurship, governments and international organizations need to provide African entrepreneurs with sustainable support that promotes self-reliance and equips them to overcome the structural challenges affecting their businesses.

The post <strong>COVID 19 on Youth Entrepreneurship in Africa: A Blessing in Disguise?</strong> appeared first on The Tony Elumelu Foundation.

The potential for youth-led innovation to address pressing social, economic and environmental challenges in Africa is immense. With over 60% of the African population below the age of 25, the continent is home to a vibrant and dynamic youth population that is increasingly turning to entrepreneurship and innovation to tackle some of the most pressing challenges facing their communities and the world at large.

The Tony Elumelu Foundation (TEF) recognizes the potential of youth-led innovation to address social, economic, and environmental challenges in Africa. Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme (TEFEP), the Foundation has empowered over 18,000 African entrepreneurs across the continent, providing funding, training, and mentorship to help them launch and grow their businesses.

One of the keyways that the Foundation is promoting youth-led innovation in Africa is through its flagship programme, the Tony Elumelu Entrepreneurship Programme (TEFEP). It is a 10-year, $100 million initiative that provides funding, training, mentorship, and networking opportunities to young entrepreneurs across Africa. Over the years, the Foundation has empowered over 16,400 youth between the ages of 18 and 36, which accounts for about 91% of the entrepreneurs who have been supported since the launch of the TEF Entrepreneurship Programme.

TEFEP has been highly successful in promoting youth-led innovation in Africa. The programme has helped to create over 400,000 direct and indirect jobs across the continent, with about $2.3 billion generated in revenue by TEF-funded businesses since 2015. The programme has also helped to address a range of social and environmental challenges in Africa, with participants launching businesses that address issues such as access to healthcare, renewable energy, and sustainable agriculture.

One example of a youth-led innovation supported by the Foundation is the TJL Signature, a sustainability fashion accessory brand founded by a Nigerian, Temitayo Johnson Laleye who first applied to the TEF Entrepreneurship Programme at the age of 17. During her first two applications, she was not selected. Upon the third application, she was selected as a beneficiary of the 2021 cohort.

The training from the programme has helped her to streamline and include sustainability practices in her business. Some of her fashion accessories such as earrings are made from recycled products like zips, cartons etc.

Another example of a youth-led innovation supported by the TEF is BanaPads founded in 2010 by a Ugandan entrepreneur, Richard Bbaale. It is a company that uses banana pseudo stem wastes, which are usually left to rot after harvesting, to make sanitary towels.

BanaPads is an award-winning social enterprise registered in Uganda and Tanzania to manufacture affordable and eco-friendly (100% biodegradable) sanitary pads to keep village girls in school and create jobs for local women.

The pads are also collected to be used as manure and this means that the waste that goes to the local landfill will be reduced since the banana pseudo-stem is a recyclable product.

ShopMeAway is another business funded by the Foundation in 2015 which was founded by Racine Sarr. He understood that one of the many ways small businesses can grow is through cross-continental trade. Racine Sarr is a Senegalese who is at the forefront of Africa’s growing e-commerce sector. His enterprise, ‘ShopMeAway’ is a home-grown platform for people to import and export from other continents.

For Racine, connecting products to users is a way to support local businesses and encourage diversity across supply chains. With products from the USA, Europe, China, Africa, and Latin America, Shop Me Away provides users with several options to suit their unique and individual needs. While it makes shopping easier, it also provides cheaper shipping rates to further support cross-continental e-commerce. Every day, Racine’s mission is to give Africans the opportunity to buy whatever they need from anywhere in the world at a fair price and with a decent shipment cost.

Palesa Moloi is another beneficiary of the TEF Entrepreneurship Programme with an innovative mind. She is the founder of ParkUpp, a mobile parking application that helps users find parking off-street and on-street, and also pay for their parking tickets.

These are some of the numerous youth-led innovative businesses empowered by the Foundation over the years, who are breaking grounds in their various business sectors, addressing social, economic and environmental challenges.

Youth-led innovation has the potential to drive economic growth and development, create jobs and improve the lives of people across the continent. The Tony Elumelu Foundation is playing a critical role in promoting youth-led innovation across the continent, providing funding, training, mentorship, and networking opportunities to young entrepreneurs. As TEF and other well-meaning organizations continue to support youth-led innovation in Africa, they will undoubtedly play a key role in driving progress and promoting sustainable development across the continent.

The post The Potential for Youth-led Innovation to Address Pressing Economic, Social and Environmental Challenges in Africa and the Role of the Tony Elumelu Foundation appeared first on The Tony Elumelu Foundation.