Microsoft has signed a memorandum of understanding (MOU) agreement with the Tony Elumelu Foundation (TEF) to provide over $13,000 worth of cloud solution and technology-based tools to members of the TEF entrepreneurship program.
The availability of technology solutions will give about 3,000 TEF entrepreneurs across 54 African countries including Nigeria where over 50 percent of applications come from; the chance to effectively use ICT to modernise their businesses, enrich their offerings and reach new customers.
Speaking at the signing of the agreement at the Microsoft head office in Lagos on Monday, September 18, 2017, Akin Banuso, General Manager, Microsoft Nigeria said: “Through this partnership, we have an opportunity to reach out to more entrepreneurs, in line with our 4Afrika initiative mission to empower as many people as possible.”
Banuso added: “As we enter into an era of digital transformation, it is vital that we help all entrepreneurs develop relevant technology skills and integrate ICT into their businesses. Technology can help SMEs reach customers outside their local markets, generate powerful business insights and improve their customer retention. We have found that SMEs who adopt this kind of modern IT have seen 15 percent faster revenue growth than those not using it.”
Also speaking, Parminder Vir OBE, Chief Executive Officer, Tony Elumelu Foundation, said that the foundation would leverage its partnership with Microsoft to really scale up its entrepreneurship program.
“Currently, the foundation provides 1, 000 entrepreneurs with business training, mentoring, access to seed capital funding and membership into the TEF Africa-wide Network every year. The program is scalable and we can train more people, considering that we got more than 93,000 applications last year which was the third year and we could only select a thousand.
Microsoft says it will also identify high potential entrepreneurs from the TEF Entrepreneurship Program and integrate them into its Innovation Grant Program.
Adeniyi Olayemi, a TEF entrepreneur already benefitting from the partnership, said: “the training I received through the foundation helped me to refine my business idea and then produce a successful proposal, then once we received access to Microsoft’s Azure software, I was able to close on a deal.”
Since 2013, the Innovation Grant Program has provided financial support to over 55 local start-ups, who have since generated $5.1 million in reciprocal investments.
Jumoke Akiyode Lawanson
