FUTA Student, Michael Olorunfemi John, Wins Tony Elemelu’s $10,000 Grant

Federal University Of Technology Akure FUTA
Federal University Of Technology Akure FUTA

Michael Olorunfemi John, a 500 level student in
the Department of Transport Management
Technology, Federal University of Technology,
Akure (FUTA) has been awarded a $10,000 seed
capital grant by the Tony Elumelu
Entrepreneurship Foundation Programme (TEEP)
for emerging entrepreneurs. Michael emerged
one of the 1,000 African entrepreneurs selected
from the 45,000 who presented applications for
start-up grants. The Former Team Leader of
ENACTUS (SIFE FUTA) struck the chord for a
spot in the 2nd edition of the grant award by a
presentation of an ICT driven agricultural
business plan which is proposed to bridge the
gap between rural farmers and urban end users
among other things.
The grant which is aimed at empowering and
assisting young entrepreneurs commence the
process of production and supply, as well as the
creation of jobs is split into two tranches. The
first is a $5,000 access free grant while the
second would be translated into a $5,000 equity
share facility or a flexible non-profit oriented loan
facility. The grant would be disbursed after the
foundation’s mentorship programme organized
for beneficiaries from 51 African countries
between the ages of 21 and 40, commencing in
May, 2016.
The TEEP is a foundation that aims at gathering
investment and entrepreneurs who will bring both
the ability to attract capital and necessary
support for those who will help Africa harness its
enormous potential in creating extra ordinary
opportunities across the continent.

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