The Tony Elumelu Foundation Entrepreneurship Forum 2019 announced last week that 3000 startups from across 54 African countries will receive $5000 (Sh500,000) in seed capital, mentorship and training.
About 113 beneficiaries from Kenya will benefit from the programme this year, up from 74 last year.
During the two day event, more than 60 global speakers and 5000 participants from public and private sectors including three head of states gathered to discuss youth empowerment and job creation the event held in Abuja, Nigeria.
The foundation received about 216,000 applications this year. Around 10,170 applications made it to the evaluation stage from which 3,050 winners were selected.
Majority of the applications came from Nigeria (112,455), Kenya (5,247) and Uganda (3,993).
Most of the applications came from the Sub-Saharan region. Only 27 startups from Northern Africa were selected for the funding.
Startups in the agriculture sector benefited the most with 26.4 percent getting the funding. The fashion was second with 13.6 percent while retail that at 9.1 percent.
Healthcare, identified at the forum as pivotal to the continent’s growth was represented by only 3.8 percent.
Other sectors included ICT (7.6 percent), manufacturing (6.2 percent), media and entertainment (4.9 percent), professional service (4.1 percent) and hospitality (2.6 percent).
The 2019 forum, Empowering African Entrepreneurs, addressed issues facing young startups on the continent and what needs to be done by public and private sectors players to avert an impending crisis.