The Tony Elumelu Entrepreneurship Programme Application open January 1, 2019… Dateline: March 1, 2019
The Tony Elumelu Entrepreneurship Programme, the flagship programme of The Tony Elumelu Foundation – an annual entrepreneurial programme for training, funding and mentoring, designed to empower the next generation of African entrepreneurs is now open for entries for her 2019 edition which is the fifth in the 10-year series.
The Tony Elumelu Foundation is the leading African-funded and founded philanthropy committed to empowering African entrepreneurs, is now accepting applications for the 2019 cohort of The Tony Elumelu Foundation (TEF) Entrepreneurship Programme.
The Programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs.
The overall Programme’s objective is to produce at least 1,000,000 new jobs and create at least $10 billion in new business revenue across Africa. Now in its 5th year, the TEF Entrepreneurship Programme has empowered 4,470 entrepreneurs, using a bespoke and robust selection, training and implementation process to create visible and sustainable impact across all 54 African countries.
“The private sector must be the core driver of Africa’s economic transformation, but this sector cannot attain its full potential if entrepreneurs are left behind, said Founder, Tony O. Elumelu.
” We call on all stakeholders – policymakers, business leaders and development agencies – to commit to creating a better future for our young Africans who have demonstrated intellect, skill, and passion, to empower them to succeed because their success is Africa’s success. The TEF Entrepreneurship Programme is by far the most impactful project of my life and represents my commitment to transforming Africa through entrepreneurship”.
The Foundation, which has recently hosted President Macron of France, President Uhuru Kenyatta of Kenya and President Nana Akufo-Addo of Ghana in dynamic interactive sessions with young African entrepreneurs, is committed to supporting the entire entrepreneurship ecosystem – from the entrepreneurs themselves, governments who must provide enabling environments, to capital, advice and most importantly access and networks.
This concept which was enthused by Tony Elumelu’s economic philosophy of Africapitalism and his vision to institutionalize luck and democratize opportunity for a new generation of African entrepreneurs, the Foundation has executed one of the most determined entrepreneurship programmes worldwide. Selected entrepreneurs from previous years have transformed their businesses and their communities after gaining from the Programme’s 7 pillars: $5,000 in seed capital; business development training; one-on-one mentoring; access to TEFConnect; pan-African meetups; TEF network membership; and participation at the annual TEF Entrepreneurship Forum, the largest convening of the African entrepreneurship ecosystem.
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The first stage is a non-returnable investment of the equivalent of $5,000 (based on the Central Bank of Nigeria exchange rate as at the date of Selection), which is paid into the Business bank accounts of Entrepreneurs upon completion of the 12-week training program, provision of required documentation, certification submitted business plan among other requirements; the second stage is a returnable investment, which entrepreneurs will apply for and be considered for based on the viability of their business.
- Open to citizens and legal residents of all African countries, who run for-profit businesses based in Africa that are no older than three years;
- Applicants can be outstanding African entrepreneurs running existing start-ups with high growth potential and aspiring business owners with transformative ideas;
- They are particularly looking to grow representation from French, Arabic and Portuguese speakers, as well as female entrepreneurs.
All applications will be judged on 5 core criteria, which are:
- Feasibility of the business idea
- Market Opportunity: knowledge and understanding of the market, customers and competitors for their idea/business
- Financial Understanding: understanding of the basic financial requirements of running a business, costs and revenues
- Scalability: Demonstrates potential for replication and growth of their product or service to create jobs and wealth
- Leadership Potential and Entrepreneurial Skills: Demonstrate leadership potential, capable of attracting people, customers and resources.
Applicants can apply on TEFConnect – http://www.tefconnect.com – the largest digital networking platform for African entrepreneurs.
The deadline for applications submission is March 1, 2019.