Deadline: March 1, 2015
Applications to the Tony Elumelu Foundation Entrepreneurship Programme (TEEP) are now open. TEEP is the $100 million flagship entrepreneurship programme of the Tony Elumelu Foundation, founded by the entrepreneur, respected investor and philanthropist Tony O. Elumelu. The mission is to identify and grow 10,000 African entrepreneurs, create 1 million jobs and add $10 billion in annual revenue across Africa over the next decade. The programme is open to young compelling businesses with strong market feasibility, clear financial models and run by capable teams.
The programme will support selected entrepreneurs through the 7 Pillars of TEEP, a framework that includes:
- Start-up Enterprise Toolkit.
- Resource Library
- 2-Day Boot Camp.
- Seed Capital Funding – 1000 applicants will be selected annually to receive up to $10,000 seed capital
- Elumelu Entrepreneurship Forum.
- Alumni Network
Travel to Lagos, Nigeria and expenses for participation in the Boot Camp and Elumelu Entrepreneurship Forum will be covered by the Promoter. The costs for applying for a Visa will be reimbursed upon provision of a valid receipt. The Promoter shall not be responsible for dependents’ costs.
- The Programme is open to all Africans with Startup businesses operating in Africa who are aged 18 years and above, and who must not be considered a minor in their country of residence.
- Applicants must have the legal right to work in the African country where the business is located.
- Applicants must create an account and complete an online entry form through the TEEP Portal to apply for the Programme.
- The proposed business must operate in Africa and Applicants must be legal residents of any one of the 54 African countries.
- All businesses must be Business Ideas or an early stage company, in the range of 0 to 3 years from date of registration.
- Business Ideas must be for profit, focused on one business only and must be the original work of those making the submission.
- All Successful Applicants must be available to commit to the annual Programme cycle from April to December once accepted. Any Applicant who is not committed to this time frame will not be accepted or will be dropped from the Programme.
- A Programme cycle commitment of April to December equates to completing the Startup Enterprise Toolkit; submission of regular narrative progress reports, participation in the Boot Camp and the Elumelu Entrepreneurship Forum in Lagos, Nigeria and development of a comprehensive business plan.
- Request for any proposed long term absence from the Programme must be agreed to by the Promoter in writing prior to the Applicant taking the time out of the Programme and shall only be allowed in extraordinary circumstances. Requests shall however be assessed by the Promoter on a case-by-case basis.
- Any Applicant who does not fulfill all the commitment requirements will not be awarded the Seed Capital or other on-going support.
The best-qualified entrepreneurs will be selected from the pool of applications using these criteria:
- Feasibility: content of the business idea. A good business model that has clear and compelling mission to grow a sustainable, commercially viable business and is effectively communicated (25 points);
- Market Potential: knowledge and understanding of the market, customers and competitors for their idea/business (20 points);
- Financial Model: understanding of the basic financial requirements of running a business, costs and revenues. (20 points);
- Scalability: Demonstrates potential for replication and growth of their product or service to create jobs and wealth (10 points);
- Leadership Potential and Entrepreneurial Skills: Applicant has demonstrated leadership potential, capable of attracting people, customers and resources. Also exhibits strong passion and commitment for the business (25 points).
For more information, visit Tony Elumelu Foundation Entrepreneurship Programme.