Tony Elumelu Foundation Entrepreneurship Program 2019 (Seed Funding of $5,000)
Deadline: March 1, 2019
The Tony Elumelu Foundation, the leading African-funded and founded philanthropy committed to empowering African entrepreneurs, is now accepting applications for the 2019 cohort of the TEF Entrepreneurship Program. The Program is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs.
The Program’s objective is to generate 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 Program 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 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 – the largest digital networking platform for African entrepreneurs.
For more information, visit TEF.