Application for Tony Elumelu Foundation Entrepreneurship Program 2022 is ongoing!
The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs across all 54 African countries, has opened applications for the 2022 TEF Entrepreneurship Programme on www.TEFConnect.net.
African entrepreneurs with business ideas or existing businesses under 5 years are encouraged to apply now for $5000 seed capital, mentorship, business management training, and more on the 2022 Tony Elumelu Foundation Entrepreneurship Programme.
About the Grant
Since 2015, the TEF Entrepreneurship Programme – the only African-funded entrepreneurship catalyst of its kind – has empowered 15,847 African entrepreneurs with a non-returnable seed capital of $5,000 each; twelve weeks of business management training; access to experienced mentors; and membership to Africa’s largest entrepreneurial ecosystem.
In 2021, the Tony Elumelu Foundation disbursed USD$24.75 million to 5000 African entrepreneurs across Africa for its 2021 Entrepreneurship Programme.
The Foundation’s Entrepreneurship Programme remains one of the largest private-sector responses to driving the economic recovery of African youth, women, and SMEs given the effects of the covid19 pandemic across Africa. Across Africa, the Tony Elumelu Foundation Entrepreneurship Programme beneficiaries are starting and growing trailblazing businesses that have collectively created over 400,000 direct and indirect jobs.
The Tony Elumelu Foundation Entrepreneurship Programme is open to entrepreneurs across Africa: new start-ups and existing young businesses, operating in any sector.
Since its inception, the Programme has assisted nearly 3,000 entrepreneurs and created hundreds of jobs across the continent.
Tony Elumelu Entrepreneurship Programme – TEEP – Eligibility Requirements
To be eligible for TEEP you just meet the following criteria.
- Business must be based in Africa
- Business must be for-profit
- Business must be 0-3 years old
- Applicants must be at least 18 and a legal resident or citizen of an African country
Benefits of the Tony Elumelu Entrepreneurship Programme (TEEP)
The Programme provides critical tools for entrepreneurial success, including:
- Training: 12 weeks of intensive training on setting up and managing
- Business mentoring: A mentor will guide successful applicants in creating a robust business plan
- Seed Capital: $5,000 in non-returnable seed capital and access to a $5,000 convertible loan
Tony Elumelu Entrepreneurship Programme – TEEP – Funding
All entrepreneurs who successfully complete the 12-week Start-up Enterprise Toolkit (learning) programme, submit a business plan for review, as well as required documentation and a business bank account, will qualify for the first stage non-refundable seed capital of $5,000.
Funding Options of the Tony Elumelu Entrepreneurship Programme (TEEP)
All start-ups who successfully complete the programme will be eligible for funding.
There are two stages of funding available to start-ups:
- First stage seed capital funding of $5,000 – a non-returnable investment dispersed at the 12-week start-up enterprise toolkit (learning) programme, upon submission and review of a business plan. Please see Terms and Conditions for clarification.
- Second stage capital ‘investment’ of $5,000 – for qualifying startups that have progressed their business plans sufficiently. This is structured as a convertible loan.
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.
1,000 entrepreneurs will be selected based on the viability of their idea, including market opportunity; financial understanding; scalability; and leadership and entrepreneurial skills demonstrated in the application.
How to apply for Tony Elumelu Foundation Entrepreneurship Program
Prospective applicants should apply now on the digital networking hub for African entrepreneurs, www.tefconnect.net.
IMPORTANT: See the best tips on how to APPLY and WIN Tony Elumelu Foundation Entrepreneurship Program
The application portal is open and accepting submissions until 31st March.