The Tony Elumelu Foundation (TEF) is now accepting applications for the 2019 cohort of the Tony Elumelu Entrepreneurship Programme (TEEP) 5th Cycle of $100m.
Outstanding African entrepreneurs who have start-ups or business ideas with high-growth potential are encouraged to apply.
Launched in 2015, the Tony Elumelu Foundation Entrepreneurship Programme is the largest African philanthropic initiative committed to empowering African entrepreneurs and entrepreneurship on the continent.
Tony Elumelu, the chairman of TEF has committed $100 million to identify, train, mentor and fund 10,000 African entrepreneurs in 10 years; creating 1,000,000 jobs and $10 billion in social and economic wealth.
The 2019 edition the 5th cycle of the TEF Entrepreneurship Programme.
Since inception 4 years ago, 4,460 entrepreneurs have been funded and $25million investment till date.
In 2018 alone, 151,692 applications were received.
Eligibility Requirements:
The programme is open to all citizens and legal residents of any one of the 54 African countries.
Those with a business idea or an existing business that is not more than 3 years can apply. Any business above 3 years is not eligible.
The proposed business must be registered and operate in Africa.
Funding
Upon completion of the 12-week Start-up Enterprise Toolkit (learning) programme, certification of submitted business plan, provision of required documentation, business bank account, among other requirements, entrepreneurs will qualify for the first stage non-refundable seed capital of $5,000 (terms and conditions apply
Tony Elumelu Entrepreneurs who successfully complete the programme by meeting stipulated requirements and deadlines will be eligible for funding. There are two stages of funding available to entrepreneurs:
First stage seed capital funding of $5,000 (based on the official Central Bank of Nigeria exchange rate)– a non-returnable investment. Please see Terms and Conditions for clarification.
Second stage capital returnable investment – entrepreneurs will apply and be considered for this based on the viability of their business.
Selection Criteria:
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.
Application Process:
All applications must be submitted ONLINE through the application platform of the TEF Connect . You must complete an application form by answering a series of mandatory questions.
After submission, you will receive a confirmation email of receipt within 1 working day.
Applicants can apply on TEFConnect – www.tefconnect.com – the largest digital networking platform for African entrepreneurs.
Also visit here for more information
Application Deadline: March 1st, 2019
We have compiled all the questions for you. Kindly visit here to get all the TEEP 2019 questions.
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