The Tony Elumelu Foundation Entrepreneurship Programme (TEEP) is the flagship entrepreneurship programme of the Tony Elumelu Foundation, founded by the entrepreneur, respected investor and philanthropist Tony O. Elumelu.
The pan-African programme is inspired by the Founder’s:
- Inclusive economic philosophy of Africapitalism, based on the belief that a vibrant African-led private sector is the key to unlocking Africa’s economic and social potential,
- Commitment to drive African economic growth through the fostering of African entrepreneurship,
- Mission to institutionalise luck and create an environment where home-grown pan-African companies in various sectors can flourish.
The vision is to establish the pre-eminent pan-African entrepreneurship programme and create 10,000 startups across Africa within the next 10 years that generate significant employment and wealth.
The Tony Elumelu Foundation Entrepreneurship Programme is a tool for implementing this vision. The programme is open to young compelling businesses with strong market feasibility, clear financial models and run by capable teams.
Selection into the programme will be a thorough process with no quotas of any kind to simply identify the game changers in the continent. The programme will support selected entrepreneurs through the 7 Pillars of TEEP, a framework that includes mentorship, online and live learning, as well as access to information, networking and seed capital.
1000 applicants would be awarded seed capital of $5000 each and a follow up loan of $5000
1000 applicants would be selected annually in the Programme. Only one person from each business will have access to the mentoring platform and participate physically.
The Applicants will commit to producing three (3) narrative progress reports of their learning experience from the Programme:
i. Progress Report One (1) will be submitted on completion of the 12-week online skills learning assignments and mentoring hours by the end of June in the application year.
ii. Progress Report Two (2) at the end of the 3-day boot camp and Elumelu Entrepreneurship Forum, July in the application year.
iii. Progress Report Three (3) by December of the application year on the business development together with financial account of how the first seed capital funding was utilized for their business growth.
Only the Successful Applicants who have applied at the start of the Programme and completed all the tasks within the stipulated timelines are eligible for Programme funding and financial support.
The disbursement of the Seed Capital funding will be by payment into the Applicants business bank account. The Promoter is unable to pay the funding into a personal bank account. Applicant must submit an invoice for the full $5,000 before the same will be wired directly into the Applicant’s business bank account.
The Startups that have progressed their business plans sufficiently will also qualify for a 2nd stage returnable capital investment of $5,000.
Application Process and Selection Criteria
- All Applications must be submitted online through the TEEP Portal, which will open for 60 days from 1st January, 2015 to 1st March, 2015 (the “Application Window”).
- The Applicants must complete an application form by answering a series of mandatory questions, upload required documents and identification materials.
- Shortlisting of Applicants will take place from the close of the Application Window on 1st March, 2015.
- The selection will be carried out by the Promoter and an independent Selection Committee appointed by the Promoter using specified selection criteria to select the best-qualified entrepreneurs from the pool of applications. These criteria are:
- 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);
iii. 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).
- Applicants who meet the selection criteria would be announced on the website on 22nd March, 2015 and contacted via the contact method indicated by the applicant in their application.
- If Applicants are offered a place in the Programme, Applicants will be expected to:
i. complete a self-declaration form;
a. proof of valid ID,
b. personal bank statement for the immediate past 6 months,
c. statement of current personal debts,
d. reference from an employer, bank and/or academic institutions, not older than 6 months
e. business bank account details
iii. execute a legal agreement with the Promoter
- Applicants must accept the offer within 5 working days which includes signing and returning the legal agreement and submitting the additional information; otherwise the offer lapses.
- There will be a waiting list made up of Applicants who have points closest to the shortlisted applicants. Slots, which become available due to a lapsed or rejected offer shall be filled from the waiting list. Applicants who are on the waiting list will not be informed that they are on a waiting list until they receive an offer due to a slot becoming available.
Read more and apply here: www.tonyelumelufoundation.org/teep