Applications are currently open for all young African entrepreneurs to make submissions to the Tony Elumelu Entrepreneurship Programme.
Open to all prospective young entrepreneurs across the continent, for the prize of $USD 10,000 in Funding.
Open to entrepreneurs with fresh innovative business ideas to possibly transform Africa. Successful applicants will join the cycle of the TEF Entrepreneurship Programme, TEF’s 10-year, $100 million commitment to train, mentor and fund 10,000 African entrepreneurs in every African country.
To qualify for the programme:
- Business must be based in Africa
- Business must be for profit
- Business must be 0-3 years old
- Applicants must be at least 19 years of age 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 businesses
- 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.
There are two stages for funding through the foundation. The first, seed capital, a non-returnable investment spread during the 12-week start-up enterprise toolkit programme, upon review of business plan. The second stage is investment capital for start-ups that precede the business plan sufficiently, structured as a convertible loan.
Applicants will be judged on five core criteria:
- Feasibility- The success rate of business idea.
- Market- Best understanding of market, customers and competitors.
- Financials- Best understanding of money sense in business in regard to capital, costs and revenues.
- Scalability- show potential for replication and growth of production or service to create employment and wealth.
- Leadership- Has great leadership skills, and capable of attracting potential customers and resources.
Entrepreneurs will be chosen according to business potential of proposed business idea, market opportunity and entrepreneurial skills.
Full information and details including application forms can be found: Apply now for the Tony Elumelu Entrepreneurship Programme (TEEP) – Tony Elumelu Foundation Entrepreneurship Programme