Tony Elumelu foundation opens applications for third cycle of entrepreneurship programme
One of Africa’s largest business incubators, The Tony Elumelu Foundation (TEF), is now accepting applications from African entrepreneurs with business ideas that can transform Africa.
Successful applicants will join the third cycle of the TEF Entrepreneurship Programme, a 10-year, $100 million commitment to train, mentor and fund 10,000 African entrepreneurs in every African country. Since inception in 2015, the Programme has assisted nearly 2,000 entrepreneurs and created hundreds of jobs across the continent.
The Programme provides tools for entrepreneurial success, including: 12 weeks of intensive training on setting-up and managing businesses; a mentor to guide successful applicants in creating a robust business plan; and $5,000 in non-returnable seed capital and access to a $5,000 convertible loan.
“Our Programme is a deliberate effort to institutionalise luck and provide the essentials for business growth to Africa’s next generation of business leaders. It is a demonstration of my faith in this generation’s ability to transform the African narrative, from the single story of disease and poverty, to one of enterprise and opportunity. Spread the word; we need Africa’s best and brightest entrepreneurs. Their ideas will transform Africa,” said Tony O. Elumelu CON, TEF Founder.
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. In order to be eligible, the business must be based in Africa, be for profit, and been operating for up to three years. Applicants must be at least 18 and a legal resident or citizen of an African country.
“We encourage women, French, Arabic and Portuguese speakers and business ideas from every region across Africa, to apply. Our 2,000 alumni are already growing their businesses and improving lives. If you have a transformational business or an idea, we have an opportunity for you,” said Parminder Vir OBE, CEO of the Foundation.
The online application portal is open and accepting submissions until Midnight WAT on March 1, 2017.