The Tony Elumelu Foundation, the leading African-funded and founded philanthropy committed to empowering African entrepreneurs, is now accepting applications for the 2019 cohort of the TEF Entrepreneurship Program. The Program is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs.
The Program’s objective is to generate at least 1,000,000 new jobs and create at least $10 billion in new business revenue across Africa.
According to the foundation, successful applicants will join the over 9,000 current beneficiaries, from 54 African countries, and receive business training, mentoring, a non-refundable $5,000 of seed capital, and global networking opportunities.
In 2019, 3,050 applicants were selected out of the 216,000 submitted applications, representing 58% male, 42% female. Using parameters such as feasibility, market opportunity, scalability, leadership skill, and viability of the idea in selecting shortlisted applicants.
Funding
- The first stage is a non-returnable investment of the equivalent of $5,000 (based on the Central Bank of Nigeria exchange rate as at the date of Selection), which is paid into the Business bank accounts of Entrepreneurs upon completion of the 12-week training program, provision of required documentation, certification submitted business plan among other requirements; the second stage is a returnable investment, which entrepreneurs will apply for and be considered for based on the viability of their business.
What entrepreneurs stand to gain
- Business Training
- Mentorship
- $5,000 non-refundable seed capital
- Global Networking Opportunities
Eligibility for 2020
- Open to citizens and legal residents of all African countries, who run for-profit businesses based in Africa that are no older than three years;
- Applicants can be outstanding African entrepreneurs running existing start-ups with high growth potential and aspiring business owners with transformative ideas;
- They are particularly looking to grow representation from French, Arabic and Portuguese speakers, as well as female entrepreneurs.
Judging Criteria for 2020
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.
How to Apply
Applicants can apply on TEFConnect – the largest digital networking platform for African entrepreneurs.
For more information, visit TEF.
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