Africa’s leading philanthropy, the Tony Elumelu Foundation (TEF), has begun accepting applications for the 2020 cohort of the TEF Entrepreneurship Programme.
Concise News understands that the applications is made to go through TEFConnect, the digital networking hub for the African entrepreneurship ecosystem, created by the foundation.
The TEF Entrepreneurship Programme is open to entrepreneurs from across Africa either with new start-up ideas or existing businesses of less than three years existence, operating in any sector.
Applicants would 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.
The programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 young African entrepreneurs.
The goal is to create millions of jobs and the revenue required for the sustainable development of the continent, implementing the philosophy of Africapitalism which positions the private sector as the growth engine for Africa and emphasises the importance of creating social and economic wealth.
Applications for the 2020 cohort of the Programme began on Wednesday, January 1st, 2020.
Why Apply For Tony Elumelu Foundation?
A successful applicant stands to gain the following from the Tony Elumelu Foundation Entrepreneurship Programme:
1. Professional training – the applicants get twelve weeks of online training
3. Funding –At the first instance, the participants are handed $5000 (paid at the present Naira exchange rate) to prove their concept. They can, however, get more access to fund their project.
4. Network – you will receive exclusive access to the Tony Elumelu Foundation’s network across the world.
How do I apply for the programme?
All Applications must be submitted ONLINE through the APPLICATION PORTAL. You must complete an application form by answering a series of mandatory questions and uploading additional documents and identification materials. After submission, you will receive a confirmation email of receipt within 1 working day.
What if my company is a partnership?
Can I apply offline?
How is the Programme Selection Process?
- 1- How are selected applicants chosen to join the programme?
Selection of the applicants will take place from the close of the Application on March 1st, by the Tony Elumelu Foundation and an independent Selection Committee appointed by the Foundation, against the specified selection criteria.
- 2- By what criteria are the applicants to be judged?
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.
- 3- The Tony Elumelu Foundation itself is located in Nigeria, does this give preference to Nigerian entrepreneurs?
No. The TEF Entrepreneurship Programme is a Pan-African programme and open to business ideas from all the 54 African countries from which we will select the best business ideas for the programme.
- 4- If my start-up is selected to join the programme, when and how will I be informed?
Successful applicants will be notified on the 22nd of March, via the email address designated in the initial application. The list of selected entrepreneurs will also be posted on the TEF Website.
5- What additional information must I supply once my business is selected?
If Applicants are offered a place in the Programme, Applicants will be expected to:
–complete a self-declaration form,
-provide proof of valid ID,
-provide a personal bank statement from the past 6 months,
- -provide a statement of current personal debts.
- -provide a reference from an employer, bank and/or academic institutions;
- -Provide business bank account details (For UBA present countries, it must be a UBA account)
- 6- Why was my application unsuccessful?
Since inception we have received over 65,000 applications for the limited spaces on the programme, while we can only accept 1000 entrepreneurs each year. Here are a few possible reasons why your application was not successful:
- -You did not complete the application
- -Your business or idea is more than 3 years old
- -Your business or idea is not based in Africa
- -Your descriptions in one or more sections of the application was not clearly described
- -Your application did not meet other eligibility criteria
- -You scored low in one or more of the selection criteria.
- 7- How can I improve my chances next year?
Ensure that you review the selection criteria in the next programme cycle and be sure to describe your business plan or idea such that every aspect of the business or idea (i.e. description, market, customer acquisition, financials etc.) is fully covered.
- 8- Is there a waiting list for Applicants who could join the programme?
Yes there is a waiting list. If any of the selected 1000 do not claim their places by the set deadline, the next best entrepreneur from the waiting list will be chosen before commencement of the programme cycle.
- 9- If not selected, can I reapply in another programme cycle?
Yes. We will open the platform for applications on January 1 every year. Each applicant will be required to put in a fresh application. We believe the elapsed time should serve to refresh your interest in your entrepreneurial objectives, and there might be new developments to include in the application.
What if English is not my first language?
The application portal will have functionality in English, French and Portuguese.
What information/identification do I need to provide in my application?
You must answer all the mandatory questions in the application form.
How many applicants will be chosen to join the programme?
There are 1,000 places available annually for the applications that are selected by the Selection Committee for a placement in the programme.