Tony Elumelu Foundation Entrepreneurship Programme 2020 for African entrepreneurs (Funding of $5000
Applications have opened for the sixth edition of the Tony Elumelu Entrepreneurship Programme (TEEP), which will provide 1,000 startups with training, mentorship and US$5,000 in funding.
The programme, run by the Tony Elumelu Foundation (TEF), is a 10-year, US$100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.
Applications have now opened for the latest edition, with successful applicants to receive 12 weeks of intensive online training, access to a world-class mentor, and US$5,000 in seed capital to prove the concept, plus access to further funding. They will also gain access to the TEF network of startups.
So far the programme has empowered 9,000 African entrepreneurs, connecting them with high profile private and public sector individuals, investors and advocates to boost their business profiles and scale their opportunities.
This includes the 2,100 entrepreneurs who recently graduated from the inaugural TEF-UNDP Entrepreneurship Programme, a partnership between the Tony Elumelu Foundation and the United Nations Development Programme (UNDP) to empower 100,000 entrepreneurs over 10 years across Africa. In its first year, the focus is on entrepreneurs in Nigeria, Niger, Mauritania, Chad, Burkina Faso, Mali and Cameroon.
7 pillars of TEF ENTREPRENEURSHIP PROGRAMME?
Start-up Enterprise Toolkit
Elumelu Entrepreneurship Forum
Seed Capital Funding
TEF Entrepreneurship Programme Alumni Network
The programme is open to all citizens and legal residents of any one of the 54 African countries. The proposed business must be registered and operate in Africa.
Applicants must be 18 years old and must not be considered a minor in their country of residence. There is no upper-limit age restriction.
Applicants can be outstanding African entrepreneurs running existing start-ups with high growth potential and aspiring business owners with transformative ideas;
All businesses must be business ideas or an early stage company, in the range of 0 to 3 years old.
Your application must focus on ONE business only.
They are particularly looking to grow representation from French, Arabic and Portuguese speakers, as well as female entrepreneurs.
The programme is not open to research institutions, faith-based organisations, value-adding trading companies, government contractors and businesses not located in Africa. Businesses must not adversely affect the environment, lives and property. Business ideas must be for-profit and must be the original work of those making the submission.
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.
1- How can my business qualify for funding?
Upon completion of the 12-week Start-up Enterprise Toolkit (learning) programme, certification of the submitted business plan, provision of required documentation, business bank account, among other requirements, entrepreneurs will qualify for the first stage non-refundable seed capital of $5,000 (terms and conditions apply).
2- What funding options are available?
Tony Elumelu Entrepreneurs who successfully complete the programme by meeting stipulated requirements and deadlines will be eligible for funding. There are two stages of funding available to entrepreneurs:
First stage seed capital funding of $5,000 (based on the official Central Bank of Nigeria exchange rate)– a non-returnable investment. Please see Terms and Conditions for clarification.
Second stage capital returnable investment – entrepreneurs will apply and be considered for this based on the viability of their business.