The Tony Elumelu Foundation, an African-funded and founded philanthropy, committed to empowering African entrepreneurs is now accepting applications for the 2019 cohort of the TEF Entrepreneurship Programme. The programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs, a press statement from the organisation has stated.
The programme’s objective is to generate at least one million new jobs and create at least $10 billion in new business revenue across Africa. The TEF Entrepreneurship Programme is 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. Applications will be judged based on criteria including: feasibility, scalability and potential for growth of the product/service; market opportunity for the idea/business; financial understanding, leadership potential and entrepreneurial skills.
Now in its fifth year, the TEF Entrepreneurship Programme has empowered 4,470 entrepreneurs, using a bespoke and robust selection, training and implementation process to create visible and sustainable impact across all 54 African countries, the statement highlighted.
All Applications must be submitted ONLINE through the APPLICATION PORTAL. After submission, you will receive a confirmation email of receipt within 1 working day.
- 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.
- By what criteria are the applicants to be judged?
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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.
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.
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)