The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering African entrepreneurs, opens applications on its TEFConnect digital platform (www.tefconnect.com) today, January 1, 2021.
Tony Elumelu Foundation Entrepreneurship Program
This year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.
To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the Foundation’s Entrepreneurship Programme will empower 1,000 young African entrepreneurs, selected from the 2020 cohort. The Foundation will also open applications to an additional 2,400 young entrepreneurs in 2021, in collaboration with global partners.
The Tony Elumelu Foundation, which celebrated ten years of impact in 2020, is empowering a new generation of African entrepreneurs, through the TEF Entrepreneurship Programme. Successful applicants receive a world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities. The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.
Tony Elumelu Foundation Entrepreneurship Program Eligibility
The Entrepreneurship Programme identifies outstanding African entrepreneurs who have start-ups or business ideas with the potential to grow.
Eligible Countries: African countries
Value of Award: The training has been tailored to educate and capacitise you in starting or growing your business to overcome the challenges faced by entrepreneurs across the African continent. The curriculum focuses on practical, iterative learning that is useful even long after the training period.
WHAT TO EXPECT FROM THE PROGRAMME?
The TEF Entrepreneurship Programme will be delivered in different phases as listed below:
- Application Phase
- Training &Mentorship Phase
- Business Plan Submission Phase
- Pitching Phase
- Seed Capital Phase
THE APPLICATION PHASE
This will take place from the January 1 to March 31. Once applications are closed, eligible applicants will be placed in the appropriate training path as follows:
This means you do not have the skillset needed to start a business. You will go through the general training on TEFConnect. You will, however, not be eligible for mentorship or seed capital.
This means you are a starter according to the business start-up profiling. You will go through the beginner training modules and you will have access to world class mentors during the programme.
This means that you have been profiled to be an intermediate entrepreneur. You have a good potential to be a successful entrepreneur. You will go through the Intermediate training modules and you will have access to world class mentors during the programme.
This means that you are or identified to be natural or a seasoned entrepreneur. You will go through the Advanced training modules and you will have access to world class mentors during the programme.
THE TRAINING AND MENTORSHIP PHASE
Once shortlisted and placed in the appropriate training path, you will be eligible to take part in our rigorous business training and mentoring sessions. There will be multiple choice questions to track your performance. You will attend a virtual orientation program to learn more about the process and we will share timelines and resources available for you to succeed. The shortlisted entrepreneurs will be given access to join the peer-to-peer support groups.
- Shortlisted entrepreneurs will be expected to complete the business training, answer the quiz at each end of each module.
- The shortlisted applicants after the training will be given the opportunity to develop a BUSINESS PLAN
THE BUSINESS PLAN AND FINANCIALS SUBMISSION PHASE
At the end of the training, you will be required to combine all the learnings from the training into a single cohesive document. You will be given a business & financial plan template; this will be in the online resource library. This template will help you create a first draft of your business plan. write a business plan. After the BUSINESS TRAINING & BUSINESS PLAN SUBMISSION, only successful candidates (who complete the MCQs and score above cut off mark and submit a business plan) would be eligible to move on to the next stage: the PITCHING COMPETITION.
THE PITCHING PHASE
This is an opportunity to demonstrate your business knowledge and convince the judge about the feasibility of your business. At the pitching stage, entrepreneurs will pitch their ideas before a panel of judges. Only the successful candidates from the pitching competition will receive seed capital funding and access to the Alumni network to support their business ambitions.
If you successfully completed all required training requirements and submitted a business plan, but was unsuccessful after the pitching competition, you will receive a training completion certificate and can reapply next year.
Please note that this phase is another key outcome of this training programme and all shortlisted entrepreneurs must go through this phase to be eligible for SEED CAPITAL.
THE SEED CAPITAL PHASE
All entrepreneurs who have successfully completed all the above steps will be required to open business accounts and seed capital will flow into these accounts created. An entrepreneur who is eligible to receive seed funding will be given a CERTIFICATE OF COMPLETION AND ACHIEVEMENT from the Foundation.
How to Apply for Tony Elumelu Foundation Entrepreneurship Program
For more information, visit the Tony Elumelu Foundation Entrepreneurship Program.
Application Deadline: 31st March 2021
Important Notes: Completion of the training programme is a strict condition to moving forward to the submission and review of your business plan, participation in the pitching competition, and receipt of seed capital.