TEF Opens Application for $100m Entrepreneurship Programme

TEF Opens Application for $100m Entrepreneurship Programme
Tony Elumelu

The Tony Elumelu Foundation (TEF) is now accepting applications for business ideas that can transform Africa through its entrepreneurship programme.

To apply, those interested have been asked to complete an online application, which has a deadline of March 1, 2018.

According to a statement, the programme provides critical tools for business success, which includes 12 weeks of intensive online training which guides creating and managing a business; a world-class mentor to guide during the early transformation stages of the business; $5,000 in seed capital to prove the concept, plus access to further funding; as well as access to the largest network of African start-ups and TEF’s own global contacts

The programme, in its fourth cycle, is TEF’s 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.

Commenting on the commencement of application for the 2018 session, TEF’s founder and philanthropist, Mr. Tony Elumelu said:

“When we launched the TEF Programme and committed $100 million to empowering Africa’s entrepreneurs, I knew we would create impact, but I never imagined it would be impact of this magnitude.

“We have unleashed a movement of African entrepreneurs — a force so strong, so inspiring, that I am confident they will collectively transform Africa. We need Africa’s best and brightest entrepreneurs to come learn, grow their businesses and build our continent.”

1,000 entrepreneurs would be selected based on the viability of their idea, including: market opportunity; financial understanding; scalability; and leadership and entrepreneurial skills demonstrated in the application.

For someone to be eligible, the business must be based in Africa, it must be for profit and must be zero to three years old, as well as applicants must be at least 18 and a legal resident or citizen of an African country

The CEO of the Foundation, Parminder Vir said: “We encourage women, French and Portuguese speakers to apply. Our 3,000 alumni are already growing their businesses and improving lives.If you have a transformational business or an idea, we have an opportunity for you.”

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