- Open: To startups and Entrepreneurs from all the 54 African Countries – For Africans based in Africans
- Worth: $100M for 10,000 Startups/Entrepreneurs
The Tony Elumelu Foundation (TEF), is now accepting applications for the 2017 Tony Elumelu Entrepreneurship Programme (TEEP) ($100m Pan-African entrepreneurship initiative ) for for Young African Entrepreneurs with business ideas that can transform Africa.
Successful applicants will join the third cycle of the TEF Entrepreneurship Programme, TEF’s 10-year, $100 million commitment to train, mentor and fund 10,000 African entrepreneurs in every African country. Since inception in 2015, the Programme has assisted nearly 2,000 entrepreneurs and created hundreds of jobs across the continent.
To be eligible:
- Business must be based in Africa
- Business must be for profit
- Business must be 0-3 years’ old
- Applicants must be at least 18 and a legal resident or citizen of an African country
The Programme provides critical tools for entrepreneurial success, including:
- Training:12 weeks of intensive training on setting-up and managing businesses
- Mentoring:A mentor will guide successful applicants in creating a robust business plan
- Seed Capital:$5,000 in non-returnable seed capital and access to a $5,000 convertible loan
All entrepreneurs who successfully complete the 12-week Start-up Enterprise Toolkit (learning) programme, submit a business plan for review, as well as required documentation and a business bank account will qualify for the first stage non-refundable seed capital of $5,000.
All start-ups who successfully complete the programme will be eligible for funding. There are two stages of funding available to start-ups:
- First stage seed capital funding of $5,000 – a non-returnable investment dispersed at the 12-week start-up enterprise toolkit (learning) programme, upon submission and review of a business plan. Please see Terms and Conditions for clarification.
- Second stage capital ‘investment’ of $5,000 – for qualifying startups that have progressed their business plans sufficiently. This is structured as a convertible loan.
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.
1,000 entrepreneurs will be selected based on the viability of their idea, including: market opportunity; financial understanding; scalability; and leadership and entrepreneurial skills demonstrated in the application.
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