On January 1, 2017, The Tony Elumelu Foundation (TEF) will begin accepting applications for the third round of the TEF Entrepreneurship program. The program is the Foundation’s 10-year, US$100 million commitment to training, mentoring and funding 10,000 African entrepreneurs.
The application portal will be open until midnight (WAT), March 1, 2017. Entrepreneurs must complete the online application and selection is on a rolling basis, so early application is encouraged.
TEF Founder Tony O. Elumelu said: “I believe the seeds we are planting through the program will transform Africa. Two years on, it is clear that we have found a key to unlocking Africa’s potential for economic transformation. As our entrepreneurs grow their own businesses and realize their ambitions, so too does the vision. We are showing what the African private sector can achieve; how hard work and enterprise can catalyze real, sustainable development.”
The program is designed to identify entrepreneurs that have the potential to grow their businesses and collectively generate 1,000,000 new jobs that can contribute at least $10 billion in additional revenues to the African economy.
According to TEF CEO, Parminder Vir OBE, “This program continues to surpass our expectations and its success is palpable. Your entrepreneurial journey begins when you make the decision to complete the application. We are seeking real entrepreneurs, people who can take risk and reap rewards, not just for themselves, but their communities and countries.”
The success of 2015 Tony Elumelu Entrepreneurs reflects the impact of the program, including:
- Momar Mass-Taal (Agriculture, Gambia) turned his $5,000 seed capital into $1.2 million in revenue
- Bukhary Kibonajoro (Education & Training, Tanzania) used the mentorship and training to launch his business, create 34 new jobs and provide growth services for more than 100 local business in 12 months.
- Chioma Okonu (Waste Management, Nigeria) has created ancillary revenue streams for more than 6,000 households, created 40 jobs and generates over $50,000 in profit.
To be eligible to apply:
- Businesses must be based in Africa
- Businesses must be for profit
- Applicants must be 18 years of age and above
- Applicants must be a legal resident or citizen of African countries
1,000 entrepreneurs will be selected based on the feasibility of the business idea; market opportunity; financial understanding; scalability; leadership and entrepreneurial skills demonstrated in the application.
For more information or to apply, visit: http://tonyelumelufoundation.org/teep/faqs/
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About The Tony Elumelu Foundation
Established in 2010, The Tony Elumelu Foundation (TEF) is the leading philanthropy in Africa championing entrepreneurship and entrepreneurs across the continent. The Foundation’s long-term investment in empowering African entrepreneurs is emblematic of Tony Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent. The Foundation’s flagship initiative, the TEF Entrepreneurship program, is a 10-year, $100 million commitment to identify, train mentor and fund 10,000 entrepreneurs, capable of changing the face of business across Africa. www.tonyelumelufoundation.org /teep @tonyelumeluFDN