The Tony Elumelu Foundation Entrepreneurship Programme 2023 has commenced on the 1st of January 2023.
The Tony Elumelu Foundation Entrepreneurship Programme is a $100million commitment made by the Elumelu family to empower 10,000 African entrepreneurs over a 10-year period through, training, mentorship, and funding. The objective is to generate over $10 billion in revenue for the African economy and at least 1 million new jobs.
Africans from all 54 African nations are eligible to apply if they have scalable company ideas or a startup that hasn’t been in existence for more than five years.
The application must be submitted by March 31st. After the application period has ended, qualified candidates will have access to our top-notch business training program.
WHAT TO EXPECT FROM THE PROGRAMME?
The Entrepreneurship Programme identifies outstanding African entrepreneurs who have start-ups or business ideas with the potential to grow. 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 have commence from the January 1 to March 31. Once applications are closed, eligible applicants will be given access to our World Class Business Training Programme.
PREPARATORY
The applicants who are not eligible will be placed in the Preparatory Category. 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.
THE TEF BUSINESS MANAGEMENT TRAINING PROGRAMME
This means that you are scaled through the application process and will go through the TEF Business Management Training modules, and you will have access to world class Mentors and Coaches during the programme.
THE TRAINING AND MENTORSHIP PHASE
You will be qualified to participate in our demanding business training and mentorship sessions once you have been shortlisted and assigned to the proper training path. Multiple-choice tests will be used to gauge your performance. You will participate in a virtual orientation program where we will explain timeframes and resources that are available to help you succeed. Peer-to-peer support groups will be open to the entrepreneurs who made the short list.
The business training must be finished, together with the quiz at the end of each session, by the entrepreneurs who have been shortlisted.
After the training, the selected candidates will have the chance 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 for you to show off your business acumen and persuade the judge that your venture is viable. Entrepreneurs will present their ideas to a panel of judges during the pitching round. Only the winners of the pitching competition will be given access to the Alumni network and seed capital funding to further their company goals.
You will receive a training completion certificate and can reapply the following year if you successfully completed all training requirements, filed a business plan, and were ultimately unsuccessful in the pitching competition.
Please take note that all shortlisted entrepreneurs must pass this round in order to be eligible for SEED CAPITAL, which is another important outcome of this training program.
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.
Application Requirements:
- Applicants must be 18 years of age and above.
- All businesses must be business ideas or an early stage company, in the range of 0 to 5 years old.
Benefits:
- Non-refundable seed funding of $5,000
- A world class business training for 12 weeks
- Access to TEF Alumni network with over 15,000 entrepreneurs across’ Africa
- Mentoring and networking opportunities via Africa’s largest digital platform for entrepreneurs, TEFConnect.net.
click on this link to Apply https://www.tefconnect.net/
