Do you have a startup business idea? Apply now for a $5000 Seed-funding lifetime Opportunity, the 2023 Tony Elumelu Foundation entrepreneurship program

Deadline: 31 March 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 goal is to create at least 1million jobs and contribute over $10billion in revenue to the African economy.  

Through its flagship Entrepreneurship Programme, the Foundation empowers African entrepreneurs and the entrepreneurship ecosystem across 54 African countries. The TEF training curriculum has been designed to segment entrepreneurs based on the demonstrated capability and knowledge.  

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.  

NOTE: 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. 

Benefits

• Non-refundable seed funding of USD 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

THE APPLICATION FORM

The application form consists of four parts: 

• Personal information 
• Commercial information 
• Cognitive assessment 
• Declaration section 

To ensure a transparent application process, all applicants will need to have a valid government issued ID and indicate their name on the application form on TEFConnect exactly as it appears on the ID card. 

ALL APPLICANTS WILL BE REQUIRED TO:  

• Complete all mandatory fields in the online application form on TEFConnect. 
• Submit the form 
• Attach all the requested documents (valid identity card and photo headshot) and upload the required documents 
• Expect Foundation comments. 

PLEASE NOTE: TEFConnect can only be accessed by a single email account. It is important that all applicants register with an email to which they have regular access

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 will take place 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 

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 peer-to-peer support groups. 

• Shortlisted entrepreneurs will be expected to complete the business training, and answer the quiz at the 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.

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