Hey young African, the opportunity you have been waiting for is finally here. One of the largest entrepreneur incubator in Africa, the Tony Elumelu Foundation(TEF) is now open for the third cycle of it’s entrepreneurship programme. If you think you have a business idea that can transform the continent, then here is your chance to fund that idea.
2000 African Entrepreneurs in the past 2 years have received business training, mentoring & funding of 5000 dollars each from TEF across well over 20 sectors of the economy. And yes, you stand a chance to win same this year.
In 2016 alone, 45,000 applications from 53 countries were received. Out of which only 1000 applications were selected. Needless to say then that competition is stiff.
“Applications are selected based on the feasibility of the business idea; market opportunity; financial understanding; scalability; leadership & entrepreneurial skills demonstrated in the application.” says Parminder Vir OBE (CEO of The Tony Elumelu Foundation).
How it all began
The Tony Elumelu Foundation Entrepreneurship Programme is the flagship entrepreneurship programme of the Tony Elumelu Foundation, founded by the entrepreneur, economist, respected investor and philanthropist Tony O. Elumelu.
The vision is to identify 10,000 African startup and entrepreneurs, help grow their businesses through training, mentoring and seed capital funding and ultimately create atleast 1,000,000 new jobs and contribute at least $10 billion in revenues across Africa over 10 years.
Participation by Sector
According to the CEO’s presentation at the TEF entrepreneurship forum in October 2016, TEF applications are sector agnostic and the 2016 selected applicants represented over 20 sectors, with Agriculture once again leading the charge with 26.67%, followed by Fashion 10%; ICT 8.80%; Education & Training 7.86%; Commercial & Retail 7.49%; Manufacturing 7.16%; Media & Entertainment 5.43%.
A Call on Women Entrepreneurs
Only 29% of the applications selected in 2015 came from female business owners, which is far less that the target goal of 50%. A minor improvement was noticed in the selected entries for 2016, were 32% were women.
It’s important for the young African girl to identify this great opportunity and take advantage of it. If you have any questions or need some guidance in filling the application, click here to register for future webinars or click here to sign up and gain access to the forums or click here to hear from successful applicants.
You can for TEF2017 on twitter @TonyElumeluFDN.
If for any reason you have missed the link to the application portal, click here. Note that the application portal will close on 1st March 2017.
We wish you all the best and look forward to interviewing you as part of the success stories and always remember “You miss 100% of the shots you don’t take,Wayne Gretzky”.