The Tony Elumelu Foundation (TEF) Entrepreneurship Program provides training and funding for entrepreneurs with new and promising business ideas based in Africa. Its organizers say the program was set up to provide training, mentoring and funding worth a total of $100 million to 10,000 African entrepreneurs over a period of ten years. The program is aimed at identifying and growing new businesses that could help create 1 million new jobs and add at least $10b in revenue to Africa’s economy.
As part of the program, startup owners will be mentored by experienced professionals and entrepreneurs possessing a deep knowledge of their field. They will participate in a 12-week live learning session, after which they will be granted seed capital of $5,000 if their business plan is deemed to meet specific assessment criteria. A second stage funding, also worth $5,000, will be made available to startups adjudged to have made satisfactory progress on the business plan they submitted.
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.”
Persons who wish to apply for the TEF Entrepreneurship Program should be legal residents of an African country and aged 18 years and above. Their business should be 0-3 years old, based in Africa, and profit oriented. Applications will be evaluated based on the scalability and market opportunities for the business idea, as well as the applicant’s leadership potential and entrepreneurship skills.
Entries for the program will be accepted from January 1 till March 1, 2017
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