Do You Have A Business Idea? Aged 18 Years and Above? You Can Apply For Tony Elumelu Foundation Fund | Africa
With a $100,000,000 commitment through the Tony Elumelu Foundation, African business leader Tony O. Elumelu is empowering generations of African entrepreneurs over the next decade, to change the African business landscape as you know it.
Here's what you need to know about The Tony Elumelu Foundation Entrepreneurship Programme:
What is TEEP?
The Tony Elumelu Foundation Entrepreneurship Programme is the flagship entrepreneurship initiative of the Tony Elumelu Foundation, founded by entrepreneur and philanthropist, Tony O. Elumelu, CON.The goal is to create 10,000 businesses that can generate 1,000,000 new jobs and contribute at least $10 billion in annual revenues to the African economy.
Who Can Apply?
The programme is open to all citizens (18 and above) and legal residents of all 54 African countries with businesses that operate in Africa.
How Can I Apply For The Programme?
All applications must be submitted ONLINE through the TEEP PORTAL. Answer a series of mandatory questions and upload additional documents and identification materials. You will receive a confirmation email within 1 working day of submission.
What Are The Important Dates and Deadlines to Be Aware of?
All applications are submitted ONLINE every year through the TEEP APPLICATION PORTAL from January 1st to March 1st.
Is There a Restriction on The Types of Business/Industry?
Yes. The programme is not open to research institutions, faith-based organizations, value adding trading companies, government contractors and businesses not located in Africa or more than three years old. Businesses must be for-profit, focused on one business only and must be the original work of those making the submission.
Will My Start-up Be Excluded If I Have a Relation/Family Member Who Works for TEF?
Yes. Employees and family members of the TEF and affiliate companies in the Heirs Holdings Group were not eligible to apply, either individually or as part of a team.
How Many Applicants Are Chosen to Join The Programme?
There are 1,000 places available annually for the Applications that are selected by the Selection Committee for a placement in the Programme.
How Are Selected Applicants Chosen to Join The Programme?
Selection of the applicants took place from the close of the Application on March 1st, by the Tony Elumelu Foundation, an external reviewing company (Accenture) and an independent Selection Committee.
By What Criteria Are The Applications Judged?
All applications were judged on 5 core criteria, which are; Feasibility of the business idea, Market Opportunity, Financial Understanding, Scalability, Leadership Potential and Entrepreneurial Skills.
When and How Will Selected Start-ups Be Informed?
Successful applicants will be notified via the email address designated in the initial application and will receive information about access to the MENTORING AND LEARNING PORTAL.
What Funding Options Are Available?
All start-ups who successfully complete the programme will be eligible for funding. There are two stages of funding available to start-up: i) Initial seed capital funding of $5,000 – a non-returnable investment dispersed at the close of Boot-Camp and Elumelu Entrepreneurship Forum by programme Founder, Tony O. Elumelu. ii) Second stage debt or equity capital investment of $5,000 – for qualifying startups that have progressed their business plans sufficiently.
Why Are There 7 Pillars of TEEP?
The 7 Pillars of TEEP are designed to address the essential needs for African start-ups. They are Mentoring, Start-up Enterprise Toolkit, Online Resources, Bootcamp, Elumelu Entrepreneurship Forum, Seed Capital Funding, Alumni Network.
What If My Application Is Unsuccessful?
We receive over 20,000 applications for one thousand places. Here are a few possible reasons why your application may not be successful,
- You do not complete the application
- Your business or idea is more than 3 years old
- Your business or idea is not based in Africa
- Your descriptions in one or more sections of the application is not clearly articulated
How Can I Improve My Chances Next Year?
You can ensure that you review the selection criteria in the next programme cycle and be sure to describe your business plan or idea such that every aspect of the business or idea (i.e. description, market, customer acquisition, financial etc). Your chances will also be improved if you submit your application.
Is There A Waiting List For Applicants To Join The Programme?
There is no waiting list. We will open the platform for the next round of applicants on January 1, 2016. Each applicant will be required to put in a fresh application. We believe the elapsed time should serve to refresh your interest in your entrepreneurial objectives, and there might be new developments to include in the application.
Can I Reapply In Another Programme Cycle?
Yes. Our aim is to support as many entrepreneurs who are within or outside the Tony Elumelu Entrepreneurship Programme. That you have missed this chance with the TEEP 2015 does not hinder you from reapplying. We actually encourage you to sign up for newsletters, webinars, online training and other support materials we will send to those who join the Tony Elumelu Entrepreneurship Network (TEEN).
How Does One Stay Connected To TEEP Even After Concluding The Programme?
Yes you can always contact us via
- email (teep@tonyelumelufoundation.org),
- the contact page on the website (www.tonyelumelufoundation.org/teep), or
- social media: #AfricanEntrepreneurs or #TEEP
- All applicants will be notified to sign in to TEEN to begin to benefit from the vast materials that support entrepreneurs in Africa.