9 December 2016
Tony Elumelu Foundation announces 3rd round of its $100m entrepreneurship programme
On January 1, 2017, The Tony Elumelu Foundation (TEF) will begin accepting applications for the third round of the TEF Entrepreneurship Programme targeting to reach its 10-year, US$100 million commitment to training, mentoring and funding 10,000 African entrepreneurs.
The foundation says the application portal will be open until midnight (WAT), March 1, 2017. Entrepreneurs must complete the online application and selection is on a rolling basis, so early application is encouraged.
TEF Founder Tony O. Elumelu said: “I believe the seeds we are planting through the Programme will transform Africa. Two years on, it is clear that we have found a key to unlocking Africa’s potential for economic transformation. As ourentrepreneurs grow their own businesses and realise theirambitions, 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.”
The Programme is designed to identify entrepreneurs that have the potential to grow their businesses and collectively generate 1,000,000 new jobs, that can contribute at least $10 billion in additional revenues to the African economy.
The success of 2015 Tony Elumelu Entrepreneurs reflects the impact of the Programme, including:
Momar Mass-Taal (Agriculture, Gambia) turned his $5,000 seed capital into $1.2 million in revenue
Bukhary Kibonajoro (Education & Training, Tanzania) used the mentorship and training to launch his business, create 34 new jobs and provide growth services for more than 100 local business in 12 months.
Chioma Okonu (Waste Management, Nigeria) Has created ancillary revenue streams for more than 6,000 households, created 40 jobs and generates over $50,000 in profit.
According to TEF CEO, Parminder Vir OBE, “This programme continues to surpass our expectations and its success is palpable. Your entrepreneurial journey begins when you make the decision to complete the application. We are seeking real entrepreneurs, people who can take risk and reap rewards, not just for themselves, but their communities and countries.”
To be eligible to apply your business must be based in Africa, must be for profit and you must be 18 years of age and above and a legal resident or citizen of African countries.
1,000 entrepreneurs will be selected based on the feasibility of the business idea; market opportunity; financial understanding; scalability; leadership and entrepreneurial skills demonstrated in the application.