The Tony Elumelu Foundation (TEF) says it is now accepting applications for business ideas that can transform Africa.
The programme, which is in its fourth cycle, is TEF’s 10-year, $100m commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024, according to a statement by the foundation.
The foundation said prospective applicants could visit its website to apply the deadline is on March 1, 2018.
The statement read in part, “The programme provides critical tools for business success, including: 12 weeks of intensive online training which guides entrepreneurs on creating and managing a business; mentoring: a world-class mentor to guide during the early transformation stages of the business; funding: $5,000 in seed capital to prove the concept, plus access to further funding; and network access to the largest network of African start-ups and TEF’s own global contacts.”
The TEF Founder, Mr. Tony Elumelu, was quoted as saying, “When we launched the TEF programme and committed $100m to empowering Africa’s entrepreneurs, I knew we would create impact, but I never imagined it would be impact of this magnitude.
“We have unleashed a movement of African entrepreneurs – a force so strong, so inspiring, that I am confident will collectively transform Africa. We need Africa’s best and brightest entrepreneurs to come learn, grow their businesses and build our continent.”
According to the statement, 1,000 entrepreneurs will be selected based on the viability of their ideas, including market opportunity, financial understanding, scalability, and the leadership as well as entrepreneurial skills demonstrated in the application.
Listing the criteria, the statement noted
- The business must be based in Africa.
- Set up for profit, be between zero and three years.
- Prospective applicants be at least 18 years old.
- A legal resident or citizen of an African country.
The Chief Executive Officer of the foundation, Parminder Vir, said, “We encourage women, French and Portuguese speakers to apply.
“Our 3,000 alumni are already growing their businesses and improving lives. If you have a transformational business or an idea, we have an opportunity for you.” He said.
The Tony Elumelu Foundation is the philanthropic arm if Heirs Holdings, an African Investment firm.
Funded by an annual grant from Heirs Holdings and supported by the group’s investee companies.
In the last five years, the foundation have spent over N2 billion toward various missions, which include supporting the philanthropic goals of other institutions and foundations working in and for Africa.