Described as the largest scale African founded entrepreneurship programme in Africa, the Tony Elumelu Foundation Entrepreneurship Programme’s aim is to grow an ambitious 10,000 African Entrepreneurs and create a million jobs, generating $10 billion in annual revenue across Africa over the next ten years, thus is offering a $100 million grant to enterprising African youths.
Application is open to business owners from 18years old and above who are resident in one of the 54 African countries, who have been in operation for 3 years and less,
The 10,000 start-ups selected from a pool of applicants across Africa will participate in a comprehensive programme which will include;
- A customized 12-week business skills training course
- Start-Up Enterprise Toolkit
- Resource Library
- 2-Day Boot Camp
- Seed Capital Funding
- Elumelu Forum
- Alumni Network
All applications must be submitted online through the TEEP Portal. Below is a brief breakdown on the questions of the application form which might be a little challenging:
Business profile: here we want to know about your business idea in detail. These are questions you would be asked by anyone – friends, family and potential investors
#AfricanEntrepreneurs your idea can transform Africa apply for TEEP
Revenues and Market Potential: Who are you planning to sell your products/services to and how well do you know the industry you want to get into?
Team and company structure: is this idea yours alone, or do you have partners and people with the same vision?
Financials: here is where it may get tricky, but if you’ve done your thorough research, you will be able to answer these questions – realistically. Don’t make up fancy numbers to try to boost your application. Be honest – your business is still an idea, we do not expect you to have all your cash-flow figured out, we want to know how financially savvy you are and if you will be able to attract the investment you need as well as make good use of the funds we give you.
So if you have an idea, go ahead and apply. Figure out what you want to call your business, plan how many employees you will have, how much revenue you will generate and how much market potential there is for your product/service. Don’t cringe at the difficulty in answering questions about your idea, relish the chance to bring it to reality and you are on your way from Idea to IPO.
Click here to apply
“The opportunity and challenge in Africa is scale – in our people, our resources and our horizons. In my business and philanthropic journeys, I have always sought ways to help inspire a generation across our continent. This programme brings together my own entrepreneurial experience and my fundamental belief that entrepreneurs – women and men across Africa – will lead Africa’s development and transform our futures,” Tony Elumelu, founder of The Tony Elumelu Foundation, said in a press statement.
The programme will be backed by a $100 million grant from the Tony Elumelu Foundation, an African-based, African-funded philanthropic organization that supports entrepreneurship in Africa by enhancing the competitiveness of the African private sector. The Foundation is solely funded by Tony Elumelu, a billionaire who has derived an estimated $1 billion fortune from banking, energy, investments and real estate according to FORBES’ recent ranking of Africa’s 50 Richest People.