Before reading through this article remember to subscribe to stay updated on subsequent newsletters with respect to the TEF 2019 Tony Elumelu Foundation Entrepreneurship Programme that would commence application from January 1, 2019, opportunity once missed cannot be regained. Visit link to apply
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The Tony Elumelu Entrepreneurship Foundation had announced to interested candidates who wish to apply for the TEF 2019 program that application would commence on the 1st of January 2019, candidates who wish to apply for the program should be properly informed.
Africa’s largest philanthropist supporting entrepreneurs in Africa- Tony Elumelu established the Tony Elumelu Entrepreneurship Foundation in 2010 to provide training and financial support in form of seed funding and capital to small and medium enterprises and promote indigenous ideas that would shape the African continent.
The Tony Elumelu Foundation for Entrepreneurs is a 10 -years with over $100 million commitment to identify, train, mentor sand fund 10,000 entrepreneurs across the African countries.
Who is eligible for TEF 2019
1. The business must be based in Africa
2. the business must be for profit
3. the business must not be more than 3 years old
4. applicants must be at least 18 years of age and a legal resident of citizen of an African country.
BENEFIT OF THE TEF 2019
- training: 12 weeks of intensive online training which guides 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
- Network: access to the largest network of African start-ups and TEF’s own global contacts
Application Procedure for for TEF 2019
All Applications must be submitted ONLINE through the APPLICATION PORTAL. You must complete an application form by answering a series of mandatory questions and uploading additional documents and identification materials. After submission, you will receive a confirmation email of receipt within 1 working day.
By what criteria are the applicants to be judged?
All applications for TEF 2019 will be judged on 5 core criteria:
– Feasibility of the business idea.
– Market Opportunity: Knowledge and understanding of the market, customers and competitors for their idea/business.
– Financial Understanding: Understanding of the basic financial requirements of running a business, costs and revenues.
– Scalability: Demonstrates potential for replication and growth of their product or service to create jobs and wealth.
– Leadership Potential and Entrepreneurial Skills: Demonstrate leadership potential, capable of attracting people, customers and resources.
Successful Applicants for TEF 2019 will:
–complete a self-declaration form,
-provide proof of valid ID,
-provide a personal bank statement from the past 6 months,
-provide a statement of current personal debts.
-provide a reference from an employer, bank and/or academic institutions;
-Provide business bank account details (For UBA present countries, it must be a UBA account)