The Lagos-based Tony Elumelu Foundation, which is Africa’s leading entrepreneurship programme committed to empowering young African entrepreneurs, has begun accepting applications for the new edition of its TEF Entrepreneurship Programme.
With a budget of $100 million, the TEF Entrepreneurship program targets young Africans with business projects or entrepreneurs who have been in business for at least three years. It is the brainchild of Nigerian billionaire, Tony Elumelu, who is also the Chairman of United Bank for Africa.
The 10-year programme is committed to identify, train, and fund 10,000 African entrepreneurs with an aim of generating at least a million new jobs and create at least $10 billion in new business revenue across Africa. The Foundation picks about 1,000 entrepreneurs from different parts of Africa every year who are them made to undergo a 12-week intensive online training, reported PML Daily.
The candidates selected by the Tony Elumelu Foundation receive $5,000 in seed capital, business development training, mentorship, access to a network of African entrepreneurs as well gets a chance to participate at the annual TEF Entrepreneurship Forum, the largest convening of the African entrepreneurs.
The TEF Entrepreneurship Programme, which is currently in its 5th year, has already empowered 4,470 entrepreneurs, including Rwandans. It is open to citizens and legal residents of all African countries, who run for-profit businesses based in Africa that are no older than three years.
“These may be the next UBAs (United Bank for Africa),” Elumelu said while referring to his professional path. “I am a beneficiary of luck, and I am passionate about sharing it across the continent, to all 54 countries.”
The applications will be judged based on criteria including feasibility, scalability, and potential for growth of the product or service, the market opportunity for the idea or business, financial understanding, leadership potential, and entrepreneurial skills.
Interested people can apply for the Tony Elumelu Foundation’s TEF Entrepreneurship Programme here. The deadline for submission of applications is March 9, 2019.