The Tony Elumelu Foundation Entrepreneurship Programme has the mandate of generating over 1,000,000 new jobs and create $10 billion in new business revenue in Africa. Now in its 5th year, the TEF Entrepreneurship Programme has empowered 4,470 entrepreneurs, using a bespoke and robust selection, training and implementation process to create visible and sustainable impact across all 54 African countries.
About 1,000 entrepreneurs are picked every year across Africa for the Tony Elumelu Foundation Entrepreneurship programme.
The Tony Elumelu Foundation is now accepting applications for the 2019 cohort of the TEF Entrepreneurship Programme.
Outstanding African entrepreneurs running existing start-ups with high growth potential and aspiring business owners with transformative ideas are invited to apply. We are particularly looking to grow representation from French, Arabic and Portuguese speakers, as well as female entrepreneurs.
Tony Elumelu Foundation 2019 Application Requirements
According to a statement by the Tony Elumelu Foundation (TEF) on its website, the following requirements must be met by applicants.
- Applicants MUST be resident in Africa
- The business MUST also be based in Africa
- Applicants MUST be 18 years old and above
- Applicants MUST apply with only ONE business
- The business MUST NOT be older than 3 years
- The business MUST be for profit
How To Apply For Tony Elumelu Foundation 2019 Entrepreneurship Programme
To apply for the 2019 Tony Elumelu Foundation Entrepreneurship Programme, you need to:
- Visit the Programme Website at http://tonyelumelufoundation.org/application-process
- or Visit TefConnect to apply
- Fill in your details
- Submit the application
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What To Expect If You Are Picked For TEF 2019
If you are picked for the Tony Elumelu Foundation Entrepreneurship Programme for 2019, you’d need the following documents:
- The filled self-declaration form.
- A valid ID document
- A personal bank statement for the last six months.
- A list of personal debts
- A reference from the bank, institution, and employer
- Your bank account details (it must be a UBA account in countries where UBA works).
Why Apply For Tony Elumelu Foundation 2019?
A successful applicant stands to gain the following from the Tony Elumelu Foundation Entrepreneurship Programme:
- Professional training – the applicants get twelve weeks of online training
- Funding –At the first instance, the participants are handed $5000 (paid at the present Naira exchange rate) to prove their concept. They can, however, get more access to fund their project.
- Network – you will receive exclusive access to the Tony Elumelu Foundation’s network across the world.
Tony Elumelu Foundation 2019 Programme: How Winners Will Be Picked
According to Tony Elumelu Foundation
To stand a chance of making it into the programme, note the points below:
- Feasibility – how feasible the business project is
- Market potential – An understanding of the market, competition, and customers.
- Financial understanding – understand the basics of financial requirements that support the business
- Scalability – room for growth expansion of the business.
- Leadership/entrepreneurial skills – understand how to increase the customer base and lead others in the business
Application Deadline For Tony Elumelu Foundation 2019
According to the Tony Elumelu Foundation, the deadline for application into the programme 1st March.
Tips For Success At The TEF 2019
Here are few success tips to help you prepare for the 2019 edition of the Tony Elumelu Foundation Entrepreneurship program.
1. Have a crystal clear idea.
Be very clear about your business idea. do your due diligence, research well and become very knowledgeable about the business idea you have. you should be able to have an elevator pitch if you are serious and passionate about your business.
2. Have A Business Plan
To many people, writing a business plan can be a pain in the butt. But, it really doesn’t have to be that way. It’s your idea, right? Then writing a simple business plan should be fun all the way.
If you really want to source for a business fund, then a business plan is a must-have tool in your business arsenal. Get on today, it doesn’t have to be complicated. You can read more about the business plan here.
3. Start your business.
There are many people who go about telling stories about the fantastic business idea they have but needs a lot of money to start. Don’t be one of such people. To be frank with you, no one is really going to start a business for you. No matter how big your business idea is, find a way to break it down and start small.
Investors will be more willing to help when they realized that the business is running already and not just on a paper idea. It provides evidence that the business is truly worth investing in and thus could be scaled up.
4. Make your business a legal entity
To be successful at the Tony Elumelu Foundation Entrepreneurship program, you need to have a registered business. This is very simple to achieve and you really don’t have to pay anyone to do this for you. Here is a simple guideline about business registration in Nigeria.
Also, having a corporate/business account is an added advantage for you. In short get all the necessary documentation for your business
5. Tell A Story
You may have great business ideas but if the story behind your business lacks emotional hooks, it will be very difficult to get people on your side especially when you are seeking business funds.
To become a winner in the Tony Elumelu Foundation Entrepreneurship Programme you need to tell a story. One with strong emotion for that matter.
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Wrap It Up!
Getting the needed capital to turn around a business can be very tough most especially in Africa. Luckily, the weather is changing fast, there are lots of business grants and business loans that are available to African entrepreneurs these days.
There no more excuse for failure. It’s time to showcase your idea to the world. with the information provided above, we believe you can easily win any business grant.
Over To You
So, have you applied for the TEF Entrepreneurship Programme before? What is the other advice, tips, strategies, techniques or methods that have worked for you? Please share with us in the comment below. Believe me; I sincerely value your opinion more than mine.
And don’t forget there is love in sharing!