3rd entrepreneurship scheme for Elumelu Foundation begins January 1, 2017
As part of efforts to consolidate haunt and development of young entrepreneurs, the Tony Elumelu Foundation (TEF) will begin accepting applications for the third round of the TEF Entrepreneurship Programme from January 1, 2017.
The Programme is the Foundation’s 10-year, $100 million commitment to training, mentoring and funding 10,000 African entrepreneurs.
Whereas the application portal will be open until midnight (WAT), March 1, 2017, prospective entrepreneurs must complete the online application and selection is on a rolling basis, so early application is encouraged.
In a statement, TEF Founder, Tony O. Elumelu said “I believe the seeds we are planting through the Programme will transform Africa. Two years on, it is clear that we have found a key to unlocking Africa’s potential for economic transformation. As our entrepreneurs grow their own businesses and realise their ambitions, so too does the vision. We are showing what the African private sector can achieve; how hard work and enterprise can catalyze real, sustainable development.”
The Programme is designed to identify entrepreneurs that have the potential to grow their businesses and collectively generate 1,000,000 new jobs that can contribute at least $10 billion in additional revenues to the African economy.
Chief Executive Officer of the foundation, Sir Parminder Vir, said “This programme continues to surpass our expectations and its success is palpable. Your entrepreneurial journey begins when you make the decision to complete the application. We are seeking real entrepreneurs, people who can take risk and reap rewards, not just for themselves, but their communities and countries.”
TEF said it is drawing inspirations from the huge success of 2015 exploits including Momar Mass-Taal (Agriculture, Gambia) who turned his $5,000 seed capital into $1.2 million in revenue; Bukhary Kibonajoro (Education & Training, Tanzania) who used the mentorship and training to launch his business, create 34 new jobs and provide growth services for more than 100 local business in 12 months and
Another source of inspiration was the story of Chioma Okonu (Waste Management, Nigeria) who created ancillary revenue streams for more than 6,000 households, created 40 jobs and generates over $50,000 in profit.
The statement also gave guidelines on method of application and eligibility conditions for prospective entrants from across Africa.
Top in the terms and conditions include that businesses must be based in Africa, businesses must be for profit, applicants must be 18 years of age and above, and interest applicants must be a legal resident or citizen of African countries.
As usual, about 1,000 entrepreneurs will be selected based on the feasibility of the business idea; market opportunity; financial understanding; scalability; leadership and entrepreneurial skills demonstrated in the application.