Home Competitions/Awards The 2020 Tony Elumelu Entrepreneurship Forum (TEEF) grant call for Applications ($...

The 2020 Tony Elumelu Entrepreneurship Forum (TEEF) grant call for Applications ($ 5,000 in Funding)

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Deadline: 31 Mar,2020    Next term Starts:: 10 Jun,2020

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About

Established in 2010, The Tony Elumelu Foundation (TEF) is the leading philanthropic institution in Africa championing entrepreneurship and entrepreneurs across the continent. The Foundation’s long-term investment in empowering African entrepreneurs is emblematic of Tony Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent. The Foundation’s flagship initiative, the TEF Entrepreneurship Programme, is a 10-year, $100 million commitment to identify, train mentor and fund 10,000 entrepreneurs, capable of changing the face of business across Africa.

 

Eligibility and Criteria

All applications will be judged on 5 core criteria, which are:

  • 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.

If Applicants are offered a place in the Programme, Applicants will be expected to:

  • 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

 

Awards and Benefits

  • The TEF Entrepreneurship Programme Mentors are highly experienced professionals, business frontrunners and entrepreneurs with vast knowledge and excellence in their fields, who want to help the next generation of African entrepreneurs

Gain from the TEF pillars – The pillars have been designed to address the essential needs to ensure success for an African entrepreneur.

  • Mentoring
  • Start-up Enterprise Toolkit
  • Online Resources
  • Meetups
  • Elumelu Entrepreneurship Forum
  • Seed Capital Funding

Mentors will be assigned to each start-up by the TEF team. Mentors will be assigned based on compatibility criteria such as business/industry experience and country. 

  • Upon completion of the 12-week Start-up Enterprise Toolkit (learning) programme, certification of the submitted business plan, provision of required documentation, business bank account, among other requirements, entrepreneurs will qualify for the first stage non-refundable seed capital of $5,000 (terms and conditions apply).
  • Tony Elumelu Entrepreneurs who successfully complete the programme by meeting stipulated requirements and deadlines will be eligible for funding. There are two stages of funding available to entrepreneurs:
  • First stage seed capital funding of $5,000 (based on the official Central Bank of Nigeria exchange rate)– a non-returnable investment.  Please see Terms and Conditions for clarification.
  • Second stage capital returnable investment – entrepreneurs will apply and be considered for this based on the viability of their business.
  • The funds will be wired directly into the entrepreneur’s business bank account – personal accounts are not permissible.  For those in UBA countries, the business account must be opened with UBA.
  • All entrepreneurs who have successfully completed the TEF Entrepreneurship Programme and collected their initial seed capital are automatically enrolled as members of the TEF Alumni Network.
  • As a member of the TEF Alumni Network, you will have continued access to TEFConnect through “alumni” status (not start-up status). This gives you full access to our online resource library, peer to peer engagement, online and offline events notification and continued affiliation with the Foundation.
  • Applicants are solely responsible for the structure of the business and the team members within it. Once selected to join the programme, entrepreneurs’ businesses cannot be significantly altered or amended.

 

How To Apply

To apply please click here