Tony Elumelu Foundation has opened applications for its annual funding program for African entrepreneurs. The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering African entrepreneurs, opens applications on its TEFConnect digital platform today, January 1, 2022.
This year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.
To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the Foundation’s Entrepreneurship Programme will empower 1,000 young African entrepreneurs, selected from the 2020 cohort. The Foundation will also open applications to an additional 2,400 young entrepreneurs in 2021, in collaboration with global partners.
Successful applicants receive a world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities. The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.
What the TEF Entrepreneurship Programme Offers:
- Mentorship
- $5,000 non-refundable seed capital
- Global Networking Opportunities
Eligibility/Criteria
- Startup African entrepreneurs based in Africa
- Business at the idea stage are welcome, as well as innovative businesses that have been in existence for less than 3 years
- Business can be in any sector
- Business must have potential to create jobs and revenue on the continent
Timelines:
- January 1, 2022: Application portal opens
- March 31, 2022: Application portal closes; initial longlist is announced to proceed for business training
- April – May: Training & mentorship
- June: Pan-African pitching competitions
- July: Announcement of finalists at the TEF Forum
- August – September: Background Check
- August – December: Seed Funding Disbursement
Selection Process:
- Following applications, African entrepreneurs will undergo business training.
- Shortlisted candidates will prepare and submit an updated business plan
- Top performing entrepreneurs will be shortlisted to go through a pitching phase in all 54 African countries, in English, French, Portuguese or Arabic.
- Top performers will be selected to receive the $5,000 seed capital.
- Finalists to receive $5,000 seed capital will be announced at the TEF Forum
How to Apply
Log on to the multilingual application portal on www.tefconnect.com to sign up today.
Source:hubopportunities.com