Tony Elumelu Foundation has opened application to its 4th entrepreneurship program. The foundation made the announcement through a press release on its official blog. The statement said they are "now accepting applications for business ideas that can transform Africa."
Like the past cycles, entrepreneurs will get tools for business success. These include training, a mentor, $5,000 in seed capital and networking opportunities.
The programme, in its 4th cycle, is the foundation’s 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.
The Founder, serial entrepreneur and philanthropist Tony O. Elumelu said:
“When we launched the TEF Programme and committed $100 million to empower Africa’s entrepreneurs, I knew we would create impact, but I never imagined it would be the impact of this magnitude. We have unleashed a movement of African entrepreneurs — a force so strong, so inspiring, that I am confident they will collectively transform Africa. We need Africa’s best and brightest entrepreneurs to come learn, grow their businesses and build our continent.”
1,000 entrepreneurs will be selected based on the viability of their idea. This includes market opportunity, financial understanding, scalability, and leadership and entrepreneurial skills demonstrated in the application.
CEO of the Foundation, Parminder Vir OBE said, “we encourage women, French and Portuguese speakers to apply.
To be eligible, your business must be based in Africa, for-profit, less than three years old, applicants must be at least 18 and a legal resident or citizen of an African country.
Last year, over 93,000 entrepreneurs from 55 African countries applied for the 2017 Tony Elumelu Entrepreneurship Program. This more than doubling the number of applications received in 2016.
Uganda, with 74 entrepreneurs, had the second highest representation after Nigeria which got a representation of 509. (See also: Julius Muwonge on what being a Tony Elumelu Foundation Entrepreneurship Program fellow means to Ugandan Startups).
Established in 2010, The Tony Elumelu 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.
Application deadline is 1st March 2018. Click here to apply.