Applications for the third round of the Tony Elumelu Foundation’s Entrepreneurship Program will be open from January 1, 2017, according to information contained on the foundation’s website.
The Tony Elumelu Foundation (TEF) Entrepreneurship Program provides training and funding for entrepreneurs with new and promising business ideas based in Africa. Its organizers say the program was set up to provide training, mentorship and funding worth a total of $100 million to 10,000 African entrepreneurs over a period of ten years. The program is aimed at identifying and growing new businesses that could help create 1 million new jobs and add at least $10billion in revenue to Africa’s economy.
As part of the program, startup owners will be mentored by experienced professionals and entrepreneurs possessing a deep knowledge of their field. They will participate in a 12-week live learning session, after which they will be granted seed capital of $5,000 if their business plan is deemed to meet specific assessment criteria. A second stage funding, also worth $5,000, will be made available to startups adjudged to have made satisfactory progress on the business plan they submitted.
Persons who wish to apply for the TEF Entrepreneurship Program should be legal residents of an African country and aged 18 years and above. Their business should be 0-3 years old, based in Africa, and profit oriented. Applications will be evaluated based on the scalability and market opportunities for the business idea, as well as the applicant’s leadership potential and entrepreneurship skills.
Entries for the program will be accepted until March 1, 2017.
For more information on the Tony Elumelu Foundation’s Entrepreneurship Program, click here.