How to Apply for Tony Elumelu Entrepreneurship ProgrammeAbbakin
You think you can make a good entrepreneur? Tony Elumelu Foundation is empowering 1000 Africa’s entrepreneurs in 2018. This post contains the purpose and how to apply for Tony Elumelu Entrepreneurship Programme.
Early in January 2018, Tony Onyemaechi Elumelu, a Nigerian billionare investor, founder of The Tony Elemelu Foundation announced a new chapter of his Tony Elumelu Entrepreneurship Program to finance 1,000 young African entrepreneurs during this year. This program opens its 4th cycle.
Tony E. surnamed “TEF” encourages African youth to apply for this opportunity via an application form available on his official website. The application deadline is midnight on March 1, 2018. Applicants must be legal citizen or resident of an African country.
The business in competition must be located in Africa, be for-profit and existing 3 years ago at least. The winners will be selected according to the leadership and entrepreneurial skills revealed by the application process.
Their concept shall be in a long-term evolution, a significative need on the market and reflect a financial understanding.
Each elected will be offered a non-returnable grant of $5,000 as seed capital to be paid based on the official Central Bank of Nigeria Naira equivalent value at the date of selection for the program.
From May to December 2018, the winners will go for 12 weeks of a rigorous online training to create and manage a business. They will benefit the guidance of a world-class mentor to transform their business. They will have access to the largest network of African start-ups and T.E. Foundation’s own global contacts.
Indeed, since 2015, aged 55, TEF, Commander of the Order of the Niger(CON), Member of the Order of the Federal Republic( MFR), economist, chairman of 3 companies in Nigeria, Heirs Holding, United Bank of Africa, and Transcorp got involved in a wide challenge, as he said himself to the medias worldwide
“the TEF Entrepreneurship Program 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». TEF named his philosophy “ africapitalism ” he defined as “ a call on the African Private Sectors to invest long term in key sectors of the African economy that create prosperity and social wealth”.
He believes Africa’s private sector and most importantly entrepreneurs are the catalyst for the social and economic development of the continent. The Tony Elumelu Foundation is the philanthropic arm of Heirs Holding, a firm investment. TEF explained his vision “In 2015, I heralded the ‘Decade of the African Entrepreneur’, the first of its kind and scale in Africa.
Since then, our alumni, across all 54 African countries, have begun growing businesses and improving lives, contributing to our goal of empowering 10,000 entrepreneurs who will collectively create one million jobs and generate $10 billion in revenue.
We are committed to giving from the perspective of empowering the recipient, rather than making them dependent on us, because prosperity is assured only when ALL Africans are financially independent.
My vision for the Foundation is to unlock the obstacles that Africa’s entrepreneurs face, so that they, rather than aid agencies or governments will spur the continent’s transformation.
At the end of our 10-year commitment, thousands of businesses will grow and flourish, driving sustainable prosperity across Africa.
I invite you ALL to learn about what the Foundation does, what we hope to do and to discover what we can do together. In doing so, I am confident that we will achieve sustainable development in Africa”.
He added “We are funded by an annual grant from Heirs Holdings and supported by the group’s investee companies. In turn, we provide support to the philanthropic activities of the Heirs Holdings Group.
In the last five years, we have spent over N2 billion toward our mission, which includes supporting the philanthropic goals of other institutions and foundations working in and for Africa.
In 2010, we launched the Tony Elumelu Foundation to spur our continent’s development through entrepreneurship and competitiveness”. Among numerous awards, TEF was recognized as one of “Africa’s 20 most powerful people in 2012” by Forbes magazine.
He has two degrees in economics from Nigerian universities, a bachelor’s degree from Ambrose Alli University and a master of science degree from the University of Lagos.
He is an alumnus of Harvard Business School’s Advanced Management Programme. He has written his Africa economic development approach in prestigious publications as The Economist, The Wall Street Journal, The Financial Times.
He meets many firm chairmen, many head of states including President Barack Obama. His net worth is estimated $1.4 Billion as seen on Forbes, 2018 Rating. So called the African Warren Buffet, the prophet of “africapitalism”,
TEF was invited in January 2018 at the World Economic Forum on a panel on State of Start-Ups to clarify the start-ups ecosystem influence in the world development. TEF with over 150,000 applications in the first 3 years alone is the Africa’s largest philanthropy supporting entrepreneurship.
How to Apply for Tony Elumelu Entrepreneurship Programme
TEF, married to Awele Vivien Elumelu, a medical doctor have 7 children. His slogan is “Let stop talking and let start doing”.
And the legend continues…
The TEF Entrepreneurship Programme is a Pan-African programme and open to business ideas from all the 54 African countries from which they select the best business ideas for the programme.
All Applications must be submitted ONLINE through the APPLICATION PORTAL. Click the link.
Interest candidate must complete an application form by answering a series of mandatory questions and uploading additional documents and identification materials.
After submission, you will receive a confirmation email of receipt within 1 working day.
In this year edition, selection of the applicants will take place from the close of the Application on March 1st, by the Tony Elumelu Foundation and an independent Selection Committee appointed by the Foundation, against the specified selection criteria below.
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.
For more information, follow TEF on Twitter: @TonyElumeluFDN
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