- Tony Elumelu Foundation (TEF), Run by Nigerian philanthropist Tony Elumelu, has opened its application portal for African entrepreneurs.
- As part of its covid-19 recovery plan, this year, TEF has raised its target to over 3,000 instead of the usual 1,000 small and medium enterprises.
Tony Elumelu Foundation (TEF), Run by Nigerian philanthropist Tony Elumelu, has opened its application portal for African entrepreneurs for two-months ending March 1 offering entrepreneurs and individuals with scalable business ideas an opportunity to apply for mentorship and seed capital opportunity. As part of its covid-19 recovery plan, this year, TEF has raised its target to over 3,000 instead of the usual 1,000 small and medium enterprises. The selection of 1,000 entrepreneurs is based on idea viability, including marketability, entrepreneur’s financial understanding as well as leadership and demonstrable entrepreneurial skills. This year, in collaboration with global partners, the Foundation will open applications to an additional 2,400 young entrepreneurs. The minimum age of applicants must be above 18 years, should operate businesses between idea stage and three years, and based in Africa.
A statement issued by TEF chief executive Ifeyinwa Ugochukwu said that the company is confident that through TEF’s tried and tested Programme, they can execute the largest Covid-19 economic recovery plan for African SMEs and break the cycle of poverty in Africa.
The programme offers Selected entrepreneurs a 12-week online training on managing enterprises, mentorship on transforming business at its early stages, a seed capital of Sh500,000 ($5,000) and networking opportunities. TEF has made a 10-year $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024, with the goal of creating millions of jobs and new revenue on the continent. The current one is the seventh edition. Since its launch in 2015, the TEF has supported hundreds of entrepreneurs in Kenya who are among thousands of alumni already growing their businesses and improving lives. More than 9,000 enterprises have benefitted from all 54 African countries, with training, mentorship and seed funding.
The Pregramme seeks to implement the vision of Mr Elumelu’s Africapitalism philosophy, by empowering the private sector as the catalyst for African economic transformation highlighting the value of the creation of both social and economic wealth.
