Tony Elumelu Foundation 2024 for Entrepreneurs [$5,000 Grant]

The application for the Tony Elumelu Foundation Entrepreneurship Program 2023 for African Entrepreneurs is ongoing. The 2023 TEF Entrepreneurship Program is available to all African entrepreneurs.

This article will help you know what is required for a successful application. This could be the answer to that long-awaited dream.

What You Need to Know About Tony Elumelu Foundation 2023

Tony Elumelu foundation
Tony Elumelu foundation

TEEP (Tony Elumelu Entrepreneurship Program) is a pan-African entrepreneurial initiative of the Tony Elumelu Foundation, which is a multi-year training, funding, and mentorship program designed to empower the next generation of African entrepreneurs.

It is the brainchild of Tony Elumelu, a Nigerian investor and philanthropist, who is poised to provide $100 million to create 10,000 African entrepreneurs over the next 10 years. The goal is to create 1,000,000 jobs and generate $10 billion in annual revenues for the African economy over this period.

The 2023 TEF Entrepreneurship Program will be hosted on the TEFConnect digital platform. This year’s interventions target small- and medium-sized enterprises and young African entrepreneurs. This is after COVID-19 disrupted economic activities across the world.

TEF targets over 2400 SMEs with a special focus on female entrepreneurs in 2023. The foundation hopes to address the continent’s leading challenges and lift millions out of poverty while creating sustainable employment globally.

Over 1,000 from the 2020 cohort will be empowered through the Foundation’s Entrepreneurship Programme.

Also Read: 10 Best Entrepreneurship Schools in the World

Who is Eligible for the TEF Entrepreneurship Programme 2023?

The TEF Programme is not for an academic level or qualification. The Tony Elumelu Entrepreneurship Program is designed to assist young entrepreneurs around Africa to start or support their enterprises, thereby creating thousands of job opportunities in Africa.

If Applicants are offered a place in the Programme, Applicants will be expected to:

  • complete a self-declaration form,
  • provide proof of valid ID,
  • provide a personal bank statement from the past 6 months
  • provide a statement of current personal debts.
  • Provide a reference from an employer, bank, and/or academic institution;
  • Provide business bank account details (For UBA present countries, it must be a UBA account)

Host Country

The TEEP 2023 will be hosted in Nigeria.

Eligible Countries

The TEF Entrepreneurs Programme 2023 is available for young entrepreneurs from all over Africa.

How much is the TEF Entrepreneurship Programme 2023?

TEF Entrepreneurship Programme 2023 offers successful participants a cash benefit of $5000. Access to mentors and a 12-week corporate training program focused on the needs of African entrepreneurs and a Forum Programme.

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Tips to Write a Successful Tony Elumelu Entrepreneurship Grant

  • Position yourself as someone who is giving out a grant. What exactly does this Tony Elumelu Foundation want to achieve?
  • Read all the information about the application and think about what they expect from you.
  • Before you start writing your application, study the terminologies used by the foundation often and use them.
  • Study the organization’s website.
  • Study the selection of alumni and observe the ideas of people who have previously won.
  • Take a look at how they communicated their ideas and replicate the same.
  • Study how they tell their stories and create your own stories.
  • Tony Elumelu is looking for ideas with social impact. Be sure to communicate this at each stage of the application.
  • I recently heard from a partner Mentor that most ideas are being selected based on their emotional Strength. You have to communicate the right feeling to the judges for you to be selected.
  • There is a vocabulary of winners. Study the successful winners and see how they communicate their ideas on paper.
  • In the voice of the Tony Elumelu Foundation CEO, there is no idea that he cannot win. It all depends on your Communication.

Also Read: How to Find Work-From-Home Jobs that are Hiring Now| Start Your Career at Home

Application Procedures

All applications must be submitted ONLINE through the APPLICATION PORTAL. You 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.

Application Portal

Visit Award Webpage for Details

Application Deadline:

The 2023 TEF Entrepreneurship Programme application period runs from January 1st, 2023, to March 31st March 2023. You can kindly check for updates on the application link below

TEF Entrepreneurship Programme 2023 FAQ

1. How do I apply for the TEF Entrepreneurship program?

All applications must be submitted ONLINE through the APPLICATION PORTAL. You 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.

What if my company is a partnership?

Only one business or partnership nominated person can join the program.

Can I apply offline?

No. All applications must be submitted online through the application portal.

How is the Programme Selection Process?

a. How are selected applicants chosen to join the program?
Selection of the applicants will occur after 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.

b. By what criteria are the applicants to be judged?
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 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.

c. The Tony Elumelu Foundation is located in Nigeria; does this give preference to Nigerian entrepreneurs?
No. The TEF Entrepreneurship Program is a pan-African program. It is open to business ideas from all 54 African countries, from which we will select the best ones for the program.

d. If my start-up is selected to join the program, when and how will I be informed?
Successful applicants will be notified on the 22nd of March
via the email address designated in the initial application.  The list of selected entrepreneurs will also be posted on the TEF Website.

e. What additional information must I supply once my business is selected?
If Applicants are offered a place in the Programme, Applicants will be expected to:
–complete a self-declaration form,
-provide proof of valid ID,
-provide a personal bank statement from the past 6 months,
-provide a statement of current personal debts.
 
-provide a reference from an employer, bank, and/or academic institution;
 
-Provide business bank account details (For UBA present countries, it must be a UBA account)

f. Why was my application unsuccessful?
Since inception, we have received over 65,000 applications for the limited spaces on the program, while we can only accept 1000 entrepreneurs each year. Here are a few possible reasons why your application was not successful:
-You did not complete the application
-Your business or idea is more than 3 years old
-Your business or idea is not based in Africa
-Your descriptions in one or more sections of the application were not clearly described
-Your application did not meet other eligibility criteria
-You scored low in one or more of the selection criteria.

g. How can I improve my chances next year?
Ensure that you review the selection criteria in the next program cycle and describe your business plan or idea so that every aspect of the business or idea (i.e., description, market, customer acquisition, financials, etc.) is fully covered.

h. Is there a waiting list for Applicants who could join the program?
Yes, there is a waiting list. If any of the selected 1,000 do not claim their places by the set deadline, the next best entrepreneur from the waiting list will be chosen before the commencement of the program cycle.

i. If not selected, can I reapply in another program cycle?
Yes.  We will open the platform for applications on January 1 every year. Each applicant will be required to put in a fresh application. We believe the elapsed time should refresh your interest in your entrepreneurial objectives, and there might be new developments to include in the application.

What if English is not my first language?

The application portal will have functionality in English, French, and Portuguese.
What information/identification do I need to provide in my application?
You must answer all the mandatory questions in the application form.
How many applicants will be chosen to join the program?

There are 1,000 places available annually for the applications selected by the Selection Committee for placement in the program.

Is there application/associated fees?

No. The Tony Elumelu Foundation does not charge applicants a fee for applying to the program.

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