By Yinka Kolawole
The Tony Elumelu Foundation (TEF) is set to provide 1,000 startups with training, mentorship and $5,000 in funding as it opens application for the 2018 edition of the Tony Elumelu Entrepreneurship Programme (TEEP).
The $100 million programme which is now in its fourth cycle of its 10-year period is to identify, train, mentor and fund 10,000 African entrepreneurs by 2024. Application for the latest edition will close on March 1, 2018.
Successful applicants are to receive 12 weeks of intensive online training, access to a world-class mentor, and $5,000 in seed capital to prove the concept, plus access to further funding. They will also gain access to the TEF network of startups.
TEF founder and Chairman, Tony Elumelu, said: “When we launched the TEF programme and committed $100 million, I knew we would create impact, but I never imagined it would be of this magnitude. We’ve unleashed a movement of African entrepreneurs – a force so strong, I am confident they will collectively transform Africa.”
“We need Africa’s best and brightest to grow their businesses and build our continent.”
Entrepreneurs will be selected based on the viability of their idea, including market opportunity, financial understanding, scalability, leadership and entrepreneurial skills. Applicant startups must be based in Africa, for-profit, and less than four years old.
“We encourage women, French and Portuguese speakers to apply. Our 3,000 alumni are already growing their businesses and improving lives. If you have a transformational business or an idea, we have an opportunity for you,” said TEF Chief Executive Officer, Parminder Vir.