Budding entrepreneurs across Africa can now apply to join the second annual Tony Elumelu Entrepreneurship Programme (TEEP) for start-up businesses based in Africa.
The Tony Elumelu Entrepreneurship Programme application portal opens for entries today, January 1, 2016 and will accept applications until Midnight WAT on March 1, 2016. To apply, entrepreneurs must complete the online application form on the web portal: [HYPERLINK]
Successful applicants who complete the programme will receive the local currency equivalent of Naira 850,000 as non-returnable seed capital, and are eligible for a further Naira 850,000 in the form of either debt or equity, depending on business need and other criteria.
Selected entrepreneurs will join the existing cohort of 1,000 Tony Elumelu Entrepreneurs, from 51 countries, who formed the inaugural 2015 cycle of the programme and have thus far, received considerable benefits from their participation, including:
- Training: 12 weeks of training on how to set up and manage businesses with mentoring and financial support offered by The Tony Elumelu Foundation.
- Accelerated Growth: Over 90% of Tony Elumelu entrepreneurs, with existing businesses, have reported increased growth in the past year.
- Access to Further Funding: A significant portion of our entrepreneurs have accessed additional external funding through the platform provided by Tony Elumelu Foundation.
- Networking Opportunities: A flourishing alumni network has developed, providing personal linkages and business opportunities across the Continent.
Founder, serial entrepreneur and philanthropist Tony O. Elumelu said: “I believe in empowerment that can change the face of Africa as we know it. African entrepreneurs are our future leaders and I am passionate about giving them the opportunity to succeed.
The Tony Elumelu Entrepreneurship Programme is a major, deliberate effort on my part, to institutionalise luck and provide seed capital funding, mentoring, business training, pan-African networking and springboard that our aspiring Entrepreneurs need to leap from.”
CEO of the Tony Elumelu Foundation, Parminder Vir OBE, made a call for an even broader participation in TEEP this year, saying,
“We encourage women and men with business ideas from all sectors, from every region, city, town and village across Africa, to apply. This is your programme and if you can demonstrate your passion and commitment, then this wonderful opportunity to become a Tony Elumelu Entrepreneur could be yours for the taking.”
The Tony Elumelu Entrepreneurship Programme is open to citizens and legal residents of all 54 African countries. Applications for 2016 open on 1 January and can be made by any for-profit business based in Africa, including new business ideas which have been in existence for less than three years.
Instructively, TEEP is a commitment by the Tony Elumelu Foundation to identify and fund 10,000 African entrepreneurs over a 10-year period.
It is our answer to the question of how to catalyse change on a massive scale across Africa, seeking to add $10 billion of additional revenues to Africa’s economy; provide over one million new jobs; and create a new generation of empowered entrepreneurs.
TEEP commenced in December 2014, with a funding pledge of Naira 17bn (US$100m equivalent) by the Foundation and the inaugural 2015 round drew over 20,000 applicants from 51 African countries.