Apply Now: Tony Elumelu $5,000 Seed Funding for African Entrepreneurs 2023

Tony Elumelu Foundation ( TEF) Entrepreneurship Programme for African Entrepreneurs

Tony Elumelu Seed Funding: The application is open for the Tony Elumelu Foundation (TEF) Entrepreneurship Programme for African Entrepreneurs. Interested and suitable entrepreneurs are encouraged to participate in the Tony Elumelu Seed Funding programme for African entrepreneurs. This program is to uplift startups, promotion of business ideas into reality, and help young entrepreneurs get their businesses established.

Kindly read the full information about the seed funding program and apply via the Apply Button below this article.

About the Tony Elumelu Foundation (TEF) Entrepreneurship Program

The Tony Elumelu Foundation is Africa’s leading entrepreneur support organization. Our goal is to empower women and men across our continent, thereby catalyzing economic growth, eradicating poverty, and ensuring job creation. We believe that the private sector’s role in Africa’s development is critical and that the private sector must generate both social and economic wealth.

Brief Program Details

Sponsor(s): Tony Elumelu Foundation

Type: Entrepreneurs

Award Value: $5,000 Seed Fund

Eligible Countries: Africans

Application Deadline: 31 March 2023

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Full Benefits of the TEF Entrepreneurship Programme

• Non-refundable seed funding of $5,000
• A world-class business training for 12 weeks
• Access to the TEF Alumni network with over 15,000 entrepreneurs across’ Africa
• Mentoring and networking opportunities via Africa’s largest digital platform for entrepreneurs, TEFConnect.net.

Apply Also: Mastercard Foundation Africa Growth Fund for African Business 2023

Eligibility Requirements for the TEF Program

• The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.
• Applicants must be 18 years of age and above.
• All businesses must be business ideas or early-stage companies, in the range of 0 to 5 years old.

Selection Stages

1. The Application Phase

This will take place from January 1 to March 31.  Once applications are closed, eligible applicants will be placed in the appropriate training path as follows:

Reparatory: This means you do not have the skillset needed to start a business. You will go through the general training on TEFConnect. You will, however, not be eligible for mentorship or seed capital.

Start-Up/Beginner: This means you are a starter according to the business start-up profiling. You will go through the beginner training modules and you will have access to world-class mentors during the programme.

2. Innovation/Intermediate Phase

This means that you have been profiled to be an intermediate entrepreneur. You have a good potential to be a successful entrepreneur. You will go through the Intermediate training modules and you will have access to world-class mentors during the programme.

3. Disruptor/Advanced Phase

This means that you are identified to be natural or a seasoned entrepreneur. You will go through the Advanced training modules and you will have access to world-class mentors during the programme.

4. The Training and Mentorship Phase

• Once shortlisted and placed in the appropriate training path, you will be eligible to take part in our rigorous business training and mentoring sessions. There will be multiple-choice questions to track your performance. You will attend a virtual orientation program to learn more about the process and we will share timelines and resources available for you to succeed. The shortlisted entrepreneurs will be given access to join peer-to-peer support groups.

• Shortlisted entrepreneurs will be expected to complete the business training, and answer the quiz at the end of each module.
• The shortlisted applicants after the training will be given the opportunity to develop a BUSINESS PLAN 

5. The Business Plan and Financial Submission Phase

At the end of the TEEP 2023 training, you will be required to combine all the learnings from the training into a single cohesive document. You will be given a business & financial plan template; this will be in the online resource library. This template will help you create the first draft of your business plan. write a business plan.

After theBUSINESS TRAINING & BUSINESS PLAN SUBMISSION, only successful candidates (who complete the MCQs and score above the cut-off mark and submit a business plan) would be eligible to move on to the next stage: the PITCHING COMPETITION.

6. The Pitching Phase

This is an opportunity to demonstrate your business knowledge and convince the judge about the feasibility of your business. At the pitching stage, entrepreneurs will pitch their ideas before a panel of judges.

Only the successful candidates from the pitching competition will receive seed capital funding and access to the Alumni network to support their business ambitions. If you successfully completed all required training requirements and submitted a business plan, but was unsuccessful after the pitching competition, you will receive a training completion certificate and can reapply next year.

NOTE: Please note that this phase is another key outcome of this training programme and all shortlisted entrepreneurs must go through this phase to be eligible for SEED CAPITAL. 

7. The Ideal Phase: The Seed Capital Phase

All entrepreneurs who have successfully completed all the above steps will be required to open business accounts and seed capital will flow into these accounts created. An entrepreneur who is eligible to receive seed funding will be given a CERTIFICATE OF COMPLETION AND ACHIEVEMENT from the Foundation.

How to Apply

Interest and qualified entrepreneurs should begin their application submission by visiting the application page via the Apply Button below. OR Visit Here.

Click Here to Apply

Visit the TEF Official Website for More Information