What are you still waiting for? Hurry now and apply for the 2023 Tony Elumelu Foundation $5000 Seed Capital Entrepreneurship Empowerment Programme before it becomes too late. The closing date for the application is no more far from.
If you have not applied for the 2023 $5000 Seed Capital funding from the Tony Elumelu Foundation Entrepreneurship Programming and you would like to one of the beneficiaries of this great empowerment programme, you have to read more about the programme and how you begin with application.
In this post, the Emonprime Team is going to give you every detail that you need for the application including the application requirements, application procedures and vital keys and tips to securing the $5000 from the Tony Elumelu Foundation Entrepreneurship Programme for the year 2023.
About Tony Elumelu Foundation (TEF)
Tony Elumelu Foundation is the best of Entrepreneurship foundation in Africa. The foundation has been doing wonderfully in the empowerment of women and men in the continent, fueling economic growth, ensuring that poverty goes into extinction and creation of job opportunities.
It is a private sector that has been believed over a period of years to have created both social and economic wealth.
Tony Elumelu Foundation was founded in 2010 by a prominent Nigerian economist, Tony Onyemaechi Elumelu. The foundation has been active in the 54 African countries with over 15,000 young African Entrepreneurs empowered and about 1,200,000 Africans supported.
The mission of the foundation is implemented through programmes, research, communities, advocacy and convenings, such as the annual Tony Elumelu Foundation (TEF) Forum, the largest gathering of entrepreneurs in Africa, and TEFConnect, Africa’s digital hub for entrepreneurs.
The Foundation leverages its strong relationships in the public, private and development sectors to drive its mission of creating prosperity for all.
In 2015, the Foundation launched the TEF Entrepreneurship Programme, a $100 million commitment by Tony Elumelu to empower 10,000 African entrepreneurs over 10 years.
Building on the Programme’s success and its unique ability to identify, mentor and fund entrepreneurs across Africa, the Foundation is increasingly sharing its robust delivery platform and working in partnership with institutions such as United Nations Development Programme, the African Development Bank, the International Committee of the Red Cross, GIZ, and United Bank for Africa Plc, to create meaningful and permanent impact across Africa.
The Tony Elumelu Foundation (TEF) believes that the private sectors hold the key unlocking Africa’s economic potential.
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Who is Qualified for the 2023 $5000 from Tony Elumelu Foundation Entrepreneurship Programme?
The Tony Elumelu Foundation was created to build capacities across the 54 African Nations. It was meant catalyze entrepreneurship development in Africa.
The goal of the programme is to create at least 1million jobs and contribute to over $10billion in revenue to African economy.
Therefore, to qualify for the 2023 $5000 seed capital funding from the Tony Elumelu Foundation Entrepreneurship programme application, you must be citizen of any the African Countries.
TEF APPLICATION FORM
The application form consists of four parts:
- Personal information
- Commercial information
- Cognitive assessment
- Declaration section
To ensure a transparent application process, all applicants will need to have a valid government-issued ID and indicate their name on the application form on TEFConnect exactly as it appears on the ID card.
ALL APPLICANTS WILL BE REQUIRED TO:
- Complete all mandatory fields in the online application form on TEFConnect.
- Submit the form
- Attach all the requested documents (valid identity card and photo headshot) and upload the required documents
- Expect Foundation comments.
What to Expect From the Programme
The Entrepreneurship Programme identifies outstanding African entrepreneurs who have start-ups or business ideas with the potential to grow. The TEF Entrepreneurship Programme will be delivered in different phases as listed below:
- Application Phase
- Training &Mentorship Phase
- Business Plan Submission Phase
- Pitching Phase
- Seed Capital Phase
The Application Phase
This will take place from January 1 to March 31. Applicants are expected to fill the application form which provides information about you and your business. This is followed by Psychometric and Cognitive assessment multiple-choice questions.
The last part of the application form is a declarations page. Based on answers provided by the applicants in the assessment section, the application is scored and eligible status is displayed to the applicant.
Once the applications period closes, eligible applicants will be placed in the appropriate training path as follows:
PREPARATORY
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.
INNOVATOR/ INTERMEDIATE
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.
DISRUPTOR/ ADVANCED
This means that you are or 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.
The Training and Coaching Phase
Once shortlisted and placed in the appropriate training path, you will attend a virtual orientation programme to learn more about the process and we will share timelines and resources available for you to succeed.
You will take part in our rigorous business management training and coaching sessions which is a balanced mix of online self-paced learning and webinar-style training. There will be weekly multiple-choice questions to track your performance.
At the end of the training phase, entrepreneurs are shortlisted based on performance, ensuring Regional and Gender spread.
Shortlisted entrepreneurs will be expected to develop and submit a Business Plan
The Business Plan and Financials Submission Phase
At the end of the training phase, 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.
After the Business 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.
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 virtually which will be scored by a panel of judges.
Only the successful candidates, based on performance scores from the pitching competition will receive seed capital funding and have access to Mentorship and the Alumni network to support their business ambitions.
Other factors that will be considered for the selection of the final entrepreneurs will include:
- Regional spread
- Gender spread
- Partner requirements
If you successfully completed all required training requirements and submitted a business plan, but was unsuccessful after the pitching competition, you can reapply in the subsequent year.
The Seed Capital Phase
All entrepreneurs who have successfully completed all the above steps and selected after the Pitching Phase 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 For Tony Elumelu Entrepreneurship Programme
The application process for the $5000 seed capital funding from the Tony Elumelu Foundation Entrepreneurship Programme involves many steps that you are going to be shown in this section.
To apply for the entrepreneurship programme, carefully follow the under listed step by step procedures:
A. Account Creation Stage
This is the first thing that any interested applicant must do before the commencement of the full application. To create account with the Tony Elumelu Foundation, follow the steps given below:
- Go to the Tony Elumelu Foundation Entrepreneurship Programme application portal at: TEFCONNECT
- Click on “Sign Up” button
- Fill in your bio data and other personal information
- Check-in the “Data collection and Policy” box
- Click on Sign Up button again
- Login to your Email address to verify your email and the account that you have created.
B. Selection of Business Goal
At this stage, you are going to register either a mentor or as an entrepreneur
You will also select your area of interest, such as Agriculture, Fabrics and so on.
C. Application Stage
This is the stage that you are going to begin the application fully. You would be required to give information about your business idea and experiences on the form provided.
After which, make sure that you carefully fill the following forms within the specified period of time:
- Personal information
- Commercial information
- Cognitive assessment
- Declaration section
D. Finally, validate and submit the completed forms
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Note: Make sure that you review your personal information to ensure that there is no error before your final submission.
You are going to receive an email notification on the completion of the application.
Closing Date for the Application
The application for the Tony Elumelu Foundation Entrepreneurship programme has been open since 1st January 2023 and closes on the 31st March, 2023.
I believe that you have found this article very informative. If you have any other questions about the Tony Elumelu Foundation $5000 Seed Capital Entrepreneurship Empowerment Programme | 9th Edition 2023, kindly make use of the comment section on this page or visit the TEF official website.
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