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 on January 1, 2016 and will accept applications until midnight of March 1, 2016.
To apply, entrepreneurs must complete the online application form on the web portal. A statement from the organisers said successful applicants who complete the programme would receive the local currency equivalent of N850,000 as non-returnable seed capital, and are eligible for a further N850,000 in the form of either debt or equity, depending on business need and other criteria.
According to the statement, 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. This include 12 weeks of training on how to set up and manage businesses with mentoring and financial support offered by the Tony Elumelu Foundation (TEF); accelerated growth as over 90 per cent of Tony Elumelu entrepreneurs, with existing businesses, have reported increased growth in the past year; and access to further funding as a significant portion of the TEF entrepreneurs had accessed additional external funding through the platform.
In addition, it listed the benefits to include networking opportunities.
Commenting on the programme, the Founder, TEF and philanthropist, Mr. 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.”
On his part, the Chief Executive Officer, TEF, Parminder Vir, called for a 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 TEEP is open to citizens and legal residents of all 54 African countries. TEEP is a commitment by the TEF to identify and fund 10,000 African entrepreneurs over a 10-year period. It seeks 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.