The Tony Elumelu Foundation has urged applicants for the fourth cycle of the $100 million entrepreneurship development programme to focus on business ideas that can transform Africa.
The charge was contained in a statement by the TEF, which also confirmed the deadline for the application as March 1, 2018, while the programme is scheduled to run from May 1, 2018 to December 2018.
The Programme provides critical tools for business success, including 12 weeks intensive online training, which guides participants in creating and managing a business. Other features of the programme participation of a world-class mentor to guide participants during the early transformation stages of the business as well as earning a $ 5,000 seed capital to prove the business concept in addition to access to further funding. The programme will include access to the largest network of African startups and the foundation’s own global contacts.The Programme, in the fourth cycle, is foundation’s 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.
Founder, the serial entrepreneur, and philanthropist Tony O. Elumelu, said: “When we launched the TEF Programme and committed $100 million to empower Africa’s entrepreneurs, I knew we would create impact, but I never imagined it would be the impact of this magnitude. We have unleashed a movement of African entrepreneurs — a force so strong, so inspiring, that I am confident they will collectively transform Africa. We need Africa’s best and brightest entrepreneurs to come learn, grow their businesses and build our continent.
“ 1,000 entrepreneurs will be selected based on the viability of their idea, including market opportunity; financial understanding; scalability; and leadership and entrepreneurial skills demonstrated in the application.”
Chief Executive Officer of the foundation, Parminder Vir said: “ 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.”
To qualify for the programme, the business must be based in Africa. The business must be for profit, the business must be zero to three years old and the applicants must be at least 18 and a legal resident or citizen of an African country.