Tony Elumelu Foundation (TEF) has opened the application portal for the 2021 edition of its programme for African entrepreneurs.
Interventions this year are targeted at small and medium-sized enterprises as well as young African entrepreneurs. This is after Covid-19 disrupted economic activities across the world.
TEF is targeting over 2400 SMEs with a special focus on female entrepreneurs in 2021. The foundation hopes to address leading challenges facing the continent and lift millions out of poverty while creating sustainable employment globally.
The 2400 entrepreneurs selected will receive business training, mentorship, and non-refundable seed capital of $5,000.
TEF was founded in 2010, and in 2015, the founder, Mr Tony Elumelu, launched a 100 million dollars commitment to identify, train, mentor and fund 10,000 African entrepreneurs across all 54 African countries, over 10 years.
The Tony Elumelu Foundation (TEF) boasts 9038 beneficiaries from across 54 African countries to date.
2021 application portal will open from January 1 to March 31, this announcement was made by Tony Elumelu himself on Twitter.
What a year 2020 was!
Here’s wishing you all a brighter, better and #blessed 2021 that brings us joy, fulfillment and success in all of our endeavors. 1/3
— Tony O. Elumelu, CON (@TonyOElumelu) January 1, 2021
The programme is open to all citizens and legal residents of any one of the 54 African countries. The proposed business must be registered and operate in Africa.
Applicants must be 18 years old and must not be considered a minor in their country of residence. There is no upper-limit age restriction.
Is there a restriction on the types of business/industry?
Yes. The programme is not open to research institutions, faith-based organisations, value-adding trading companies, government contractors and businesses not located in Africa. Businesses must not adversely affect the environment, lives and property. Business ideas must be for-profit and must be the original work of those making the submission.
Is there a restriction on the age of my business?
Yes. All businesses must be business ideas or an early-stage company, in the range of 0 to 3 years old.
What if I run multiple early-stage businesses?
Your application must focus on ONE business only. You are advised to choose your best, most feasible/innovative business idea. Selected entrepreneurs are not permitted to apply for future cohorts of the programme, even with a different business idea or name.