The Tony Elumelu Foundation (TEF) has announced the opening of application to support young businesses in Africa with $5,000 seed capital as part of its third cycle entrepreneurship programme.
The programme is currently accepting application from African entrepreneurs with business ideas that has the potential of transforming the fortunes of Africa.
Tony O. Elumelu, the Founder of TEF, told the Ghana News Agency on Wednesday that: “Our programme is a deliberate effort to institutionalise luck and provide the essentials for business growth to Africa’s next generation of business leaders.
“It is a demonstration of my faith in this generation’s ability to transform the African narrative from the single story of disease and poverty to one of enterprise and opportunity,” he said.
The TEF programme is expected to provide a mentorship programme which will guide successful applicants in creating a robust business plan and also provide $5,000 non-returnable seed capital and access to $5,000 convertible loan.
It is also expected to provide critical tools for entrepreneurial success, which includes a 12-week intensive training on setting-up and managing businesses.
One thousand entrepreneurs are expected to be selected based on the viability of their business idea which hinges on market opportunity, financial understanding, scalability, as well as leadership and entrepreneurial skills demonstrated during the application process.
To be eligible, the business must be based in Africa and must be for profit as well as having been in existence between zero to three years. Applicants must be at least 18 and a legal resident or citizen of any African country.
The TEF programme, which had supported over 2,000 entrepreneurs since its inception, has opened application until midnightof March 1, this year, and interested entrepreneurs could complete application at: www.tonyelumelufoundation.org/programme.
Ms Parminder Vir Obe, the Chief Executive Officer of the Foundation, said: “We encourage women, French, Arabic and Portuguese speakers and business ideas from every region across Africa, to apply”.
Our 2,000 alumni are already growing their businesses and improving lives. If you have a transformational business or an idea we have an opportunity for you,” she added.
TEF is a foremost African philanthropic organisation with a belief that the private sector holds the key to unlocking Africa’s economic potential and, therefore, the need to serve as catalyst to economic and social development in Africa through entrepreneurship.