largest philanthropy supporting entrepreneurship – The Tony Elumelu Foundation
(TEF) is determined to support more entrepreneurs as the foundation announced
it is now accepting applications for business ideas that can transform Africa.
The programme provides critical tools for business success, including 12 weeks of intensive online training which guides creating and managing a business; a world-class mentor to guide during the early transformation stages of the business; $5,000 in seed capital to prove the concept, plus access to further funding; and access to the largest network of African start-ups and TEF’s own global contacts.
The programme, in its 4th cycle is TEF’s 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.
Some Gambian entrepreneurs have already benefited from the programme and are currently doing well in their different areas.
TEF Founder, serial entrepreneur and philanthropist Tony O. Elumelu, CON said: “When we launched the TEF Programme and committed $100 million to empowering Africa’s entrepreneurs, I knew we would create impact, but I never imagined it would be 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.
CEO of the Foundation, Parminder Vir OBE 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.
For one to be eligible for the programme, she said, the business must be based in Africa, the business must be for profit, the business must be 0-3 years old, applicant must be at least 18 and a legal resident or citizen of an African country.