The Tony Elumelu Foundation was founded in 2010 by Mr. Tony O. Elumelu, a philanthropist, investor, and entrepreneur who is enthusiastic about Africa’s economic advancement. The Foundation is concentrated on empowering African entrepreneurs, which is emblematic of Tony Elumelu’s belief of Africapitalism, which stances Africa’s private sector, and most honorably entrepreneurs, as the impetus for the economic and social development of the African continent.
Major Aims and Objectives of the Foundation
- One major aim of the Foundation is the refinement of the competitiveness of African thriftiness
- Another major goal is to boost excellence in business leadership and entrepreneurship across Africa.
The Tony Elumelu Grant
The Tony Elumelu Entrepreneurship Program (TEEP) assigns 10,000 aspiring African entrepreneurs an opening to succeed from $100 million grant to generate 1,000,000 jobs and add $10 billion in yearly dividends to Africa’s economy over the next 10 years.
How to Apply
All applications must be submitted online through the Application Portal. An application form must be achieved by responding to a cycle of required questions and uploading additional documents and identification elements. After submission, you will receive a confirmation email of receipt within one working day
The following are the eligibility for The Tony Elumelu Entrepreneurship Program:
- The program is available to all citizens and legal residents of any one of the 54 African countries. The suggested business must be registered and run 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.
- The program is not accessible to faith-based organizations, research institutions, government contractors, value-adding trading companies and businesses not placed in Africa. Businesses must not adversely influence the domain, lives, and properties. Business ideas must be for revenue and must be the original idea or work of those making the submission.
- All businesses must be business understandings or an early-stage company in the span of 0 to 3 years old
- An applicant must focus his application on one business only. He is advised to choose his best, creative and workable business idea
- Selected entrepreneurs are not enabled to apply for future fellows of the program, even with a different business idea or name
- Current employees or their family members from the Tony Elumelu Foundation and associate companies in The Heirs Holdings Group and UBA Group are not eligible to apply for the Tony Elumelu Entrepreneurship Program, either individually or as part of a team.
Criteria to be Judged
All applications will be judged on score criteria, which are:
- Market Opportunity: Knowledge and conception of the market, rivals, and customers for their business or idea
- Scalability: Demonstrates potential for doppelganger and growth of their product or service to create jobs and wealth
- Feasibility: The idea must be reasonable
- Financial Understanding: Understanding of the essential financial requirements of running a business, costs, and revenues
- Leadership Potential and Entrepreneurial Skills: Demonstrate oversight potential, worthy of fascinating people, clients, and aids
- Networking: Networking is essential to the upward surge of any enterprising individual and entrepreneurs have often banded to great outcomes. This is why we have enabled the structure of country chapters to simplify alliances with like heeded individuals who will add value to their businesses in the long term and foster intra-country trade
- Discipline: The program help business proprietors enhance their levels of organization, system and inadvertently shape their innate proficiency so they can focus on the main goal of driving and swelling the business efficiently to follow standard practice
- Mentorship: Mentorship is attained during the 12-week online practice along with access to business reserve, modified to build capacity of the entrepreneurs. For entrepreneurs, a vital part of formation and broadening a business involves the accession of certain skills and characteristics through guidance for trade connoisseurs and individuals with substantial experience in the business. Our compilation of carefully determined and impel mentors from across the world to help to take care of this.
- Leadership: Certain leadership qualities and virtues that entrepreneurs need to nurture and sustain their businesses are unearthed or instilled in them during the fullness of the program through interchanges with their mentors and also by drawing from the real life experiences of the founder, Tony Elumelu.
- Credibility: Completing an accelerator program with a reputable company assembles businesses for growth and bolsters their certificates in terms of the right business skills and acumen needed.
- Enhancing Belief: To spread the sizes of your role models, you have to coax to dream and improve your mental state of mind. The program helps you find an intermediate to build on dreams and pursue them.
Duration of the Tony Elumelu Entrepreneurship Program
When you are eligible for the program, you will be under a 9- month program which includes a 12- week online business plan advancement training and mentoring program, followed by a two-day Bootcamp
Finally, the Tony Elumelu Foundation is bestowed in the modification of entrepreneurs in Africa to shape the continent for the next generation.