The Tony Elumelu Foundation Entrepreneurship Programme began accepting applications for its 2019 cycle on January 1st.
TEF Programme is a 10-year, $100 million commitment to identify, train, mentor, and fund 10,000 entrepreneurs. Its goal is to invest in businesses that will generate at least 1,000,000 new jobs and contribute at least $10 billion in new annual revenues across Africa. In its 4th year, the TEF Entrepreneurship Programme has empowered 4,460 entrepreneurs with a total investment of USD20million; 4,000 funded directly by the Foundation and 460 have been funded by partners and now it’s in the 5th year.
The programme began in 2015 where about 1,000 persons are selected every year, for the Tony Elumelu Foundation Entrepreneurship programme.
“The private sector must be the core driver of Africa’s economic transformation, but this sector cannot attain its full potential if entrepreneurs are left behind,” said the founder, Tony Elumelu.
“We call on all stakeholders – policymakers, business leaders and development agencies – to commit to creating a better future for our young Africans who have demonstrated intellect, skill, and passion, to empower them to succeed because their success is Africa’s success.
“The TEF Entrepreneurship Programme is by far the most impactful project of my life and represents my commitment to transforming Africa through entrepreneurship.”
CLICK HERE NOW TO GET A FREE PDF picture guide on efficient ways to answer the simple but tricky questions on the TEF application form.
Tony Elumelu Foundation 2019 Application Requirements
- Applicants MUST be resident in Africa
- The business MUST also be based in Africa
- Applicants MUST be 18 years old and above
- Applicants MUST apply with only ONE business
- The business MUST NOT be older than 3 years
- The business MUST be for profit
How To Apply For Tony Elumelu Foundation Entrepreneurship Programme
The TEF application form is available online and its absolutely free of charge. All you need to do is:
- visit Tony Elumelu foundation 2019 application portal official webpage HERE
- Fill in your details
- Submit the application
I have prepared a detailed picture TEF application guide. CLICK HERE NOW TO GET A FREE PDF picture guide on how to answer the questions on the TEF application form.
Successful applicants would be required to have the following;
- The filled self-declaration form.
- A valid ID document
- A personal bank statement for the last six months.
- A list of personal debts
- A reference from the bank, institution, and employer
- Your bank account details (it must be a UBA account in countries where UBA operates).
Why Apply For Tony Elumelu Foundation 2019?
A successful applicant stands to gain the following from the Tony Elumelu Foundation Entrepreneurship Programme:
- Professional training – the applicants get twelve weeks of online training
- Funding –At the first instance, the participants are handed $5000 (paid at the present Naira exchange rate) to prove their concept. They can, however, get more access to fund their project.
- Network – you will receive exclusive access to the Tony Elumelu Foundation’s network across the world.
How Tony Elumelu Foundation 2019 Programme Winners Will Be Picked
Your Tony Elumelu Foundation application form would be scored over the total points of 100 points.
Firstly, allow me show you how your Tony Elumelu Foundation application form would be scored in this 2 minutes highlight video on the EASIEST WAY TO WIN TONY ELUMELU FOUNDATION GRANTS; “The 30 Selection Criteria“
1. FINANCIAL UNDERSTANDING (10 marks)
2. LEADERSHIP/ ENTREPRENEURSHIP SKILLS ( (15 marks)
3. BUSINESSES FEASIBILITY ( 20 marks)
4. MARKET OPPORTUNITIES (25 marks) and lastly
5. SCALABILITY (30 marks)
Now let’s take a more detailed look at how you can earn all maximum 100 points.
BUSINESS FEASIBILITY 20 points
Heres a quick video on Tony Elumelu Foundation requirements on business feasibility :
- Can you clearly define the features of your product/ services 4pts
- Can you define in clear terms the benefits of your product/ services 4pts
- Is your business practical, are you certain people will be willing to pay for it? 4pts
- Is your business solving a known problem in a new way that could lead to improved efficiency, added value to customers e.t.c? 3pts
- Is your business tapping into a new market that no one else has been able to reach, or is it solving a problem no one else has addressed? 3pts
- Does your business have the capacity to create jobs for up to 10 people? 2pts.
MARKET OPPORTUNITIES 25 points
What’s opportunities abound for your product in your chosen/ target market. Here’s a quick 3 mins video on market opportunities and business scalability
- Is the market for your product/service sizeable enough to justify investment into your business? 5pts
- Have you the entrepreneur, been able to sufficiently describe how your business will generate income and earn profits? 5pts
- Have you provided the workable marketing/ advertising strategy for your product/ service? 5pts
- Have you defined your target market or market segment for your product/ service? 4pts
- Have you position your product/ service against competition? 4pts
- Have set a price for your product/ service? 2pts
SCALABILITY 30 points
- Can this your business model be replicated outside your immediate community or current market? 5pts
- Can your business be able to multiply its revenue through increased production, service lines expansion e.t.c, while keeping expense as low as possible? 5pts
- Is there any opportunities for your business to use technology (automation) to improve margin and reduce operational cost 5pts
- Will your business be able to surmount cultural barriers to enable it expand to other geography in Africa? 4pts
- Will your business be able to surmount legal/ regulatory barriers to enable it expand to other geography in Africa? 4pts
- Will your business have adequate access to raw materials (if application) or critical skills if it decides to expand to other markets? 4pts
- Have you the entrepreneur, demonstrated the desire to scale your capacity? 3pts
FINANCIAL UNDERSTANDING 10 points
- Does the logic you describe for making money (revenue) for the business make any sense 3 pts
- According to your business type, does your description of your business current expense reflect all the possible operating cost associated with running that business? 3pts
- Is your business financial forecast realistic/ based on reasonable assumptions? 2pts
- Does your break-even revenue/ volume reflect the time value of the invested cash/ cash to be invested given the price of the product involved? 2pts.
LEADERSHIP 15 points
- Have you demonstrated ability to influence, lead or motivate people in any capacity? 3pts
- Have you demonstrated any ability to manage resources ( time, money, materials) ? 3pts
- Is your desired impact in line with the TEF goal of increasing jobs, building businesses and creating wealth across Africa? 3pts
- Does the business challenges you have outlined, show a true understanding of the industry you’re operating in? 2pts
- Have you truly identified the skill gaps as areas you need to learn about? 2pts
- Does your current or next milestone show any desire realistically accelerate your business growth? 2pts
- And finally, DO YOU HAVE ENOUGH PASSION FOR THIS BUSINESS?
The above Tony Elumelu Foundation Programme scoring criteria is summarized in the figures below:
To help you score higher in your application, CLICK HERE NOW TO GET A FREE PDF picture guide on some awesome ways to answer the questions on the TEF application form.
Here’s 3 quick tips; the questions are basically in 3 parts ( sections)
Your Leadership: Here, try to show a well written story of a recent leadership feat you have achieved.
Your Idea: Your idea would probably take you to the top 1500 whereas the story behind your idea takes you to the top 1000 successful applicants.
Your impact: this must be well articulated, it should show how your idea/ business would affect the people and or your environment, try to talk about numbers.
TEF application Success Tips.
- Your Idea or Your Business Must be super clear to You.
- Be very attached and very emotional about your business or idea.
- Start the Business, you may not have gotten the amount of money you’d need for the business but here is always a smaller version of your idea that you can start with little money. Just start something!
- Register your business with CAC (Corporate Affairs Commission) and you can do this yourself online.
- Open a Corporate account for the business
- Document your business transactions. Ensure you take records, take pictures of your events, products etc. request for testimonials
- Have an online presence for your business or idea. A facebook page would do, a blog or website is even better.
- Back up your application with a compelling emotional touching story.
- If you are applying as an NGO, ensure your organization is in line with at least one or two of the 17 Sustainable Development Goals (SDGs) to transform our world:
GOAL 1: No Poverty
GOAL 2: Zero Hunger
GOAL 3: Good Health and Well-being
GOAL 4: Quality Education
GOAL 5: Gender Equality
GOAL 6: Clean Water and Sanitation
GOAL 7: Affordable and Clean Energy
GOAL 8: Decent Work and Economic Growth
GOAL 9: Industry, Innovation and Infrastructure
GOAL 10: Reduced Inequality
GOAL 11: Sustainable Cities and Communities
GOAL 12: Responsible Consumption and Production
GOAL 13: Climate Action
GOAL 14: Life Below Water
GOAL 15: Life on Land
GOAL 16: Peace and Justice Strong Institutions
GOAL 17: Partnerships to achieve the Goal
Do not forget to CLICK HERE TO GET A FREE PDF picture guide on how to answer the questions on the TEF application form specially prepared for winners.
To apply and for more information
Application deadline is 1st March 2019