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Applications Open For Tony Elumelu Foundation Entrepreneurship Scheme

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By Modupe Gbadeyanka

The Tony Elumelu Foundation (TEF) has entered its third round and applications for the TEF Entrepreneurship Programme are now being accepted, Business Post has learnt.

The programme is the foundation’s 10-year, $100 million commitment to training, mentoring and funding 10,000 African entrepreneurs.

According to information gathered by our correspondent, the application portal would remain open until midnight of March 1, 2017.

Entrepreneurs must complete the online application and selection is on a rolling basis, so early application is encouraged, the foundation said.

According to its founder, Mr Tony Elumelu, “I believe the seeds we are planting through the programme will transform Africa.

“Two years on, it is clear that we have found a key to unlocking Africa’s potential for economic transformation.

“As our entrepreneurs grow their own businesses and realise their ambitions, so too does the vision. We are showing what the African private sector can achieve; how hard work and enterprise can catalyse real, sustainable development.”

The programme is designed to identify entrepreneurs that have the potential to grow their businesses and collectively generate 1,000,000 new jobs that can contribute at least $10 billion in additional revenues to the African economy.

According to TEF CEO, Parminder Vir, “This programme continues to surpass our expectations and its success is palpable.

“Your entrepreneurial journey begins when you make the decision to complete the application. We are seeking real entrepreneurs, people who can take risk and reap rewards, not just for themselves, but their communities and countries.”

The success of 2015 Tony Elumelu Entrepreneurs reflects the impact of the Programme, including:

  1. Momar Mass-Taal (Agriculture, Gambia) turned his $5,000 seed capital into $1.2 million in revenue
  2. Bukhary Kibonajoro (Education & Training, Tanzania) used the mentorship and training to launch his business, create 34 new jobs and provide growth services for more than 100 local business in 12 months.
  3. Chioma Okonu (Waste Management, Nigeria) has created ancillary revenue streams for more than 6,000 households, created 40 jobs and generates over $50,000 in profit.

To be eligible to apply:

  1. Businesses must be based in Africa
  2. Businesses must be for profit
  3. Applicants must be 18 years of age and above
  4. Applicants must be a legal resident or citizen of African countries

1,000 entrepreneurs will be selected based on the feasibility of the business idea; market opportunity; financial understanding; scalability; leadership and entrepreneurial skills demonstrated in the application.

For more information or to apply, visit:  http://tonyelumelufoundation.org/teep/faqs/

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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