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Tony O Elumelu has committed $100 million to empowering the next generation of African entrepreneurs

One of Africa’s largest business incubator, The Tony Elumelu Foundation (TEF), has accepted applications from African entrepreneurs, with business ideas that can transform Africa.

The application portal is was opened and accepted submissions until 1 March 2017.

Successful applicants will join the third cycle of the TEF Entrepreneurship Programme, TEF’s 10-year, $100 million commitment to train, mentor and fund 10 000 African entrepreneurs in every African country. Since inception in 2015, the Programme has assisted nearly 2 000 entrepreneurs and created hundreds of jobs across the continent.

The Programme provides critical tools for entrepreneurial success, including:

  • Training: 12 weeks of intensive training on setting-up and managing businesses
  • Mentoring: A mentor will guide successful applicants in creating a robust business plan
  • Seed Capital: $5 000 in non-returnable seed capital and access to a $5 000 convertible loan

“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. Spread the word; we need Africa’s best and brightest entrepreneurs. Their ideas will transform Africa,” says Tony O Elumelu, TEF Founder, Entrepreneur and Philanthropist.

About 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.

To be eligible:

  1. Business must be based in Africa
  2. Business must be for profit
  3. Business must be 0-3 years’ old
  4. Applicants must be at least 18 and a legal resident or citizen of an African country

“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,” says Parminder Vir, Tony Elumelu Foundation Chief Executive Officer.

For more information visit:  http://tonyelumelufoundation.org/programme/faqs/

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