3rd cycle of TEEP opens for applications

Africa’s largest business incubator, The Tony Elumelu Foundation (TEF), is now accepting applications from African entrepreneurs, with business ideas that can transform Africa, a written statement from the foundation announced on Sunday.

This is the third in the cycle since the $100 million programme launched on January 1, 2015.

The application portal, which opened on Sunday, began to accept submissions same day until the midnight of March 1, 2017.

According to a written statement from the organisation, successful applicants will join the third cycle of the TEF Entrepreneurship Programme to train, mentor and fund 10,000 African entrepreneurs in every African country.

It will be recalled that since inception in 2015, the programme has assisted nearly 2,000 entrepreneurs and created hundreds of jobs across the continent.

Critical tools to be provided at the programme include a 12-weekintensive training on setting-up and managing businesses, mentoring in which mentor will guide successful applicants in creating a robust business plan and a seed capital of $5,000 in non-returnable seed capital and access to a $5,000 convertible loan.

Speaking on the programme, Tony Elumelu, founder of the TEF and Chairman of United Bank for Africa (UBA) and Heirs Holding Ltd, said: “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.”

Customary to the programme, 1,000 African 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, applicants’ businesses must be minimum of three years old, based in Africa and must be for profit, while the applicants must be at least 18 years of age and a legal resident or citizen of an African country

Parminder Vir OBE, CEO of the Foundation, speaking on the applications, said: “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.”