2024 Grant: Apply Now to the Tony Elumelu Foundation Programme (TEFP)

2024 Grant: Apply Now to the Tony Elumelu Foundation Programme (TEFP)

2024 Grant: Apply Now to the Tony Elumelu Foundation Programme (TEFP)

About the Tony Elumelu Foundation (TEF) Grant Program

The Tony Elumelu Foundation Entrepreneurship Programme (TEEP) was a grant program created to enable African men and women to drive economic development and end poverty. When the foundation was established in 2010, its primary goal was to promote the development of economic and social wealth.

Startups with fresh concepts for companies or those with less than three years of operation are eligible to apply for the grant program. The objective is to produce millions of jobs in order to bring in enough money to keep the African continent going.

According to the founder, Mr. O. Tony Elumelu, the private sectors in Africa are what are going to spark the continent’s transformation. For this reason, one of his main concerns is the generation of wealth, both social and economic.

Applications for the Tony Elumelu Entrepreneurship Grant Program are invited from all young African entrepreneurs. It provides grants to chosen startups up to $5000. The entrepreneurship program invites the most creative business ideas from all over the continent to apply, as it will provide them with the necessary resources to establish a strong company.

The TEF Entrepreneurship Grant Program provides a range of benefits to startups, including business training, mentorship, $5000 in seed capital, and access to global networking opportunities.

Eligibility Criteria

The following prerequisites must be met by any startup in order to be eligible for the program:

  • Africa must be the startup’s home base.
  • The creative business may be in the ideation, development, or startup phases, or it may have been operating for less than three years.
  • The company may operate in any economic sector.
  • The company must have the ability to bring in money and create jobs in Africa.

Selection Process for TEF Grant Program

  • Entrepreneurs who are chosen will receive business training.
  • Updated business plans will be prepared and submitted by the candidates.
  • The best-performing business owners will be selected for further consideration and will have their business plans pitched in English, French, Arabic, or Portuguese in each of the 54 African nations.
  • A $5,000 seed capital award will be given to the top performers.
  • A seed capital of $5,000 will be given to the top performers chosen to be finalists and announced at the forum.

The following five criteria will be used to select startups in terms of the selection process:

  • The viability of the proposed enterprise.
  • Market opportunity: For the business idea, the entrepreneur needs to be well-versed in the market, as well as in clients, customers, and rivals.
  • Financial comprehension of the costs and revenues associated with operating the business.
  • Scalability: the company’s plan needs to be able to generate income and jobs across the continent.
  • Leadership potential: The company needs to be able to draw in clients, employees, and capital. 

Basic Requirements for TEF Grant Program

After being granted admission to the Tony Elumelu Foundation Entrepreneurship Program, applicants must fulfill the following requirements:

  • Fill out a form declaring yourself.
  • Present evidence of a legitimate ID.
  • Provide a personal bank statement from the past six months.
  • A list of your current personal debt should be provided.
  • Give a testimonial from a bank, employer, or educational institution.
  • Give the details of your business bank account. The account needs to be a UBA account for applicants who live in UBA host nations.

Make sure the idea or business plan covers all the bases when describing your company: description, market, customer acquisition, finances, and so forth. Furthermore, take note that there are no registration fees assessed by the foundation. It is totally free.

Disqualification will result from the submission of more than one entry, regardless of the domain names, concepts, organizations, or emails used. The applicant has to be the originator of the business concept.

The Seven Pillars Of The Tony Elumelu Foundation (TEF)

The Tony Elumelu Foundation (TEF) has seven pillars for its entrepreneurship program. These pillars include the Startup Enterprise Toolkit, Mentoring, an Online Resource Library, Bootcamp, the TEF Entrepreneurship Forum, Seed Capital Funding, and the TEEP Alumni Network.

The program offers 12-week training, mentoring, access to a resource library, a bootcamp, participation in the TEF Entrepreneurship Forum, seed capital funding, and access to the TEEP Alumni Network. The ultimate goal is to support the growth of strong, viable businesses that can create jobs, generate revenues, and strengthen the private sector in Africa.

How to Apply for TEF Grant Program

Use the link below to access the application portal and submit an application for the entrepreneurial program. To complete the form, click “Apply.” The email address supplied by the successful applicant will be used for notification.

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