The Tony Elumelu Foundation is a non-profit organization that aims to empower African youngsters to become an engineering force for the continent’s development by introducing them to the entrepreneurial world.
After being established in 2010 by Nigerian businessman Tony Elumelu, the foundation has been able to assist many youngsters from around Africa in starting their businesses and providing employment opportunities for themselves and others.
This year’s TEF Entrepreneurship Program has opened applications at TEFConnect.
What is the Tony Elumelu Foundation TEF Grant all about?
The CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu, made the following statement in response to the inauguration of the 2022 Tony Elumelu Foundation Entrepreneurship Program.
“Every year, we are amazed by the caliber of firms that originate in Africa.
This inspires us to further up our efforts to help even more enterprises throughout the continent.
African entrepreneurs’ inventiveness, expertise, and resilience are critical to achieving Africa’s development goals and charting the continent’s socio-economic transition.
There has been an upsurge in female involvement on our Program, particularly with the 2021 cohort, when we saw a record 68% selection of women entrepreneurs.”
Who Should Apply for the 2022/2023 Tony Elumelu Foundation TEF Grant?
If you have a company concept or are already running a firm, the Tony Elumelu Foundation’s Entrepreneurship Program in 2022 is looking for African entrepreneurs with less than five years of experience.
Since its inception in 2015, the TEF Entrepreneurship Program has provided non-returnable seed capital of $5,000 to 15,847 African entrepreneurs, as well as business management training, mentorship, and membership in Africa’s largest entrepreneurial ecosystem.
It is the only African-funded entrepreneurship catalyst of its kind.
The Tony Elumelu Foundation’s 2021 Entrepreneurship Program distributed $24.7 million to 5000 African businesses throughout Africa in 2021.
To help African youth, women, and small businesses bounce back economically after the covid19 epidemic, the Foundation’s Entrepreneurship Program is still one of the major private sector solutions.
Entrepreneurship Program participants in Africa have started and grown more than 400,000 employees in the economy, both directly and indirectly, thanks to the Tony Elumelu Foundation.
Here’s a comprehensive video on how to apply
If the outbreak of covid-19 had not forced the foundation to put the program on hold last year, it would likely have exceeded its 10-year goal of empowering 10,000 youngsters.
To meet the goal this year, they’ve devised an inventive strategy.
All 54 African nations submit applications to the foundation, and the foundation narrows the field to a chosen few.
Those that cut are subsequently put through a 12-week training and mentoring program.
Finalists get non-refundable startup cash of $5000 to begin their proposed firm when the program concludes.
Candidates whose enterprises are deemed a success will be eligible for a returnable investment at a subsequent round.
Since its inception in 2015, the TEF foundation empowerment program has been held annually, and applications for the 2021 batch (7th edition) are now being accepted.
As of January 1, the online application portal will be active and will conclude on March 31, 2022.
I’ll walk you through the process of applying for the 2022 program.
TEFconnect 2022 entrepreneurship program application eligibility or criterion
Before considering applying for the TEFconnect entrepreneurship program, prospective candidates must first take into account several important considerations.
However, not everyone may apply, and those who fall into this category will not be able to submit their application form.
Because of this, candidates must first verify that they are qualified before submitting their applications.
Entrepreneurial program participation in the TEFconnect 2022
- For consideration, candidates must have an innovative company that has been in operation for 0 to 3 years, or have a very strong business concept. There must be a return on investment for the firm or business plan.
- Applicant must be an African startup company owner who is already operating in Africa or has a plan to do so shortly
- As long as they match the requirements, applicants with companies will be regarded as legitimate.
- Those wishing to apply who own a company or have a business plan must demonstrate that their enterprise has the potential to generate employment.
Methods for Applying for the TEF 2022
For those who have already signed up:
- Visit TEFconnect and sign in to your account.
- Go to “PROGRAMMES” on the homepage and choose “APPLY” for the TEF 2021 Program.
- • Be as exact as possible while completing the application form’s fields. Submit the form. There are four sections to the application: Personal Information, Company Information, Cognitive Assessment, and Declaration.
- Eligibility status will be shown on the screen and sent to you, indicating whether or not you may proceed.
- The TEF team will send you an email if you are eligible with instructions on how to begin your “Training.”
- TEFconnect accounts are not required for first-time visitors.
- Enter your e-mail address and password and click the ‘Register Now’ button.
- Afterward, use your new username and password to log in to your account. You’ll have to create and save your profile.
- After this, follow the actions outlined in the previous section for registered users.
- Finally, applicants must ensure that their personal information is consistent with that on their ID card. In addition, all necessary documentation must be presented.
Beneficiaries and the method of selection
Short-listed applicants will be informed after the application deadline and will be required to attend business training.
A realistic business strategy will also be required for those who have been selected.
For the finest 12 weeks of training, entrepreneurs in 54 African nations will be put through a pitching process.
$5,000 initial cash for the Top entrepreneurs after the pitching process is non-refundable (five thousand dollars).
Announcing the winners at the TEF Forum and on the TEFconnect website is also a part of the process.
As a Wrap-Up
At least 9000 young African entrepreneurs have been supported since its inception in 2015, thanks to the Tony Elumelu investing business heirs’ ownership in the foundation.
The Tony Elumelu Foundation is Africa’s leading proponent of entrepreneurship, helping African women and men to use their entrepreneurial skills to spur economic development, eradicate poverty, and create jobs.
It is the purpose of the Foundation to promote Africapitalism, a theory that holds that it is the private sector that is the most effective means of generating economic and social riches in Africa.
Over 1.5 million Africans have benefited from TEFConnect, the Foundation’s exclusive digital platform, which provides capacity-building assistance, advising, and market links.