Local entrepreneurs have a chance to get seed capital following the announcement of the third round of Tony Elumelu Foundation (TEF) Entrepreneurship Programme.
The Tony Elumelu Foundation that has so far benefitted 242 Kenyans has announced they will begin accepting applications on January 1, 2017. The programme is the Foundation’s 10-year, Sh10 billion (US$100 million) commitment to training, mentoring and funding 10,000 African entrepreneurs.
This year 75 Kenyans were among 1,000 entrepreneurs from 54 African countries who benefited from the second round of the programme. Another 167 were awarded the funds during the first round.
The programme funded by United Bank for Africa Group Chairman Tony Elumelu was launched in 2015 to identify and empower 10,000 African entrepreneurs, create a million jobs and add $10 billion in revenues to Africa’s economy in the next 10 years.
The application portal will be open until midnight (WAT), March 1, 2017. Entrepreneurs must complete the online application and selection is on a rolling basis, so early application is encouraged.
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.
TEF Founder Tony Elumelu said: “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 OBE, “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.”
Those eligible to apply must have businesses based in Africa which is for profit. They must also be legal residents or citizens of African countries and aged from 18 years.