Tony Elumelu Foundation Announced Next Steps For TEF 2020 and 2021 Applicants
The Tony Elumelu Foundation has announced the Next Steps and important date For it 2020 and 2021 entrepreneurship programme. The final selection date has been fixed on 11th October, 2021. The foundation is ambitious of empowering 10,000 African Entrepreneurs with Seed Funding of $5,000 within Ten (10) years through, training, mentorship and funding. The goal is to create at least 1million jobs and contribute over $10billion in revenue to the African economy.
With the support of partners such as: African Developmental Bank (AfDB), Red Cross, Government among other partners have successfully empowered over ten Thousand Young African Entrepreneurs. This year Tony Elumelu Foundation and European Union Partner to Empower 2,500 African Women. This is in addition to the foundation initial commitment of empowering 1000 young African Entrepreneurs from it own purse. This year will see combination of both 2020 and 2021 beneficiaries.
Through its flagship Entrepreneurship Programme the Foundation empowers African entrepreneurs and the entrepreneurship ecosystem across 54 African countries. The TEF training curriculum has been designed to segment entrepreneurs based on the demonstrated capability and knowledge.
The training has been tailored to educate and capacitise you in starting or growing your business to overcome the challenges faced by entrepreneurs across the African continent.
Please note that the Completion of the training programme is a strict condition to moving forward to the submission and review of your business plan, participation in the pitching competition, and receipt of seed capital.
The TEF Entrepreneurship Programme will be delivered in different phases as listed below:
- Application Phase
- Training &Mentorship Phase
- Business Plan Submission Phase
- Pitching Phase
- Seed Capital Phase
To be selected for the program, the Tony Elumelu Foundation has announced the next steps and dates for the rest of the program. The final selected beneficiaries will be announced on 11th October, 2021. The next step which shall commence on the 3rd of May, 2021, is the training and coaching phase of the program. After the training and coaching, successful will be invited for virtual or physical pitching competition on August 23rd to September 24th 2021.
- Training & Coaching: May 3rd – July 29th
- Pitching Competition: Aug 23rd – Sep 24th
- Shortlisting & Selection: Sep 27th – Oct 8th
- Selection Announcement: Oct 11th
The shortlisted entrepreneurs will be given access to join the peer-to-peer support groups.
- Shortlisted entrepreneurs will be expected to complete the business training, answer the quiz at each end of each module.
- The shortlisted applicants after the training will be given the opportunity to develop a BUSINESS PLAN
THE BUSINESS PLAN AND FINANCIALS SUBMISSION PHASE
At the end of the training, you will be required to combine all the learnings from the training into a single cohesive document. You will be given a business & financial plan template; this will be in the online resource library. This template will help you create a first draft of your business plan. write a business plan.
After the Business Training & Business Plan Submission, only successful candidates (who complete the MCQs and score above cut off mark and submit a business plan) would be eligible to move on to the next stage: the Pitching Competition.
THE PITCHING PHASE
This is an opportunity to demonstrate your business knowledge and convince the judge about the feasibility of your business. At the pitching stage, entrepreneurs will pitch their ideas before a panel of judges. Only the successful candidates from the pitching competition will receive seed capital funding and access to the Alumni network to support their business ambitions.
If you successfully completed all required training requirements and submitted a business plan, but was unsuccessful after the pitching competition, you will receive a training completion certificate and can reapply next year.
Do you have any question? if yes use the comment section below we shall respond to you appropriately.