January 8, 2017 By Hassan Gbassay Koroma
Africa’s largest philanthropy supporting entrepreneurship, the Tony Elumelu Foundation (TEF), has since January 1 started accepting applications for business ideas that can transform Africa.
According to the press release, prospective applicants should complete the online application at www.application.tonyelumelufoundation.org with the deadline for the application being midnight (WAT) on 1 March 2018.
The release stated that the programme provides critical tools for business success, including 12 weeks of intensive online training which guides creating and managing a business, a world-class mentor to guide during the early transformation stages of the business.
It furthered that funding of five thousand United States Dollars ($5,000) would be provided in seed capital to prove the concept, plus access to further funding and Network Access to the largest network of African start-ups and TEF’s own global contacts.
The release stated that the Programme, in its 4th cycle, is TEF’s 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.
According to founder of the Tony Elumelu Foundation, serial entrepreneur and philanthropist, Tony O. Elumelu, when they launched the TEF Programme and committed $100 million to empowering Africa’s entrepreneurs, he knew they would create impact but he never imagined it would be impact of this magnitude.
He said they have unleashed a movement of African entrepreneurs a force so strong, so inspiring, that he is confident they would collectively transform Africa, and called on Africa’s best and brightest entrepreneurs to come learn, grow their businesses and build the Africa continent.
The release stated that 1,000 entrepreneurs would be selected based on the viability of their idea, including: market opportunity; financial understanding; scalability; and leadership and entrepreneurial skills demonstrated in the application.
It says for someone to be eligible to apply the individual business must be based in Africa, must be for profit, must be 0-3 years old and applicants must be at least 18 and a legal resident or citizen of an African country.
In her statement, Chief Executive Officer of the Tony Elumelu Foundation, Parminder Vir OBE said they are encouraging women, French and Portuguese speakers to apply.
She said their 3,000 alumni are already growing their businesses and improving lives, adding that if anyone had a transformational business or an idea, they have an opportunity for that person.
Established in 2010, The Tony Elumelu Foundation (TEF) is the leading philanthropy in Africa championing entrepreneurship and entrepreneurs across the continent.
The Foundation’s long-term investment in empowering African entrepreneurs is emblematic of Tony Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.
It could be recalled that in 2017 six Sierra Leoneans benefited from the Tony Elumelu Foundation, including Abdulsalam Kamara, manufacturer Bockarie Sama Banya, commercial and retail Bridgetta Audrey Modupeh Amoateng, agriculture (agri-business, farming) Dominic Andrew Boima, agriculture (Agri-business, farming) Henry Orlando Joseph Tucker, agriculture (agri-business, farming) Martin Kailie, energy and power generation.
The Foundation’s flagship initiative, the TEF Entrepreneurship Programme, is a 10-year $100 million commitment to identify, train mentor and fund 10,000 entrepreneurs capable of changing the face of business across Africa.