The Tony Elumelu Foundation TEF has announced strategic changes to its flagship entrepreneurship Programme.
These changes, which took effect from January 1, 2020, will provide more value across the continent and achieve the mandate to transform the African continent through entrepreneurship.
This is one of the announcements heralding the 10th year anniversary of the Tony Elumelu Foundation.
What are the key changes to the TEF Entrepreneurship Programme?
Leveraging technology, applicants will now receive instant feedback on their application – this feedback will let them know if they go on to the next stage.
Those selected for the next stage will go on to receive business training and if they progress in their training tasks, they will receive mentorship tailored to their business needs.
A pitching competition will be organized in June to determine the final beneficiaries.
The final beneficiaries who will receive the $5,000 seed capital will be announced in Q3 2020.
Seed capital disbursements will follow after due diligence.
Has the application process changed?
Yes. The application form has been enhanced to include Business Plan and personality type questions. You will also be immediately notified of the results of your application.
When will the Final Beneficiaries be announced?
Upon application, you will receive an immediate notification on the result of your application. Only shortlisted candidates will move on to the next stage which is to receive the business training and mentorship.
The final beneficiaries, who would have emerged top at the pitching competition, will be announced at the TEF Forum – the largest entrepreneurship conference in Africa – this year. This final list will receive $5,000 seed capital.
What benefits will the selected beneficiaries enjoy?
All shortlisted entrepreneurs will receive training, mentoring and access to the vast network available on TEFConnect.
However, only final beneficiaries announced as TEF Alumni will receive the funding.
Will the training still be for 12 weeks?
Yes, training will still span 12weeks. However, it will be tailored to each applicant’s knowledge of businesses and need state.
Will there be seed capital disbursements?
Yes. However, Training and pitching competition will be done before the final selection of applicants who are eligible to receive the $5000 seed capital funding.
Will everyone selected into the programme receive seed capital?
No, only entrepreneurs who complete the training programme with required grade scores and are successful at the pitch competition will receive funding.
Who is required to pitch?
All entrepreneurs will be required to pitch. To be eligible to receive the $5000 seed capital, applicants who successfully complete their training with the required grade score will be invited to pitch for a chance to receive funding.
How will the final beneficiaries be selected?
Final beneficiaries will be selected based on the results of the pitching competition.
When will the final list of beneficiaries be announced?
The final list of beneficiaries who will receive funding will be announced in Q3 2020.