Another 1,000 aspiring African Entrepreneurs are set to benefit from the Tony Elumelu Foundation Entrepreneurship Programme – TEEP in 2017.
TEEP is the flagship entrepreneurship programme of the Tony Elumelu Foundation, founded by visionary entrepreneur and philanthropist, Tony O. Elumelu, CON. Their goal is to create 10,000 businesses that can generate 1,000,000 new jobs and contribute at least $10 billion in annual revenues to the African economy.
The programme supports African start-ups to build a firm foundation for their businesses through mentoring, learning as well as networking. This enabled the selected start-ups to acquire the relevant skills necessary to run their business. This is a great opportunity for young Africans to achieve their entrepreneurship dreams.
In this article, we summaries some key information interested applicants should know about the fund.
As you continue to read this article note that the deadline for the 2017 applications is 01 Mar 2017…Apply now without delay.
General information about TEEP
- TEEP programme is open to all legal residents of any 54 African countries and the proposed business must also operate in Africa.
- The funding is meant for new business ideas and early stage startups between 0 to 3 years
- Applicants must be 18 years and not considered a minor in their country of residence.
- Note that research institution, faith-based organisations, value adding trading companies or government contractors are eligible for to apply for the programme.
- All applications must be submitted ONLINE and only through the approved TEEP PORTAL.
- Tony Elumelu Foundation, Staff, Nomination Committee or Mentors does not charge any application fee.
$5,000 – Funding Conditions
All selected start-ups will automatically qualify for the $5,000 seed funding after complying with the following key conditions:
- Successful completion of the 12 weeks Start-up Enterprise Toolkit. The Toolkit will provide free training that will be directly relevant to helping you improve your knowledge and practical business skills. This will equip you with the basic skills required to launch and run a successful business.
- Produce three narrative progress reports
- Attend the Boot-Camp – 2 days live training in Lagos
- Elumelu Entrepreneurship Forum – Your startup will be showcase to a global audience of entrepreneurs, incubators, government, investors etc.
- This foundation is ready to support all travels to Lagos and expenses incurred during participation in the Boot-Camp and Elumelu Entrepreneurship Forum will be covered by the Foundation
Note that there are two stages of funding available to start-ups:
- Initial seed capital funding of $5,000 – a non-returnable investment
- Second stage capital investment of $5,000 – for qualifying startups that have progressed their business plans sufficiently
For transparency and fairness, the foundation has nominated independent Selection Committee from various part of Africa. This selection committee works with clearly defined selection criteria. Here are the key elements:
- Feasibility of the business idea. So be creative and bring solutions to African problems.
- Market Opportunity – knowledge and understanding of the market, customers and competitors for the idea/business.
- Financial Model – understanding of the basic financial requirements of running a business, costs and revenues.
- Scalability – demonstrates potential for replication and growth of their product or service to create jobs and wealth in Africa.
- Leadership Potential and Entrepreneurial Skills – demonstrate leadership potential, capable of attracting people, customers and resources to the business.
TEEP will assemble world class mentors from across Africa and internationally who faced similar challenges and can steer TEEP startups along this tumultuous path. If you are an experienced professional who want to join the mentors, read more on the TEEP mentor page.
TEEP Alumni Network
TEEP alumni network is where one can continue to connect with mentors and fellow TEEP start-ups. It also gives you full access to the online resource library, peer to peer engagement, online and offline events notification and continued affiliation with TEEP.
When Momar Mass Taal was asked about the benefits of TEEP on his business, this was what he said:
TEEP has been an invaluable experience for me as a young business owner, the resources provided in the portal have forced me to think critically about aspects of my business which I may have over looked in the past. One life transforming event that has happened since joining.
So what are you waiting for ? Remember TEEP will not only give you the start-up capital but access to their seven key pillars;
- Start-up Enterprise Toolkit,
- Online Resources,
- Elumelu Entrepreneurship Forum,
- Seed Capital Funding
- TEEP Alumni Network
From now on, your problem is not lack of money to start business but rather lack of feasible business idea or even lack of action.
TEEP is willing to give $5,000 to pursue your dream. If you have been carrying a feasible business idea, this is your opportunity start. Prepare yourself and apply on funds today.
Your comments are welcome