The Tony Elumelu Foundation is an organization that is committed in Empowering African Entrepreneurs with a seed capital of $5,000 Grant to start up their businesses. The investment in empowering African entrepreneurs is conceive by the Founder, Dr Tony Elumelu on a philosophy of Africapitalism.
In 2015, The Tony Elumelu Foundation Entrepreneurship Programme was Launched, which is the largest African philanthropic initiative devoted to entrepreneurship on a 10-year, $100 million commitment, to identify and empower 10,000 African entrepreneurs, create a million jobs, and add $10 billion in revenues to Africa’s economy.
In 2018, The Tony Elumelu Foundation Launched TEFCONNECT, a platform that connect African Entrepreneurs, Mentors and Investors Together in One place.
TEFCONNECT is the one of the best place to connect with Africa business minds (startup). Application for the Tony Elumelu Foundation $5,000 Grant always opens every 1st January and closes 1st March.
The programme is open to all citizens and legal residents of the 54 African countries. All you need have is An Idea or an already existing business that Operate in Africa Not more than 3 years. All applications are carried out on Tefconnect website (https://tefconnect.com).
After Applying, Names Of selected Applicant for the yearly Tony Elumelu Foundation programme is released on the 22nd of March after thoroughly scrutiny of applications.
Selection Criteria For the Tony Elumelu Foundation are :
All applications will be judged on 5 core criteria, which are:
-Feasibility of the business idea.
– Market Opportunity: knowledge and understanding of the market, customers and competitors for their idea/business.
– Financial Understanding: 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.
– Leadership Potential and Entrepreneurial Skills: Demonstrate leadership potential, capable of attracting people, customers and resources.