The Tony Elumelu Foundation (TEF) has announced that it will begin accepting applications for the 2020 cohort of the TEF Entrepreneurship Programme, on January 1, 2020.
Applications are made through the digital networking hub for the African entrepreneurship ecosystem TEFConnect, created by the Foundation.
The TEF Entrepreneurship Programme is open to entrepreneurs with new startup ideas or existing businesses of less than 3 years existence from across Africa, operating in any sector. Successful applicants will join the over 9,000 current beneficiaries, from 54 African countries, and receive business training, mentoring, a non-refundable $5,000 of seed capital and global networking opportunities.
The Programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 young African entrepreneurs. The objective of the programme is to create millions of jobs and the revenue required to sustain development in the continent, applying Africapitalism, which will position the private sector as the growth engine for Africa and emphasises the importance of creating social and economic wealth.
According to the Foundation’s 2018 Impact Report, 70% of the total number of businesses in its alumni network were still operational two years after benefitting from the Programme. The report also identified an increase of 189% revenue generated and 197% increase in the number of additional jobs created by beneficiaries post-graduation from the Programme, as well as a 100% commitment to the Sustainable Development Goals.