Welcome to 2022 guys!! The New Year brings with it a promise of a better tomorrow and future. Are you ready to concur with the world and squash those dreams? You better be as there are opportunities readily available to aid you in achieving those dreams, especially in matters of business.

And great news, the Tony Elumelu Foundation is now receiving applications for its prestigious and worthwhile Entrepreneurship Program. Interested and eligible candidates are called to apply on or before March 31^st, 2022.

The Tony Elumelu Foundation is a 10 year 100million commitment to identify, train, mentor, and fund 10,000 entrepreneurs capable of changing the face of business in Africa. Since its conception in 2010 the program has managed to impact the lives of 15,847 entrepreneurs with $5,000 seed capital and created thousands of jobs for the youth.

In 2021, the Tony Elumelu Foundation disbursed $24.75 million to 5000 African entrepreneurs across Africa for its 2021 Entrepreneurship Programme. The Foundation’s Entrepreneurship Programme remains one of the largest private-sector responses to driving the economic recovery of African youth, women, and SMEs given the effects of the covid19 pandemic across Africa.

So, what does it take to be a part of this program?

1. Have a business based in Africa
2. Have a business that is for making profit
3. Have a business that has been running for the last 0-3 years
4. Applicants must be at least 18 and a legal resident or citizen of an African country

During the launch of the 2022 Tony Elumelu Foundation Entrepreneurship Programme, CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu shared, “We are constantly blown away by the quality of businesses that come from Africa every year. This motivates us to scale our efforts to empower even more entrepreneurs on the continent. The innovation, knowledge, and resilience of African entrepreneurs is central to charting Africa’s socio-economic transformation and meeting the continent’s development objectives. We are also proud of the increase in female participation on our Programme, especially with the 2021 cohort where we witnessed a record 68% selection of women entrepreneurs.”

The TEF program has been built on 7 pillars that work to ensure a business becomes a success in Africa

1. Mentoring
2. 12 week business management training
3. Knowledge resource on TEFconnect.net
4. Meetups
5. Annual TEF entrepreneurship program
6. Seed capital funding
7. TEF Entrepreneurship program Alumni Network

It is no secret that the Tony Elumelu Foundation is one of the leading champions of entrepreneurship in Africa. Its objective is to empower women and men across the continent, catalyzing economic growth, driving poverty eradication, and ensuring job creation.

All applications will be judged based on these 5 core subjects:

1. Feasibility of the business idea.
2. Market Opportunity: knowledge and understanding of the market, customers and competitors for their idea/business.
3. Financial Understanding: understanding of the basic financial requirements of running a business, costs and revenues.
4. Scalability: Demonstrates potential for replication and growth of their product or service to create jobs and wealth.
5. Leadership Potential and Entrepreneurial Skills: Demonstrate leadership potential, capable of attracting people, customers and resources.

In 2022 the foundation will be selecting 1,000 entrepreneurs across Africa.  Click here to apply.

The Tony Elumelu Foundation Entrepreneurship program is a program that every African entrepreneur should be a part of. It not only provides a good amount in seed capital but it also provides weeks of business management training, access to experienced mentors, and membership to Africas largest entrepreneurial ecosystem. Apply now and set your business up for success. 2022 is the year to ensure your business does not fail.

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