Tony Elumelu acclaimed to be the greatest entrepreneurial visionary in Africa predicted in 2015 that there would be a massive projection of Africa’s Entrepreneurs on the global business landscape. This said he committed $100 million towards mobilising the next generation of Africa entrepreneurs through the TONY Elumelu (TEF) which is the sponsoring body for the Tony Elumelu Entrepreneurship Program (TEEP).
The Tony Elumelu Entrepreneurship Program (TEEP) was launched in 2010 and is committed to raising individuals who possess entrepreneurial acumen in realising their dreams. Thus far, over 2000 entrepreneurs have been beneficiaries of the scheme. However, being a beneficiary isn’t so easy. This is because out of the over 90,000 applications that would be processed, the maximum number of individuals that would be awarded start-up funds is 1000. In other words, the chance of success is 1 in every 900 applicants.
Since the odds might probably be against you, here are some few things to know before and while applying for the TEEP. If you pay attention to them, they’ll definitely increase your chance of becoming a beneficiary;
The application is opened to all legal residents of any of the 54 Africa countries. While this is a good news, the downside to it is chances of success gets slimmer as the scheme is not restricted to a particular country or region. As a result, you have to be mentally prepared to compete with prospective entrepreneurs from other countries. Thus far, residents of 53 out of the 54 Africa countries have been beneficiaries of the scheme.
You must have celebrated your 18th birthday or be older than 18 years as at the time of application. Applicants below 18 or considered as minors in their country of residence would be disqualified. However, there is no upper age limit for applicants.
Thorough scrutiny of submitted businesses would be carried out by the screening team. Research institutions, faith-based organisations, value-adding trading companies and businesses not located in Africa will not be considered. Business perceived to affect the environment, lives and property negatively will also not be considered. Also, applicants with multiple business setups or ideas would be disqualified. Your application must focus on one business only.
All application would go through the ONLINE application platform of TEEP Hub. You would be required to fill series of mandatory questions. Try as much as possible to fill in the correct details because what you submit will be placed under thorough and intense scrutiny.
The application started on January 31st and would end on 1st March after which the application portal would be closed and any further application would not be processed.
The application for TEEP’s 3rd batch is still on-going. If you are an entrepreneur, you may apply at the website.