Samedi Amba
JF-Expert Member
- Nov 13, 2018
- 227
- 178
Tony Elumelu (full names are Anthony Onyemaechi Elumelu) is a Nigerian by birth. He is an economist by profession, holding three bachelor’s degrees and a Master’s degree from Nigerian universities. He is the chairman of Heirs Holdings group. He also has a stake at the United Bank of Africa (UBA), Transcorp (a Nigerian conglomerate). He founded the Tony Elumelu Foundation.
Tony is a philanthropist committed to helping push forward Africa’s economic development.
2. What is the Tony Elumelu Foundation?
The Tony Elumelu Foundation program (hereafter referred to as TEF) is an entrepreneurship empowerment program flagged off in 2010 by Tony Elumelu. TEF Mission and Vision rotate around the private sector. The Foundation believes that it holds the key to unlocking Africa’s economic capability.
TEF also harnesses the power in the public and private sectors. It has a variety of mentors who voluntarily commit to helping upcoming entrepreneurs. Other investors include the African Development Bank, the United Bank for Africa, UNDP, and the International Committee of the Red Cross.
3. When did the program start?
In 2015, the TEF Entrepreneurship Program was started. It aims at economically liberating 10,000 entrepreneurs within ten years. $100 million has been set aside to accomplish this.
Every year, 1,000 successful entrepreneurs walk away with $5000 in seed grant towards accomplishing their dream.
4. What is the purpose of the program?
TEF’s purpose aligns with the following:
- Empowerment of men and women across Africa
- Catapulting economic growth
- Poverty reduction and eradication
- Creation of wealth, both socially and economically.
- Enterprise: Doing all one can do to get the job done. This forces innovation in a competitive environment.
- Excellence: Going out of the way to deliver exceptional results.
- Execution: Getting things done within the boundaries of time, effectiveness, and efficiency.
5. Who does the program target?
The program targets entrepreneurs who have an African nationality. TEF is spread across all the 54 countries on the continent to this effect. Applicants come from across more than ten categories, including agriculture, fashion, energy, education, and so on.
You must be an adult. At least 18 years old. There is no age limit after that.
6. How do I apply for the program? What is expected of me?
You apply to the program by going to the application portal: TEF Connect - Login | The digital networking platform for African entrepreneurs. Please consider the following to apply successfully:
- This opportunity is strictly for African citizens.
- You need to have a government-issued form of identity. The identity could be a voter’s card, international travel passport, driving license, or national ID card.
- For best results, prepare a justifiable business idea. If you have a registered business, it should be less than three years old. You will need to convince the judges that you are worth the $5000 on offer.
Please note:
- For best results, have your Gmail address handy (please create a new one if you don’t have one already). When applying, use the Signup with Google option.
- Your names must be in the same order as shown on the government-issued identity card.
- You can only use one email address to apply on the platform. Please avoid duplicate entries. You will be disqualified.
To complete the TEF program, you need to go through the following stages:
Stage 1: APPLICATION
This window opens yearly between 1st January and 31st March every year. Application for 2021 (Cohort 6 and 7) closes on 31st March 2021. At this point, you go through preliminary steps to test your readiness. These include:
- Personal information: your general bio.
- Commercial information: your detailed business information.
- Cognitive assessment: Helps you know your personality. It comes with a timed question section as well.
- Declaration
Please note: that you must complete all compulsory fields in the TEFConnect form. Before submission, double-check to ensure that you have submitted all the necessary documents. The Foundation will give their feedback in due time via email.
As a successful applicant, you will be taken through training and mentoring. The whole menu will include multiple-choice questions, an orientation program (virtual), resources, and timelines. You will have access to peer groups where you can learn from other entrepreneurs.
The business training comes with critical quizzes that you will be expected to answer when each module ends.
Stage 3: BUSINESS PLAN AND FINANCIALS
Here you will summarize the entire training into a single document. You will have access to the online library, which has a Financial Plan template.
Once you complete the Multiple Choice Questions (from stage 2, with a score above the cut-off mark) and submit a business plan, you will be ready for the next step.
Stage 4: PITCHING COMPETITION
Pitching is all about convincing a panel of judges that your business idea is worth funding. Your business knowledge and feasibility will be tested.
Stage 5: SEED CAPITAL DISBURSEMENT
At this final stage, you will be required to open a bank account. The seed capital will be sent there. Upon eligibility, you will be given a certificate of completion and achievement.
8. I applied for the program and got an email. What does that mean?
Shortly after you submit your application, an email will be sent your way to confirm your submission and categorize you appropriately. You will fall into one of the following training paths:
- Preparatory: You need to develop your business skillset. You will access the general training. You will, however, not have access to mentorship or the seed capital.
- Start-up/Beginner: You are a starter in business. You will go through training and have access to mentors.
- Innovator/Intermediate: You have the potential to make it great as an entrepreneur. Intermediate training modules will be provided, as well as access to mentors.
- Disruptor/Advanced: Identifies you as a seasoned entrepreneur. You will be accorded advanced training and matching mentors.
It will be time to implement what you have been taught. You have completed all the requisites: it’s now time to make the change that Africa wants to see.
This first phase of funding from TEF is non-refundable. However, there is an option to apply for the second phase of $5000. The second fund comes either as an affordable loan or equity. All this depends on the essential milestones that your business has taken.
10. How else can I participate in the TEF Mentorship program?
The TEF Mentorship Program is not just for entrepreneurs seeking business guidance. There are so many other ways to get involved. Pick an area of interest and go for it. For more information, visit the Get Involved page at the TEF website.
The TEF Application window is now open, and you can register before 31st March 2021 to take advantage of this opportunity to take your idea to the next level. Head over to the application page to get started.
A series of steps will help you get it right, including application, training, business plan development, pitching, and finally obtaining the seed capital after opening a bank account. A valid, government-issued identification card is a requirement. Sending multiple applications could get you disqualified. Only one email address is allowed per individual. Please use a Gmail address for the best results.
Do you have any other questions about the Tony Elumelu Foundation Mentorship Program? I would like to hear from you. Please share them in the comments below.
