The application portal for Tony Elumelu Entrepreneurship Programme (TEEP) is now open for interested entrepreneur based in Africa to send in their application. The application portal was opened on 1st January 2016 and will remain open till midnight of March 1, 2016.
The TEEP was begun in 2015 with 1000 entrepreneurs selected from 51 African countries. It is an annual programme and the application for this year has already begun. The application is opened to all African entrepreneurs and legal residents of any of the 54 African countries. The prospective candidates are required to have for-profit businesses in Africa and new business ideas which have not been up to three years in existence.
The programme is founded and funded by Tony O. Elumelu, a Nigerian born businessman and philanthropist through his foundation, namely, Tony Elumelu Foundation. Tony said during a press released that he was out to offer African entrepreneurs, whom he described as the future leaders of the continent, the opportunities to succeed. He said that he has strong belief in empowerment that can transform the face of Africa. Talking about the programme, Tony said that the TEEP was born out of his deliberate effort to institutionalise luck and provide not just the seed capital funding but also business training, mentoring and pan-African networking and springboard that enthusiastic entrepreneurs can leverage on.
The programme will give huge benefits to the successful candidates. They will be given a non-refundable seed capital of NGN850,000. An additional NGN850,000 loan or equity will be provided to candidates that will meet the criteria. Training on business development and management will also be provided to them.
Successful candidates during the 2015 maiden edition were trained for 12 weeks on business development and management, access to further funding, accelerated growth and networking opportunities.
Tony Elumelu Foundation through this programme aims at identifying and providing 10,000 African entrepreneurs with fund over a period of ten years. In other words, one thousand candidates will be selected on yearly basis. The foundation has earmarked USD$100m) or NGN17 billion.
