- Tony Elumelu Foundation (TEF) shortlists 3,050 successful applicants for the 2019 cohort of the Foundation’s flagship Entrepreneurship Programme.
- The 3,050 successful applicants for the 2019 TEF cohort represents 58% male, 42% female.
- Some of the parameters used in selecting applicants include feasibility, market opportunity, scalability, leadership skill and viability of the idea.
- The 2019 cohort selection tripled because of partnership from corporate organisations and government.
The Tony Elumelu Foundation (TEF), an African philanthropy committed to empowering entrepreneurs, has selected over 3,000 applicants for the 2019 cohort of the Foundation’s flagship Entrepreneurship Programme.
The announcement was made at the ongoing TEFSelection – Meet the 2019 Tony Elumelu Entrepreneurs in Abuja on Friday.
3,050 applicants were selected out of the 216,000 submitted applications representing 58% male, 42% female. Some of the parameters used in selecting shortlisted applicants include feasibility, market opportunity, scalability, leadership skill and viability of the idea.
According to TEF, the 2019 cohort selection tripled because of partnership from corporate organisations and government.
Africa Development Bank is sponsoring 1,000 entrepreneurs, International Committee of the Red Cross (ICRC) is sponsoring 180 entrepreneurs, the Republic of Benin will empower 5 citizens with $200,000, Government of Botswana is sponsoring 20 entrepreneurs, Anambra in Nigeria is sponsoring 15 entrepreneurs from the state while US Consulate is sponsoring 20 entrepreneurs.
Every year, the foundation opens its application portal to African entrepreneurs, with businesses of less than three years old. Through its $100 million Entrepreneurship Programme, the Foundation empowers 1,000 entrepreneurs annually, who receive $5,000 in non-refundable seed capital, access to mentors, a 12-week training programme and opportunities to promote their businesses to a global audience.
All applicants receive access to TEFConnect, Africa’s digital entrepreneurial hub, which provides access to networks, training, further capital sources and business opportunities.
As a means of cascading its proven entrepreneurial tool kit to the huge numbers of applicants, the Foundation launched in 2018, TEFConnect, the digital networking platform for African entrepreneurs. The platform, which has currently over 400,000 users, providing opportunities for entrepreneurs to network, receive training and forge business partnerships to scale their businesses beyond physical borders.
As a means of cascading its proven entrepreneurial tool kit to the huge numbers of applicants, the Foundation launched in 2018, TEFConnect, the digital networking platform for African entrepreneurs. The platform, which has currently over 400,000 users, providing opportunities for entrepreneurs to network, receive training and forge business partnerships to scale their businesses beyond physical borders.
In the last four years, the Foundation has empowered 4,000 African entrepreneurs directly and an additional 470 entrepreneurs supported by the Foundation’s partners.