$100m Programme to Empower Next Generation of African Entrepreneurs by Tony Elumelu Foundation
The Tony Elumelu Foundation has announced the launch of a $100m Pan-African entrepreneurship initiative – The Tony Elumelu Foundation Entrepreneurship Programme – a multi-year programme of training, funding, and mentoring, designed to empower the next generation of African entrepreneurs.
The programme is the first initiative of its kind to be launched by an African philanthropic organisation and is the largest African sourced philanthropic gift, targeting the entrepreneurial space.
“The Tony Elumelu Foundation Entrepreneurship Programme will offer a structured, multi-year opportunity to access funding, knowledge and perhaps most importantly mentoring, on scale that is unprecedented in Africa – it is our opportunity to empower a generation,” said, Mr. Elumelu.
Click here to register www.tonyelumelufoundation.org/TEEP
The programme will identify and help grow an initial 10,000 start-ups and young businesses from across Africa over the next 10 years, targeting the creation of 1,000,000 new jobs and $10 billion in annual revenues.
“Whether you’re in Lagos, Accra, Johannesburg, Nairobi or Dakar, Africa is buzzing with entrepreneurs who need a platform that enables them to take their business or idea to the next level.
Successful applicants will participate in a comprehensive programme designed to equip them with the skills needed to build a successful business. The programme includes seed funding, a customized 12-week business skills training course, mentoring, an entrepreneurship ‘boot camp’, participation in the annual Elumelu Entrepreneurship Forum, membership of the Alumni Network and much more.
click here to register www.tonyelumelufoundation.org/TEEP
About The Tony Elumelu Foundation Entrepreneurship Programme
The Tony Elumelu Foundation Entrepreneurship Programme represents a decade-long commitment to supporting African start-ups and entrepreneurs. We are committing $100 million to help launch and initial 10,000 entrepreneurs throughout Africa over the next 10 years, creating 1,000,000 new jobs contributing to $10 billion in revenue across Africa. The online application portal for the 2015 round of entries will open on 1 January 2015 and close on 1 March 2015. Entries are open to applicants from all 54 African countries and will be accepted in English, French and Portuguese. Website: www.tonyelumelufoundation.org/TEEP
How can my business qualify for funding?
All start-ups who successfully complete the 12 week Start-up Enterprise Toolkit (learning) programme, produce three narrative progress reports and attend the Boot-Camp and Elumelu Entrepreneurship Forum will automatically qualify for the initial seed capital funding.
What funding options are available?
All start-ups who successfully complete the programme will be eligible for funding. There are two stages of funding available to start-ups:
- Initial seed capital funding of $5,000 – a non-returnable investment dispersed at the close of the Boot-Camp and Elumelu Entrepreneurship Forum by Tony O. Elumelu, the Founder of the Tony Elumelu Foundation Entrepreneurship Programme
- Second stage capital investment of $5,000 – for qualifying startups that have progressed their business plans sufficiently
Is the initial seed capital amount a fixed sum?
Yes. The initial seed capital funding is fixed at $5,000.
How will the funds be dispersed?
The start-up must submit an invoice for the full $5,000 which will be wired directly into their business bank account.
Does my business have to pay back the $5,000 seed capital?
The initial $5,000 seed capital investment is non-returnable funding.