TEF to open portal for entrepreneurs’ applications on Jan 1, 2020


Share post:

One of the leading sources of funding and mentoring for entrepreneurs on the continent, the Tony Elumelu Foundation, will start accepting applications for its 2020 programme, on January 1, 2020. Applications are received through a digital networking hub, TEFConnect, created to serve participants.

Participation is open to indigenous African small business owners who have been in business for less than 3 years or currently are armed with fresh ideas moving into business. Business mentoring, training, global networking opportunities, and a non-refundable seed funding to the tune of $5,000 await successful applicants.

The foundation, owned and run by the founder of the former Standard Trust Bank, now United Bank for Africa (UBA), Tony Elumelu, has successfully engaged over 9,000 entrepreneurs from 54 African countries since inception. For the immediate past edition, the foundation received 216,000 applications among who 42% were female entrepreneurs. That points to the increasing diversification of the SMEs ecosystem on the continent.

According to the foundation, “the programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 young African entrepreneurs”.

The major goal of the commitment is to drive sustainable development across the continent by identifying, grooming, and supporting young but brilliant African citizens to build businesses that will create jobs and wealth.

Hence, going by the impact report from the foundation, “70% of the total number of businesses in its alumni network were still in operation two years after benefiting from the programme.”

The report also identified some 189% and 197% increases in revenue generated and jobs created, respectively, by the alumni businesses.

Interested participants should log on to http://tonyelumelufoundation.org

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.


Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Related articles

Opportunities: Orangle Corner Nigeria dangles 40,000 Euros funding before young entrepreneurs

Applications are now open for the 10th cohort of the Orange Corners Nigeria Incubation Programme. The Orange Corners...

Demography key factor in Nigeria’s real estate sector’s evolution – Bartholomew Egbochie

Despite the challenges in the operating environment, experts are projecting growth in the real estate sector. Mr Bartholomew...

4 strategies from Bezos that would change your business

Success sometimes can grow to become a craft that leaves behind trails for others to follow. Jeff Bezos...

How to cultivate a purposeful culture

Sarah Turner, the founder and chief executive officer of an eponymous agency, provides interesting insights into how to...