Small and Medium size Enterprises (SMEs) stand a chance to benefit from a new round of Shs360 billion seed funding from the Tony Elumelu Foundation (TEF).
The programme, in its fourth year, is now accepting applications for business ideas that can transform Africa.
The programme provides critical tools for business success, including 12 weeks of intensive online training which guides creating and managing a business, a mentor to guide during the early transformation stages of the business, up to $5,000 (Shs18m) in seed capital to prove the concept, plus a further funding and networking access to the largest network of African start-ups and TEF’s own global contacts.
This is TEF’s 10-year $100m (Shs363 billion) commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.
TEF founder, serial entrepreneur and philanthropist Tony O. Elumelu, said when they launched the TEF programme and committed $100 million to empowering Africa’s entrepreneurs, he knew they would create impact, but he never imagined it would be of this magnitude.
“We have unleashed a movement of African entrepreneurs - a force so strong, so inspiring, that I am confident they will collectively transform Africa. We need Africa’s best and brightest entrepreneurs to come learn, grow their businesses and build our continent,” he said.
1,000 entrepreneurs will be selected based on the viability of their idea, including: Market opportunity; financial understanding; scalability; and leadership and entrepreneurial skills demonstrated in the application.