Tony Elumelu Foundation Entrepreneurship Programme (TEEP) 2024
The Tony Elumelu Foundation Entrepreneurship Programme (TEEP) 2024 is currently accepting applications. The 2024 TEEP initiative places a strong emphasis on fostering the economic recovery of small and medium-scale enterprises (SMEs) and young entrepreneurs in Africa, addressing the challenges posed by the COVID-19 pandemic on economic activities.
Marking its tenth anniversary in 2020, the Tony Elumelu Foundation is dedicated to empowering a fresh wave of African entrepreneurs via the TEF Entrepreneurship Programme. Those who qualify for the program undergo top-tier business training, benefit from mentorship, receive non-refundable seed capital of up to $5,000, and gain access to global networking opportunities. This initiative welcomes entrepreneurs from various sectors across Africa, encompassing both new startups and existing young businesses.
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Eligibility for the Tony Elumelu Foundation Entrepreneurship Programme (TEEP) 2024:
- Applicants must be outstanding African entrepreneurs who have start-ups or business ideas with the potential to grow.
- Applicants must be from eligible African countries.
Benefits of the Tony Elumelu Foundation Entrepreneurship Programme (TEEP) 2024:
- The training has been tailored to educate and capacities you in starting or growing your business to overcome the challenges faced by entrepreneurs across the African continent.
- The curriculum focuses on practical, iterative learning that is useful even long after the training period.
Programme Phases
The TEF Entrepreneurship Programme (TEEP) 2024 will be executed through various stages outlined as follows:
- Application Phase
- Training & Mentorship Phase
- Business Plan Submission Phase
- Pitching Phase
- Seed Capital Phase
The Application Phase for the Tony Elumelu Foundation Entrepreneurship Programme (TEEP) 2024:
This is scheduled to occur from January 1 to March 31. After the closure of applications, qualified applicants will be assigned to the relevant training path according to the following:
Preparatory
This implies that you lack the necessary skills to initiate a business. You will undergo the standard training on TEFConnect, but unfortunately, you won’t qualify for mentorship or seed capital.
Startup/Beginner
This indicates that you fall into the category of beginners based on the business start-up profiling. You will engage in introductory training modules and enjoy the guidance of world-class mentors throughout the program.
Innovator/Intermidiate
This signifies that you have been identified as an intermediate-level entrepreneur with significant potential for success. You will participate in the Intermediate training modules and benefit from the guidance of world-class mentors throughout the program.
Disruptor/Advanced
This indicates that you are either a natural or recognized as a seasoned entrepreneur. You will undergo the Advanced training modules and have the opportunity to be guided by world-class mentors during the program.
Training and Mentorship Phase
Upon being selected and assigned to the suitable training path, you will qualify to participate in our intensive business training and mentoring sessions. Performance tracking will be facilitated through multiple-choice questions. A virtual orientation program will be conducted to familiarize you with the process, and we will provide details on timelines and available resources for your success. Additionally, shortlisted entrepreneurs will gain access to peer-to-peer support groups.
- Shortlisted entrepreneurs will be expected to complete the business training, and answer the quiz at the end of each module.
- The shortlisted applicants after the training will be allowed to develop a BUSINESS PLAN
The Business Plan and Submission Phase
Following the TEEP 2024 training, you will need to integrate all the knowledge acquired into a comprehensive document. An online resource library will provide you with a business and financial plan template to assist in crafting your initial business plan. Following the completion of both the business training and the submission of the business plan, only successful candidates, those who complete the multiple-choice questions and achieve a score above the cutoff mark while also submitting a business plan will qualify for the next stage: the Pitching Competition.
The Pitching Phase
This is an opportunity to showcase your business acumen and persuade the judges of the viability of your business. During the pitching stage, entrepreneurs will present their ideas to a panel of judges. Only those who succeed in the pitching competition will secure seed capital funding and gain access to the Alumni network for further support in pursuing their business aspirations.
If you have successfully fulfilled all the required training criteria and submitted a business plan, but were not successful in the pitching competition, you will receive a training completion certificate and have the option to reapply next year.
It’s important to note that this phase represents a crucial outcome of the training program, and all shortlisted entrepreneurs must successfully navigate this stage to be eligible for seed capital.
The Seed Capital Phase
Entrepreneurs who have satisfactorily completed the aforementioned steps will need to establish business accounts, into which the seed capital will be disbursed. An entrepreneur deemed eligible to receive seed funding will be presented with a Certificate of Completion and Achievement by the Foundation.
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Application Deadline: March 1, 2024.
For more information about this opportunity, Visit the Official Website.
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