Applications have opened for the latest edition of the Tony Elumelu Entrepreneurship Programme (TEEP), which will provide 1,000 startups with training, mentorship and US$5,000 in funding.
The programme, run by the Tony Elumelu Foundation (TEF), is now in its fourth cycle of its 10-year, US$100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.
Applications for the latest edition close on March 1, with successful applicants to receive 12 weeks of intensive online training, access to a world-class mentor, and US$5,000 in seed capital to prove the concept, plus access to further funding. They will also gain access to the TEF network of startups.
“When we launched the TEF programme and committed US$100 million, I knew we would create impact, but I never imagined it would be of this magnitude. We’ve unleashed a movement of African entrepreneurs – a force so strong, I am confident they will collectively transform Africa,” said TEF founder Tony Elumelu.
“We need Africa’s best and brightest to grow their businesses and build our continent.”
Entrepreneurs will be selected based on the viability of their idea, including market opportunity, financial understanding, scalability, leadership and entrepreneurial skills. Applicant startups must be based in Africa, for-profit, and less than four years old.
“We encourage women, French and Portuguese speakers to apply. Our 3,000 alumni are already growing their businesses and improving lives. If you have a transformational business or an idea, we have an opportunity for you,” said TEF chief executive officer (CEO) Parminder Vir.