1- How Are Selected Applicants Chosen To Join The Programme?
Selection of the applicants will take place after applicants successfully completes all the stages of the training and successfully take part in the pitch.
The program stages are as follows
- • Application Phase
- • Training & Mentorship Phase
- • Business Plan Submission Phase
- • Pitching Phase
- • Seed Capital Phase
2-The Tony Elumelu Foundation Itself Is Located In Nigeria, Does This Give Preference To Nigerian Entrepreneurs?
No. The TEF Entrepreneurship Programme is a Pan-African programme and open to business ideas from all the 54 African countries from which we will select the best business ideas for the programme.
3-If My Start-Up Is Selected To Join The Programme, When And How Will I Be Informed?
Application phase takes place January 1 to March 31 and applicants receive notification of their status immediately they submit. Please look out for the email.
4-What Happens After The Application?
Once applications are submitted applicants will be placed in the appropriate training path as follows:
This means you do not have the skillset needed to start a business. You will go through the general free training on TEFConnect. You will, however, not be eligible for mentorship or seed capital but can reapply the next year.
This means you are a starter according to the business start-up profiling. You will go through the beginner training modules and you will have access to world class mentors during the programme.
This means that you have been profiled to be an intermediate entrepreneur. You have a good potential to be a successful entrepreneur. You will go through the Intermediate training modules and you will have access to world class mentors during the programme.
This means that you are or identified to be natural or a seasoned entrepreneur. You will go through the Advanced training modules and you will have access to world class mentors during the programme.
5- What Additional Information Must I Supply Once My Business Is Selected?
If Applicants are offered a place in the Programme, Applicants will be expected to:
- – Complete a self-declaration form,
- – Provide proof of valid ID,
- – Provide a personal bank statement from the past 6 months,
- – Provide a statement of current personal debts,
- – Provide a reference from an employer, bank and/or academic institutions;
- – Provide business bank account details (For UBA present countries, it must be a UBA account).
6-Why Was My Application Unsuccessful?
Since inception we have received over 65,000 applications for the limited spaces on the programme, while we can only accept 1000 entrepreneurs each year. Here are a few possible reasons why your application was not successful:
- – You did not complete the application
- – Your business or idea is more than 5 years old
- – Your business or idea is not based in Africa
- – Your descriptions in one or more sections of the application was not clearly described
- – Your application did not meet other eligibility criteria
- – You scored low in one or more of the selection criteria.
7- How Can I Improve My Chances Next Year?
Ensure that you review the selection criteria in the next programme cycle and be sure to describe your business plan or idea such that every aspect of the business or idea (i.e. description, market, customer acquisition, financials etc.) is fully covered.
8- Is There A Waiting List For Applicants Who Could Join The Programme?
Yes there is a waiting list. If any of the selected 1000 do not claim their places by the set deadline, the next best entrepreneur from the waiting list will be chosen before commencement of the programme cycle.
9-If Not Selected, Can I Reapply In Another Programme Cycle?
Yes. We will open the platform for applications on January 1 every year. Each applicant will be required to put in a fresh application. We believe the elapsed time should serve to refresh your interest in your entrepreneurial objectives, and there might be new developments to include in the application.
Q. Is My Business Qualified To Be Funded?
The seed capital is disbursed at the end of the programme cycle. The disbursement process may last for up to 3 months. The timeline is dependant on the applicant’s compliance with the KYC of the Foundation and their Bank’s, as well as the fund’s transit pace.