Tony Elumelu Foundation TEEP 2024 Entrepreneurship Program For Young African Entrepreneurs

TEEP 2024: The Tony Elumelu Foundation (TEF), Africa's leading philanthropic organization dedicated to empowering African entrepreneurs , opens applications on its digital platform TEFConnect (www.tefconnect.com) today, January 1, 2024.

Application deadline: March 31, 2024

About TEEP 2024: 

 This year's intervention prioritizes the economic recovery of Petites et moyennes entreprises (PME) africaines et young entrepreneurs , suite à la perturbation des activités économiques due au Covid-19.

The Tony Elumelu Foundation, which celebrated ten years of impact in 2020, is empowering a new generation of African entrepreneurs, through the TEF entrepreneurship program. Successful candidates receive world-class business training, mentoring, non-refundable start-up capital of up to $5,000, and global networking opportunities. The program is open to entrepreneurs from across Africa, whether new start-ups or existing young businesses, operating in any sector.

Type: Entrepreneurship

Eligibility: The Entrepreneurship Program identifies exceptional African entrepreneurs who have start-ups or business ideas with growth potential.

Eligible countries: African countries

Number of rewards: 2,400

Value of TEEP 2024 : The training has been tailored to educate you and enable you to start or grow your business to overcome the challenges faced by entrepreneurs across the African continent . The program focuses on hands-on, iterative learning that is useful even long after the training period.

WHAT TO EXPECT FROM THE PROGRAM?
The TEF TEEP 2024 entrepreneurship program will take place in different phases listed below: 

1. Application phase 
2. Training and mentoring phase
3. Business plan submission phase
4. Pitch phase
5. Seed capital phase

THE APPLICATION PHASE
This will take place from January 1 to March 31 . Once applications are closed, eligible candidates will be placed into the appropriate training pathway as follows:

PREPARATORY
This means you don't have the skills to start a business. You will follow general training on TEFConnect. You will not, however, be eligible for mentorship or seed capital.

START-UP/BEGINNER
This means that you are a starter according to the business creation profile. You will complete beginner training modules and have access to world-class mentors during the program.

INNOVATOR/INTERMEDIARY
This means that you have been profiled as an intermediate entrepreneur. You have good potential to become a successful entrepreneur. You will complete intermediate training modules and have access to world-class mentors during the program.

DISRUPTIVE/ADVANCED
This means that you are or identified as being a natural or seasoned entrepreneur. You will complete advanced training modules and have access to world-class mentors during the program.

THE TRAINING AND MENTORING PHASE
Once shortlisted and placed on the appropriate training pathway, you will be eligible to participate in our rigorous sales training and mentoring sessions. There will be multiple choice questions to track your performance. You will attend a virtual orientation program to learn more about the process and we will share deadlines and resources available for you to succeed. Pre-selected entrepreneurs will have access to peer support groups. Shortlisted entrepreneurs will be required to complete the business training and take the quiz at the end of each module.
Shortlisted candidates after the training will have the opportunity to develop a BUSINESS PLAN

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THE BUSINESS PLAN AND FINANCING SUBMISSION PHASE
At the end of the TEEP 2024 training, you will be asked to consolidate all the learning from the training into a single coherent document. You will receive a business and financial plan template; it will be in the online resource library. This template will help you create a first draft of your business plan. write a business plan. After BUSINESS TRAINING AND BUSINESS PLAN SUBMISSION, only successful candidates (who complete the MCQs, score above the threshold and submit a business plan) will be eligible to proceed to the next stage: the COMPETITION PITCHING.

THE PITCH PHASE
This is an opportunity to demonstrate your business knowledge and convince the judge of the feasibility of your business. At the pitch stage, entrepreneurs will present their ideas to a jury. Only successful applicants from the pitch competition will receive seed capital funding and access to the alumni network to support their business ambitions.

If you have successfully completed all required training requirements and submitted a business plan, but were unsuccessful after the pitch competition, you will receive a certificate of training completion and may reapply on next year.

Please note that this phase is another key outcome of this training program and all shortlisted entrepreneurs must go through this phase to be eligible for SEED CAPITAL.

THE SEED CAPITAL PHASE

All entrepreneurs who have successfully completed all the above steps will be required to open business accounts and seed capital will flow into these created accounts. An entrepreneur eligible for seed funding will receive a CERTIFICATE OF COMPLETION AND ACHIEVEMENT from the Foundation.

How to apply for TEEP 2024: apply hereIt is important to review all application requirements on the award webpage (see link below) before applying.

Visit the award webpage for more details

Important Notes: Completion of the training program is a strict requirement to proceed to submitting and reviewing your business plan, participating in the pitch competition, and receiving seed capital.

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