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On the back of recently rounding off its first campaign in 2015, the programme will consist of startup investment, active mentoring, business training, and an entrepreneurial bootcamp, along with regional networking across Africa.
“Africa does not need aid alone, it needs investment and it needs entrepreneurs. TEEP brings both and our ability to bring capital and the necessary support, for those who will help Africa harness its enormous potential is creating extraordinary opportunities across the Continent,” says Tony Elumelu Foundation CEO, Parminder Vir OBE.
Applications open 1 January 2016 and close 1 March 2016. Entrepreneurs will need to complete an online questionnaire about their experience, background, business idea, and plans for growth and proposed pan-African impact. All applications will be reviewed by an Advisory Board of distinguished African entrepreneurs.
The programme is open to citizens and legal residents of all 54 African countries. Applications can be made by any for-profit business based in the continent, and has been in existence for less and three years, which includes business ideas.
In 2015, TEEP selected 1 000 African entrepreneurs from 51 African countries. Upon completion of the programme, the entrepreneurs received US$5 000 each in seed capital for their startups.
The Tony Elumelu Foundation invested just under US$5-million in a combination of agriculture, education, and manufacturing businesses. A further 20 industries across Africa were funded in the sector-agnostic programme.