This past weekend’s rainfall has brought a huge relief to residents and reservoirs in what has been another dry start to Cape Town’s winter….
The Tony Elumelu Foundation (TEF) has announced that they will now be accepting their third round of applications from 1 January 2017.
TEF is an entrepreneurship programme which aims to provide a long-term foundation using investments to empower young African entrepreneurs. The foundation is marking its 10-year anniversary with a US$100-million commitment to training and mentoring 10 000 African entrepreneurs.
“I believe the seeds we are planting through the programme will transform Africa. Two years on, it is clear that we have found a key to unlocking Africa’s potential for economic transformation,” said TEF founder, Tony Elumelu in a press release.
“As our entrepreneurs grow their own businesses and realise their ambitions, so too does the vision. We are showing what the African private sector can achieve; how hard work and enterprise can catalyse real, sustainable development,” he continued.
The programme will aim to identify entrepreneurs who have the ability to scale their businesses to generate one-million jobs collectively while raising at least US$10-billion in additional revenues which will find their way through Africa.
“This programme continues to surpass our expectations and its success is palpable,” said TEF CEO, Parminder Vir, OBE.
TEF aims to empower young African entrepreneurs with guidance they’ll need to make a success of their business
“Your entrepreneurial journey begins when you make the decision to complete the application. We are seeking real entrepreneurs, people who can take risk and reap rewards, not just for themselves, but their communities and countries,” she continued.
Previous TEF successes include:
- Momar Mass-Taal who turned his US$5000 seed capital into a large revenue of US$1.2-million
- Bukhary Kibonajoro launched his business with the tools he obtained at TEF and has created 34 jobs and provided growth services for more than 100 local businesses in 12-months
- Chioma Okonu has provided an additional revenue stream for more than 6000 homes, created over 40 jobs and generated over US$50 000 in profit
For interested entrepreneurs, they have to meet specific requirements. These include: be based in Africa, be for profit, applicants must be older than 18 and they must have legal residency or citizenship in any African country.
Entrepreneurs will be selected on their business’s feasibility, market opportunity, their financial understanding as well as their business’s scalability. 1000 entrepreneurs will be selected which is why they’ll also need to show adequate leadership and entrepreneurial skills.