business plan for tony elumelu foundation

Tony Elumelu Foundation Entrepreneurship Programme (TEEP) 2024 for young African Entrepreneurs

Application Deadline:  1st March 2024

Applications are now open for the Tony Elumelu Foundation Entrepreneurship Programme (TEEP) . The 2024 TEEP intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.

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

Eligibility:  

• The Entrepreneurship Programme identifies outstanding African entrepreneurs who have start-ups or business ideas with the potential to grow.
• Eligible Countries:  African countries
• The training has been tailored to educate and capacitise you in starting or growing your business to overcome the challenges faced by entrepreneurs across the African continent . 
• The curriculum focuses on  practical, iterative learning  that is useful even long after the training period.  

Programme Phases

The TEF Entrepreneurship Programme TEEP 2024 will be delivered in different phases as listed below: 

• Application Phase 
• Training &Mentorship Phase 
• Business Plan Submission Phase 
• Pitching Phase 
• Seed Capital Phase 

THE  A PPLICATION PHASE  

This will take place from the  January 1 to March  31 .  Once applications are closed, eligible applicants will be placed in the appropriate training path as follows: 

PREPARATORY  

This means you do not have the skillset needed to start a business. You will go through the general training on TEFConnect. You will, however, not be eligible for mentorship or seed capital. 

START-UP/ BEGINNER  

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.  

INNOVATIOR/ INTERMEDIATE  

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.  

DISRUPTOR/ ADVANCED  

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.  

THE TRAINING AND MENTORSHIP PHASE  

Once shortlisted and placed in the appropriate training path, you will be eligible to take part in our rigorous business 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 timelines and resources available for you to succeed. The shortlisted entrepreneurs will be given access to join the peer-to-peer support groups. 

• Shortlisted entrepreneurs will be expected to complete the business training, answer the quiz at each end of each module. 
• The shortlisted applicants after the training will be given the opportunity to develop a  BUSINESS PLAN   

THE BUSINESS PLAN AND FINANCIALS SUBMISSION PHASE  

At the end of the TEEP 2024 training, you will be required to combine all the learnings from the training into a single cohesive document. You will be given a business & financial plan template; this 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 the  BUSINESS TRAINING & BUSINESS PLAN SUBMISSION,  only successful candidates (who complete the MCQs and score above cut off mark and submit a business plan) would be eligible to move on to the next stage: the  PITCHING COMPETITION.  

THE  PITCHING  PHASE  

This is an opportunity to demonstrate your business knowledge and convince the judge about the feasibility of your business. At the pitching stage, entrepreneurs will pitch their ideas before a panel of judges. Only the successful candidates from the pitching competition will receive seed capital funding and access to the Alumni network to support their business ambitions. 

If you successfully completed all required training requirements and submitted a business plan, but was unsuccessful after the pitching competition, you will receive a training completion certificate and can reapply next year.  

Please note that this phase is another key outcome of this training programme 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 accounts created. An entrepreneur who is eligible to receive seed funding will be given a  CERTIFICATE OF COMPLETION AND ACHIEVEMENT  from the Foundation.

For More Information:

Visit the Official Webpage of the Tony Elumelu Foundation Entrepreneurship Programme

Connecting Africans to the latest life changing Opportunities around the Globe. [email protected] | [email protected]

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The Tony Elumelu Foundation: An Empowering Journey Towards Entrepreneurial Impact

• February 29, 2024

Today is a proud day for me and the entire team at the Tony Elumelu Foundation (TEF) and Heirs Holdings (HH).

Harvard Business School (HBS) launched its case study on the work of TEF, documenting our 14 years of impact, across all 54 countries in Africa. Titled “The Tony Elumelu Foundation: Democratizing Luck Across Africa”, the case study was led by HBS Professor, Paul Gompers, and was taught in class today for the first time, to a select group of students at HBS.

When Awele and I envisioned TEF, we had two ambitions:

1. to democratise luck – which played an important role in the successes I have achieved today; and

2. to see Africapitalism in action – the philosophy that the private sector, including entrepreneurs, has an absolutely central role to play in developing Africa.

We set out to empower young Africans, at scale, through entrepreneurship and made a US$100 million commitment to identify, mentor, train, and fund 10,000 young Africans, in 10 years with $5,000 seed funding. Nearly 10 years later, we have empowered nearly 20,000 entrepreneurs, with seed capital – doubling our original goal, while reaching digitally over 1.5 million entrepreneurs across Africa. We have done more – we have created a philanthropic institution in Africa, staffed by Africans, that has changed the debate about development and shown new pathways. We have invested in impact measurement; we have deployed convening power and we have become advocates. We have been joined by great partners UNDP, EU, Google, AfDB, etc.

As I sat in class today, listening to the case study being taught, and our impact across Africa discussed and internalized by the HBS students, what struck me most was the journey to where we are now.

Not many people know that TEF started in 2010, or that our flagship TEF Entrepreneurship Programme, which was launched in 2014, was not our first initiative – we tried out and tested 12 different programmes, experimenting to build the right programme that addressed our mission to give economic hope and opportunity to young Africans by empowering them through entrepreneurship. Like any entrepreneur, we pivoted, reassessed, learnt and here we are today.

Education is a bedrock of what we do – I was lucky enough to study at Harvard and core to TEF is our curriculum, our mini MBA, created for the operating environment, that very tough operating environment, that I know our entrepreneurs experience. It was moving to know that our strengths, but also our pivots, our challenges, will inform and help others. For me TEF, is not just a catalyst for young entrepreneurs, it is a catalyst for others in Africa, it is a call to those who have succeeded, to give back, to spread their luck.

I am also filled with gratitude for the journey, for the amazing team members who helped bring the vision to life, and to our thousands of young entrepreneurs, who continue to be the best ambassadors one could ask for as they increase job creation, drive poverty alleviation, and ensure inclusive economic empowerment in Africa.

And to my wife, Awele, you rock and are the absolute best co-founder.

Thank you HBS for telling this story. To every African entrepreneur, embrace your journey, document as much as you can, because one day, you will look back and be grateful for every moment of it.

RECOMMENDED READS

Elumelu Emerges First African to Receive the Dwight D. Eisenhower Global Entrepreneurship Award

“We Must Power Africa Out of Poverty,” Tony Elumelu Says at the World Government Summit 2021

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The Business of Philanthropy

Tony o. elumelu.

Tony O. Elumelu is an economist by training, a serial entrepreneur, and philanthropist.

He is the Founder and Chairman of Heirs Holdings Ltd, an African proprietary investment company, with interests in power, oil and gas, financial services, hospitality, real estate and healthcare, present in twenty African countries. 

Tony is known for his significant contribution to entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation, which has committed $100m in a 10-year programme to fund, mentor and train 10,000 African entrepreneurs. The Foundation's mission is inspired by Tony's economic philosophy of Africapitalism, which positions the private sector as the key enabler of economic and social wealth creation in Africa.

He sits on numerous public and social sector boards, including the global advisory board of the United Nations Sustainable Energy for All Initiative (SE4ALL), USAID's Private Capital Group Partners Forum (PCG), and is Co-Chair of the Aspen Institute's Global Food Security Working Group. Tony serves on the international advisory board of the Washington DC based think tank the Wilson Center and is a member of the Global Advisory Council of the Harvard Kennedy School's Centre for Public Leadership. He is also a member of the World Economic Forum Community of Chairmen.

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Razan al mubarak, president international union for conservation of nature (iucn), tsitsi masiyiwa, executive chair and co-founder higherlife foundation, laurence lien, founding ceo asia philanthropy circle, hrh sultan nazrin shah, deputy king of malaysia & the ruler of perak, shayma al-sabah, founder give, h.e huda alkhamis-kanoo, founder abu dhabi music & arts foundation, haifa fahoum al kaylani, president & founder arab international women’s forum, darren walker, president ford foundation, naina subberwal batra, ceo avpn (asian venture philanthropy network), dr. wladimir klitschko, founder klitschko foundation, yue-sai kan, founder yue-sai kan china beauty charity fund, professor muhammad yunus, founder grameen bank, masami sato, founder and ceo b1g1, sultan sooud al qassemi, founder barjeel art foundation, mads krogsgaard thomsen, ceo novo nordisk foundation, sanjit "bunker" roy, founder barefoot college, fadi ghandour, executive chairman wamda group, kathleen chew, director ytl foundation, sir ronald cohen, chairman global steering group for impact investment and the portland trust, fady jameel, vice chairman community jameel chairman and founder art jameel, lord karan bilimoria, founder, cobra beer chairman, cobra beer partnership limited, rasha alturki, ceo al nahda society, achim steiner, administrator united nations development programme (undp), dr. mo ibrahim, founder and chairman mo ibrahim foundation, muna al gurg, director of retail easa saleh al gurg group, peter maurer, president international committee of the red cross, azim premji, founder chairman wipro, jacqueline novogratz, founder and ceo acumen, founder the tony elumelu foundation, filippo grandi, united nations high commissioner for refugees (unhcr), baroness valerie amos, master of university college oxford university, hsh prince albert ii of monaco, david miliband, president & ceo international rescue committee (irc), h.e. sheikha bodour bint sultan al qasimi, president international publishers association (ipa), hrh the prince of wales, h.e. abdul aziz al ghurair, chairman abdulla al ghurair foundation for education, mike milken, chairman milken institute, hrh princess lamia bint majed saud alsaud, secretary general alwaleed philanthropies, professor klaus schwab, founder and executive chairman world economic forum, kristalina georgieva, managing director international monetary fund (imf), professor stephen toope, vice-chancellor university of cambridge, nandan & rohini nilekani, co-founder and chairman of the board infosys founder and chairperson arghyam, co-chair and trustee bill & melinda gates foundation.

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Tony Elumelu Foundation Entrepreneurship Program, 2024

The Tony Elumelu Foundation Entrepreneurship Program is now accepting applications for its 2024 Cycle. This foundation program is a long-term commitment to empowering African entrepreneurs and supporting the growth of sustainable businesses on the continent. With a goal of identifying, training, mentoring, and funding 10,000 African entrepreneurs over the course of 10 years, the program aims to create at least 1,000,000 new jobs and generate at least $10 billion in new business revenue across Africa .

The Tony Elumelu Foundation is deeply committed to supporting the development of a thriving entrepreneurial ecosystem in Africa. By providing access to funding, mentorship, and training , the foundation is working to help African entrepreneurs realize their full potential and make a positive impact on their communities and economies. The Entrepreneurship Program is just one part of the foundation’s efforts to support and empower African entrepreneurs, and we are excited to see the incredible impact that this year’s cohort will have on the continent.

If you are an aspiring entrepreneur with a great business idea and a passion for driving positive change in Africa, we encourage you to apply for the Tony Elumelu Foundation Entrepreneurship Program. This is a rare opportunity to receive support and resources to help turn your vision into a reality, and we look forward to seeing the exciting and innovative businesses that will be created through this program.

Program Details

• Area : Entrepreneurship.
• Number of awards : 10,000 entrepreneurs over a period of 10 years will be selected.
• Duration : Not specified.
• Target group : The program is open to citizens and legal residents of the 54 African countries.

Tony Elumelu Foundation Entrepreneurship Program Benefits

The Tony Elumelu Entrepreneurship Program worth $100 million for 10,000 African entrepreneurs.

• Training: the training has been tailored to educate and capacitise you in starting or growing your business to overcome the challenges faced by entrepreneurs across the African continent. The curriculum focuses on practical, iterative learning that is useful even long after the training period.
• Mentoring: A mentor will guide successful applicants in creating a robust business plan.
• First stage: a non-refundable capital of $ 5,000 .
• Second stage: a returnable investment provided to entrepreneurs based on business viability upon application.

Note : Completion of the training programme is a strict condition to moving forward to the submission and review of your business plan, participation in the pitching competition, and receipt of seed capital.

Also Check : Colombia Government Scholarship for International Students

Tony Elumelu Foundation Entrepreneurship Program Eligibility

To apply, the entrepreneur must have a business or entrepreneurship project

• based in Africa
• which creation time is between 0 and 3 years
• be at least 18 years old and be an African citizen or legal resident of an African country

The Entrepreneurship Programme identifies outstanding African entrepreneurs who have start-ups or business ideas with the potential to grow. The TEF Entrepreneurship Programme will be delivered in different phases as listed below:

• Application Phase
• Training & Mentorship Phase
• Business Plan Submission Phase
• Pitching Phase
• Seed Capital Phase

Other opportunities

• Top 12 scholarships to study in Canada ;
• Top 10 Government Scholarships ;
• Top Scholarships to Study in France .

How to Apply for the Tony Elumelu Foundation Entrepreneurship Program

To apply for this entrepreneurship Program in Africa , please click on the apply button below to create an account and follow the given instructions to submit their application. Once applications are closed, eligible applicants will be placed in the appropriate training path as follows:

Preparatory

This means you do not have the skillset needed to start a business. You will go through the general training on TEFConnect. You will, however, not be eligible for mentorship or seed capital.

Start-Up/Beginner

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.

Innovator/Intermediate

This means that you have been profiled as an intermediate entrepreneur. You have 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.

Disruptor/Advanced

This means that you are or identified to be a 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.

The deadline to submit your application for this program is March 1, 2024 . For more details on the Tony Elumelu Foundation Entrepreneurship Program, please visit the official page. To be the first to see latest opportunities, please follow us on Facebook , Twitter , Pinterest and Instagram .

Please share this opportunity with friends and relatives on :

Big thanks for all amazing opportunities you gave us. However, African young entrepreneur and innovator, we are still benefiting from you.so keep working forward.

How to apply

J’aime beaucoup entrepreneuriat parce-que elle est le point de départ de l’homme dans toutes choses

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Harvard business school launches tony elumelu foundation case study.

Spotlights Role of African Philanthropy in Transforming the Development Agenda in Africa

LAGOS, NIGERIA / ACCESSWIRE / March 11, 2024 / At a time of renewed geopolitical interest in Africa, and an increasing questioning of traditional development finance models, Harvard Business School today released a case study examining the role and impact of the Tony Elumelu Foundation (TEF) ( https://www.TonyElumeluFoundation.org ), and its unique approach to catalysing entrepreneurship in Africa.

The Foundation, Africa's leading funder of young entrepreneurs, has pioneered an innovative approach to seeding, capacitising and networking young entrepreneurs across Africa. Drawing directly from Tony Elumelu's entrepreneurial journey, his acknowledgement that luck and chance played an important role in his success, the Foundation democratises luck, spreads opportunity, in a sector agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa. The Foundation is a direct expression of Elumelu's philosophy of Africapitalism, that the private sector must play a pivotal role in Africa's development, and that investment must seek social, as well as economic returns.

The case study, the first of its kind focused on African philanthropy, was launched today, Thursday, February 29, 2024, before a class of graduate students at Harvard Business School and explored the Foundation's unique approaches and transformative initiatives, showcasing how the strategic philanthropy offered by TEF, is driving positive change and elevating countries and communities.

The case study recognises challenges the Foundation faces, and its responses, as it developed its mission, since founding in 2010. The track record is impressive, with over 20,000 entrepreneurs funded, over a million connected digitally and the development of an impact assessment capacity. TEF has disbursed over USD$100 million, reaching every African country. The Foundation is increasingly developing a partnership-based approach, working with institutions such as the EU, US agencies, the UNDP, the ICRC, the Ikea Foundation, and others to develop bespoke programmes focused on fragile states, female entrepreneurs and sustainability initiatives.

Tony Elumelu, who spoke at Harvard said, "TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth unemployment and insecurity. Through the intervention of the Foundation, we are transforming our young people, giving them hope. Collectively, all of us can resolve the challenges that we have on the continent.

It is wonderful to have had the opportunity to work with HBS, to spotlight our successes, acknowledge the challenges that we have at times faced, and provide the opportunity to spread our experience, for the benefit of others."

The Harvard Business School session provided an opportunity to engage in a meaningful discussion on the role of philanthropy in shaping sustainable and inclusive economies. As the world grapples with complex challenges around demographics, climate and sustainability, the Tony Elumelu Foundation model offers a fascinating model of how strategic philanthropy can be a driving force for positive change.

Distributed by APO Group on behalf of The Tony Elumelu Foundation.

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About the Tony Elumelu Foundation:

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and ensuring inclusive economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to 20,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation's mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

SOURCE: Tony Elumelu Foundation

View the original press release on accesswire.com

Research & publications

Click here to view our 2023 annual report

Cultivating Entrepreneurial Mindsets

We4a pilot programme report, tef undp sahel impact report, tef we4a tracer study report 2022, tef nepc impact report, 2022 tef selection announcement shortlisted beneficiaries, tef safeguarding and child protection policy document, tef consolidated report of accomplishments [2021], tef impact paper [september 2022], tef enterprise survey report at a glance, tef case study happy coffee, afdb-tef rapid assessment, tef enterprise survey report update [july 2022], the future of technology and innovation in nigeria, africapitalism: the path to economic prosperity and social wealth, 2021 annual letter, tef undp leaflet, 2021 tef entrepreneurship programme at a glance, 2019 tef entrepreneurship programme at a glance, 2018 tef entrepreneurship programme at a glance, 2017 tef entrepreneurship programme at a glance, 2016 tef entrepreneurship programme at a glance, 2015 tef entrepreneurship programme at a glance, tef-undp sahel entrepreneurship programme impact assessment.

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