The Tony Elumelu Foundation is a special organization that helps new entrepreneurs to reach success and supports the promising enterprises. They offer a lot of programs and grants for those who want to promote their businesses. What about Tony Elumelu Foundation grants 2018? Do they have any this year?
Briefly about Tony Elumelu Foundation
This organization was founded in 2010 by the entrepreneur and philanthropist Tony Elumelu. Nowadays, it is one of the leading companies that support the entrepreneurship not only in Nigeria but in the whole Africa. Every year, they keep growing and expanding, and their projects help more and more people. Tony Elumelu Foundation is investing into entrepreneurship funding in Nigeria and on the African continent, so lots of new Nigerian businessmen and businesswomen take up the opportunities offered by them.
Tony Elumelu Foundation grants 2018
Tony Elumelu Foundation has a special $100 million entrepreneurship development program that they hold every year. Of course, in 2018 this program was opened again to give more chances to the new entrepreneurs. Tony Elumelu Foundation Entrepreneurship Program (TEEP) was designed to help the creative entrepreneurs submit their ideas.
Tony Elumelu Foundation entrepreneurship program
This program gave the entrepreneurs a chance to work together with Tony Elumelu Foundation 2018. It provided them with such aspects:
- Professional training – the applicants had twelve weeks of online training, which helped them to learn how to create and manage their own business.
- Mentoring – the participants got their own mentor of world-class, who guided them through the early business stages.
- Funding – originally, the participants are given $5000 (paid at the current Naira exchange rate) to prove their concept. Later, they can receive access to the further funding of their project.
- Network – the applicants will get exclusive access to the Tony Elumelu Foundation’s global contacts, and their network of start-ups in Africa.
The Tony Elumelu Foundation is planning to find, train, fund, and support about 10,000 entrepreneurs from Africa by 2024. The founder of the company, Tony Elumelu, said that when they have launched the foundation and spent $100 million on establishing it, they never had an idea how big will be the impact of their organization. Since they started their program, they started the movement of young and ambitious entrepreneurs along with it. Now, they are becoming more and more influential in Africa with every year, and Tony Elumelu believes that they will change Africa for the better one day.
The 2018 program has already selected 1,000 entrepreneurs for the training. They were chosen based on their idea and its viability, which included the market potential, scalability, financial understanding of the business, and the leadership/entrepreneurial skills based on the information in the application. People were only eligible for this program by the following criteria:
- The business had to be based and developed in Africa.
- The business had to be only for-profit – non-profit businesses could not qualify.
- The business had to be relatively new, which means from 0 to 3 years.
- The applicant has to be at least 18 years old. Also, the applicant also had to be a legal citizen or resident of the African country.
Except for that, there were no important limitations. The Tony Elumelu Foundation encouraged all people who possess a small business to apply for this program. Perhaps, some of them will become household names in the future.
Tony Elumelu Foundation application form
You will read everything about Tony Elumelu foundation application 2018 here. The deadline for applying was March 1st, so it has already expired. However, you are more than encouraged to read these rules and keep them in mind so you can apply for the same program next year.
To apply for the program, you need to go online because all the applications have to be submitted through the special application portal on the official website of Tony Elumelu Foundation. The application form contains a lot of compulsory questions that you will have to answer, and you also will need to upload some documents along with materials of identification. When you submit your application, you will receive an e-mail which will confirm your participation in this program.
If your company is a partnership, you should be aware that only one person from this business venture can participate in the program. Also, applying offline is not possible – every application needs to be submitted on the website. If you have an unstable internet connection or are unable to submit your application for other reasons, you should go to the Internet café or borrow the laptop from your friends.
The applicants are chosen by the following criteria:
- Feasibility – the contestant is picked based on how feasible is the business project.
- Market potential – the contestant must have understanding and knowledge of the market, competition, and customers.
- Financial understanding – the participant needs to understand the basics of financial requirements that support the business, for instance, the costs that will be spent on the development of the project, and how to operate them.
- Scalability – the participant must have room for growth and background for the expansion of the business.
- Leadership/entrepreneurial skills – the person needs to have everything to attract the customer base and lead the co-workers.
Even though the Tony Elumelu Foundation is situated in Nigeria, they usually do not give preference to the Nigerian businessmen and businesswomen – they are open to the new and fresh business ventures from all the African countries, and they review thousands of applications before choosing the best ones.
Usually, the participants who have won the opportunity to join the program are notified about it in a few weeks. For example, the deadline this year expired on March 1st, and the successful participants have been notified about their win on March 22nd, by e-mail and post on the website.
When the participant has been offered the place in Tony Elumelu entrepreneurship, the following documents have to be provided:
- The filled self-declaration form.
- Valid ID document.
- Personal bank statement for the last six months.
- List of personal debts.
- Reference from the bank, institution, and employer.
- Bank account details (in the countries where UBA works, it must be the UBA account).
If your application was not chosen, you should not give up. Remember that out of over 65,000 business applications, only 1,000 are chosen for the program every year, so that you can try your luck next year. Perhaps your application was not complete, your business is older than three years or not Africa-based, you have not clarified a certain aspect in the application, or you have received a low score in one of the selection criteria or more. Next year, if you are planning to participate, review the criteria thoroughly and make sure to give a complete description of your business plan, as well as work on the weak aspects and improve them.
There is a waiting list, which means that if the entrepreneurs who got in the chosen 1,000 do not claim their spots by the certain deadline, their spots will be given to the next best applicants.
Every year, the application admission starts on January 1st. If you were not lucky this year, you can always try your best in 2019. The program is held annually, and you have plenty of time for preparations. Tony Elumelu Foundation enjoys helping young people who are making their first steps in business.
You should not worry if English is not the first language for you. The portal functions on some international languages, which are English, Portuguese, and French. In case you are not fluent in these, you can ask someone who knows these languages to help you with translation.
The Tony Elumelu Foundation entrepreneurship is absolutely free, which means you will not have to pay anything for the application. So, basically, every small business can apply for this program.
If you are a business entrepreneur and dream of making it big, you will definitely want to apply for this program in 2019. It has already helped lots of people whose businesses are now successful, and perhaps it will be useful for you, too. Good luck next year!
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