Tony Elumelu ideas search ends March 1

Mr Tony Elumelu: The Foundation aims at funding and mentoring 10,000 African innovators by 2024. FILE PHOTO | NMG
Mr Tony Elumelu: The Foundation aims at funding and mentoring 10,000 African innovators by 2024. FILE PHOTO | NMG 

Entrepreneurs and individuals with scalable business ideas have another chance to apply for mentorship and seed capital opportunity at the Tony Elumelu Foundation.
Run by Nigerian philanthropist Tony Elumelu, the foundation has opened a two-month window ending March 1 for the competition.

Winners get a 12-week online training on managing enterprises, mentorship on transforming business at its early stages, a seed capital of Sh500,000 ($5,000) and networking opportunities.

This is the fourth edition of the TEF’s 10-year $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024. 

“We need Africa’s best and brightest entrepreneurs to come learn, grow their businesses and build our continent,” said Mr Elumelu, founder of TEF.

Applicants must be above 18 years, operate businesses between idea stage and three years, their enterprises be for profit and based in Africa.

Since its unveiling in 2015, the TEF has supported more than 200 entrepreneurs in Kenya who are among the 3,000 alumni already growing their businesses and improving lives.

“When we launched the TEF Programme and committed $100 million (Sh10 billion) to empowering Africa’s entrepreneurs, I knew we would create impact, but I never imagined it would be impact of this magnitude,” said Mr Elumelu, a serial entrepreneur.

The TEF selects 1,000 entrepreneurs based on idea viability, including marketability, entrepreneur’s financial understanding as well as leadership and demonstrable entrepreneurial skills.

TEF CEO Parminder Vir said women who speak French and Portuguese are encouraged to apply this year.The Tony Elumelu Foundation is one of the corporate social responsibility arms of the Nigerian Based United Bank for Africa (UBA).

“As UBA, we seek to have many Kenyans benefiting from this programme in order to establish themselves and in turn be contributors to the Kenyan economy,” said the Bank in a statement.

UBA is a pan-African financial institution operating in 19 countries.