The Tony Elumelu Foundation (TEF) — one of Africa’s leading philanthropy dedicated to empowering African entrepreneurs — will begin accepting applications for the 2020 cohort of the TEF Entrepreneurship Program, on January 1, 2020.
The TEF Entrepreneurship Programme is open to entrepreneurs from the African continent, either with new startup ideas or existing businesses of less than 3 years existence, operating in any sector.
Successful applicants will join the over 9,000 current beneficiaries, from 54 African countries, and receive business training, mentoring, a non-refundable $5,000 of seed capital and global networking opportunities.
Last year, the Foundation received about 216,000 applications, with 42% coming from women entrepreneurs, from every country on the continent.
The Programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 young African entrepreneurs.
The goal is to create millions of jobs and the revenue required for the sustainable development of the continent, implementing the philosophy of Africapitalism, which positions the private sector as the growth engine for Africa and emphasises the importance of creating social and economic wealth.
According to the Foundation’s 2018 Impact Report, 70% of the total number of businesses in its alumni network were still operational two years after benefiting from the Program.
The report also identified an increase of 189% revenue generated and 197% increase in the number of additional jobs created by beneficiaries post-graduation from the Program, as well as a 100% commitment to the Sustainable Development Goals.
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