The Tony Elumelu Foundation (TEF)—Africa’s leading philanthropy dedicated to empowering African entrepreneurs —will on Wednesday, January 1, 2020, begin accepting applications for the 2020 cohort of the TEF Entrepreneurship Program.
Meanwhile, applications are made through TEFConnect, the digital networking hub for the African entrepreneurship ecosystem, created by the Foundation.
The TEF Entrepreneurship Program is open to entrepreneurs from across Africa, either with new startup ideas or existing businesses of less than three years of 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 US$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 Program is a 10-year, US$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 emphasizes 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 was 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.