The Tony Elumelu Foundation (TEF), which is Africa’s leading philanthropy supporting entrepreneurship on the continent has recently announced it begins accepting applications to the 4th cycle of its flagship entrepreneurship programme, from outstanding African entrepreneurs with start-ups or business ideas for high growth potential.
The application portal opens midnight (WAT) 1st January, 2018 and will close on midnight (WAT) of 1st March, 2018.
Mr Tony Elumelu – proponent of Africapitalism – whose vision propels this initiative, has committed a whopping $100 million yearly simply to identify, train, mentor and fund 10,000 African entrepreneurs in 10 years; creating 1,000,000 jobs and $10 billion in social and economic wealth.
According to the Tony Elumelu Foundation, the Programme after its third cycle, “Received 158,000 applications from African entrepreneurs in 107 countries, including every nation of Africa. Empowered nearly 3,000 businesses with 12-weeks of online training; world-class mentoring; access to TEF’s network of start-ups; and seed capital of $5,000*
The Foundation further declared that it invested a total of $14,235,000, including $4,270,500 in agriculture; $1,285,000 in ICT, $1,245,000 in education and training; and $7,400,000 more in start-ups across 19 other sectors.
For you entrepreneurs hoping to be part of the 2018 cohort, the Programme is open to citizens and legal residents of all African countries with businesses based in Africa, of less than three years old, including new startups. Find out the lucky entrepreneurs who made it to 2017 class int this previous publication.
“As an entrepreneur myself, I understand what it feels like to yearn for a lifeline, to hope for a ‘big break. In turn, I have set out to institutionalise luck with the Foundation and give back to the continent of Africa. I am pleased the Programme is already unleashing Africa’s entrepreneurs and driving economic transformation,” said TEF Founder, Tony O. Elumelu, CON.
About The Tony Elumelu Foundation
The Foundation’s long-term investment in empowering African entrepreneurs is emblematic of Tony Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.
The Foundation’s flagship initiative, the TEF Entrepreneurship Programme, is a 10-year, $100 million commitment to identify, train mentor and fund 10,000 entrepreneurs, capable of changing the face of business across Africa.
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The Africa Startup Initiative Program In Search of 10 Startups Disrupting the Tech Space. Get €15K in Cash
The Africa Startup Initiative Program (ASIP) by Startupbootcamp AfriTech is looking for the nextgen of startups disrupting industry sectors including FinTech, InsureTech, AgriTech, eCommerce, Digital Health, and CleanTech.
This programme is ideal for startups with a mobile tech focus. It is currently backed by anchor partner Telecel Group and additional corporate partners are lining up to engage with startups through pilots and Proof of Concepts projects that can open the doors for longer term commercial agreements.
According to Africa Startup Initiative Program (ASIP), it intends scouting within the next month and the corporate Founding Partners will help determine the key focus areas of the startup applicants.
Corporate Partners are also invited to join the selection committee which determines the final 10 startups that participate in the 3 month ASIP Accelerator Program. This is a unique opportunity to bring startup innovation into your organization, and SBC AfriTech will help facilitate successful pilot projects with your organization.
Since 2017, the programme has accelerated 29 African startups that have set an incredibly high standard for the next program, where 90% are still operating and scaling at impressive rates, 40% have raised follow-on rounds of funding and 50% of the startups raising capital have closed rounds at valuations more than 10 times since Demo Day.
Applications will soon open and the 10 startups in the program will receive benefits valued at more than €500,000, including credits from AWS, Google Cloud Services, and many more. SBC also invests €15,000 in cash.
Other benefits in the Africa Startup Initiative Program include;
Investor Access – Where you meet the most active VCs and Angel investors in your industry from around the world
Masterclasses – Expert-led sessions covering all scaling fundamentals – from business model canvas, lean methodology to fundraising
Living Expenses – €15,000 in cash per team to cover living expenses during the program. Find out more on the benefits.
Applications to the Africa Startup Initiative Programme will open on 15th March and close on the 25th April. Demo Day is 23rd of September, 2021. NOTE: StartupBootcamp takes 8% equity in the companies. Find out more.
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