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AfDB Joins TEF Programme Catalysing Entrepreneurship Across Africa

Tony O. Elumelu, CON, has congratulated the African Development Bank (AfDB), and AfDB President Akinwumi Adesina, on their commitment to African entrepreneurship, with the disbursement of $2.5million seed capital to the AfDB-sponsored beneficiaries of the 2019 TEF Entrepreneurship Programme. $2.5m was released today, with the remainder expected to be disbursed to the entrepreneurs in Q12020.

The AfDB commitment follows the recent $8.5 million disbursement from the United Nations Development Programme (UNDP) to 2,648 entrepreneurs in the Sahel region and Africa more broadly, and further accelerates the economic empowerment generated by the Tony Elumelu Foundation. In 2019, the Foundation significantly increased the scale and reach of it impact, with the number of beneficiaries of its flagship Entrepreneurship Programme rising from its annual commitment of 1,000, to 5,150, in collaboration with global and African partners.

 With its commitment to strengthen small and medium-sized enterprises and develop young entrepreneurs, AfDB joined the growing list of global development institutions benefiting from the Tony Elumelu Foundation’s unique model of identifying, training, mentoring and funding entrepreneurs and start-ups across Africa. The partnership demonstrates the implementation of the AfDB’s ten-year “Jobs for Youth in Africa” strategy, launched in 2016, to support the creation of 25 million meaningful jobs across the continent.

The partnership illustrates TEF’s willingness to share its infrastructure and know-how, with others who share the mission to empower young African entrepreneurs and TEF’s goal of creating millions of jobs, as well as generating

 billions in revenue, to catalyse economic growth across the continent.

The Foundation is currently accepting applications to the 2020 cohort of its flagship Entrepreneurship Programme on TEFConnect.com, Africa’s digital hub for entrepreneurs.

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In Summary

An Entrepreneur needs to have a vision.

An Entrepreneur needs to have a burning conviction about his business

An entrepreneur needs to be ready to put his sweat and resources to use to achieve his aim once empowered with the right training

He needs to have strong marketing plan and know his income sources

THE TEF Model

TEF Entrepreneurship program is a 10 year commitment to select train and empower 10,000 entrepreneurs to create 1million jobs in 10 years. Now in its 6th year we have almost reached our commitment through partnerships because our model has been proven to be successful and sustainable. We are Pan African and our key thematic area is entrepreneurship,

What makes it successful is that we achieve in 1 year, what takes some programs like the apprenticeship program 5 to 8 years to achieve. 

1. We chose people with ideas
2. Commitment to bring it to life
3. We Train and equip them with knowledge, business mentorship and network
4.  training is an intensive training and mentorship with emphasis on marketing, financial management, scaling structure, transparency and corporate governance to enable them access 2nd stage funding,
5. We give Seed capital to encourage them to expand their ideas or businesses
6. Exposure to additional trainings and value add to scale
7. Networking opportunities and learning opportunities
8. We give them access to markets through our proprietary Technology platform TEFConnect

TEF builds confidence and capability, Democratizes luck with seed capital to start up, Provides ongoing mentorship, access to a network  and value add exposure to scale their businesses.

Our program has been proven and successful so we were able to attract partners and we almost hit our 10 year commitment in 5 years. Last year alone, we had over 3000 entrepreneurs our flagship program and additional 2100 through our partnership with UNDP Sahel

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This took place at the 6^th edition of the “Best Work Places” annual Award Ceremony tagged: “Building a Better Future for all”. The Great Place to Work Awards is the annual ceremony run by the Great Place to Work Insititute. The award is the Institute’s way of recognising and rewarding organisations who have implemented creative and effective approaches to developing trust, pride, and camaraderie within their unique workplaces. 

According to the event organisers: “The Tony Elumelu Foundation has distinguished itself in the delivery of Corporate Social Responsibility not only by giving back to the society but also by creating a culture that encourages its employees to give back through different platforms”.

Heirs Holdings, the family-owned investment company, which Tony Elumelu Foundation is affiliated with, also won awards in two categories: the leadership category and best companies to work category.

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This Programme is borne out of the Foundation’s tried and tested approach to philanthropy which prioritises African entrepreneurs as the key enablers of economic development.

The first phase of this partnership is being implemented this year (2019) and will empower 2,100 entrepreneurs from the following countries in the Sahel and Lake Chad region: Burkina Faso, Cameroun, Chad, Mali, Mauritania, Niger, and Nigeria.

We have prepared responses to your “Frequently Asked Questions” (FAQs) for additional clarification:

FAQs

1. What is the TEF-UNDP Youth Entrepreneurship Programme?

The TEF-UNDP Youth Entrepreneurship Programme is a partnership between the United Nations Development Programme (UNDP) and the Tony Elumelu Foundation (TEF) to empower 100,000 additional entrepreneurs over 10 years from across the African continent.

2. Is this different from the ongoing Tony Elumelu Foundation Entrepreneurship Programme launched in 2015?

Yes, it is different. The Tony Elumelu Foundation (TEF) Entrepreneurship Programme is the Foundation’s US$100m flagship initiative launched in 2015 to mentor, train and fund 10,000 African entrepreneurs over 10 years. This Programme is currently in its fifth year and has empowered over 7,500 entrepreneurs across all 54 African countries till date.

3. What are the criteria for applying into the first phase (2019) of the TEF-UNDP Entrepreneurship Programme?

You must be an African entrepreneur residing in any of these listed countries in the Sahel and Lake Chad region: Nigeria, Niger, Chad, Cameroun, Mauritania, Mali and Burkina Faso. Your business must not be more than 3years in existence. Businesses at the idea/concept stage are also encouraged.

4. Is eligibility for subsequent years going to be the same as 2019?

No. The focus on Sahel countries is only for the pilot phase where an initial group of 2,100 entrepreneurs from the Sahel and Lake Chad region will be empowered.

5. Can I apply if I am a previous beneficiary of the TEF Entrepreneurship Programme?

No, you cannot apply if you have been a beneficiary of the TEF Entrepreneurship Programme. This is open to entrepreneurs who have not been beneficiaries of our entrepreneurship programme.

6. What will African entrepreneurs gain from the Programme?

African entrepreneurs will gain non-refundable seed capital, access to a 12-week business training and mentoring. They will also receive visibility and numerous business networking opportunities.

7. How many applications were received in the 2019 TEF-UNDP Entrepreneurship Programme?

Over 81,000 applications were received.  

8. When was the announcement of shortlisted applicants for the business training done?

From over 81,000 applicants, the shortlisted applicants for the business training was announced on October 8, 2019. Visit www.tefconnect.com  and www.tonyelumelufoundation.org  for the full list of shortlisted applicants.

9. What is the programme timeline for the TEF-UNDP Youth Entrepreneurship Programme?

• • 81,000 applications were received by August 20
  • 5,240 have been shortlisted this in October to receive business training
  • 2,500 will be shortlisted for the pitching competition in December
  • Final 2,100 who will receive seed capital will be announced in December 2019 

10. What will shortlisted entrepreneurs gain from the Programme?

The shortlisted entrepreneurs will gain access to robust business training that will equip them for the development of their business plan and prepare them to pitch their business ideas.

At the end of the training, successful entrepreneurs will be invited to pitch their business plans to stand a chance to access the non-refundable seed capital.

11. When will the pitching sessions hold?

Pitching sessions from entrepreneurs who have completed the training online or offline will happen across all 7 countries; Burkina Faso, Cameroun, Chad, Mali, Mauritania, Niger, and Nigeria in December 2019

12. When will the final list of successful entrepreneurs who get access to funding be announced?

This final list of entrepreneurs who will get access to funding will be announced in a few days.

  13.    Where can I find out more information?

To read more about this, click HERE for French and HERE for English.

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