About The Tony Elumelu Entrepreneurship Program (TEEP)

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Tony Elumelu Entrepreneurship Programme (TEEP)

The Tony Elumelu Foundation Entrepreneurship (TEEP) Programme is the entrepreneurship programme of the Tony Elumelu Foundation (TEF). The programme’s founder is billionaire businessman and philanthropist, Tony O. Elumelu, CON and the CEO of the Tony Elumelu Foundation is Parminder Vir, OBE.

The programme gives training, mentorship and seed capital to entrepreneurs with start-up business ideas they want to execute in Africa. By doing so, TEEP embodies Africapitalism, the economic philosophy that Elumelu coined. It is currently in the fourth cycle, with the application portal closing on March 1, 2018 and names of the selectees announced later in March 2018.

History

TEEP was unveiled on 1 December 2014 in Lagos, Nigeria, one month ahead of the portal opening for applicants on 1 January 2015. During the unveiling press conference, founder Tony O. Elumelu, CON, made a $100 million commitment to the programme which will run every year for a 10-year duration.

Launch

The TEEP portal was open to applicants for 8 weeks and received over 20,000 applications. On 23 March 2015, the selection of 1,000 entrepreneurs accepted into the 2015 cycle was announced. Selectees of the programme originate from every African region, with the highest number of applicants being from Nigeria, Kenya, Uganda, Ghana, South Africa, Cameroon, Tanzania, Côte d’Ivoire, Zambia, Rwanda, Zimbabwe, Benin, Ethiopia, Burundi and DR Congo. Sectors represented include Agriculture, Information and Communications Technology (ICT), education, finance and fashion.


Vision

The vision of the foundation is to establish the pre-eminentpan-African entrepreneurship programme and create 10,000 startups across Africawithin the next 10 years that generate significant employment and wealth.

Purpose

According to the Tony Elumelu Entrepreneurship Foundation (TEEP), their vision is to;

Identify 10,000 African startups and African entrepreneurs with ideas that have the potential to succeed

Grow the businesses through business skills training, mentoring, access to seed capital funding, information and membership in our Africa-wide alumni network

Create businesses that can generate at least 1,000,000 new jobs and contribute at least $10 billion in revenues across Africa over 10 years.

The Tony Elumelu Foundation Entrepreneurship Programme is a tool for implementing this vision. The programme is open to young compelling businesses with strong market feasibility, clear financial models and run by capable teams.

Selection into the programme will be a thorough process with no quotas of any kind to simply identify the game changers in the continent. The programme will support selected Tony Elumelu Foundation Entrepreneurs through the 7 Pillars of TEEP, a framework that includes mentorship, online and live learning, as well as access to information, networking and seed capital.

The programme gives training, mentorship and seed capital to entrepreneurs with start-up business ideas they want to execute in Africa. By doing so, TEEP embodies Africapitalism, the economic philosophy that Elumelu coined. It is currently in the fourth cycle, with the application portal closing on March 1, 2018 and names of the selectees announced later in March 2018.

Programme Structure

The TEEP entrepreneurs undergo a 9-month programme which includes a 12-week online business plan development training and mentoring programme, followed by a two-day Bootcamp. Following a successful completion of their business plan, the entrepreneurs receive a Non-returnable Seed capital investment of $5,000 for their businesses. The entrepreneurs are also entitled to second round of funding, structured as loan or equity of $5,000. The seed capital disbursements were concluded in September 2015.

On completion of the 9-month programme cycle, TEEP entrepreneurs graduate to become TEEP Fellows with full access to the TEEP Resources Centre and TEEP Alumni.

Application for TEEP 2018 opens on the 1st of January, 2018 and closes on the 1st of March, 2018.

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