TEEP 2019 Application Guide: How To Apply For The Tony Elumelu Foundation (TEF) Program, TEF 2019, Part 3.
TEF 2019 Application Cont’d
5. PROFILE 2
The TEF 2019 Application Guide comes in handy here. This section is quite technical and a lot of people find it challenging. All the questions here are compulsory.
Elevator Pitch: Describe your current business or idea (50 words).
If you could cut your business idea to one line of text or one sentence, what would it be? Your Elevator pitch is like your one-minute sales pitch. You can see it as your business bio. An elevator pitch could be in this format;
TEF 2019 APPLICATION GUIDE EXAMPLE…
Our company manufactures <<PRODUCT>> for <<TARGET CUSTOMER>> that allows them to <<YOUR VALUE PROPOSITION>>. Unlike <<OUR COMPETITION>, we <<PRIMARY COMPETITIVE POINTS OF DIFFERENCE> CALL to ACTIONS
We make [solution] for [target market] so that [value].
For example, you plan to produce refined Garri in a commercialized and mechanized scale, you can say:
“My company would produce high quality, vitamin-A fortified, well-packaged and hygienically refined Garri at an affordable price. we aim to produce Garri that would turn a semovita consumer into Garri lover”
Detailed Description (Of your business): In more detail, describe your product or service (200 words).
This part of the application is very important. Here you have to articulately describe your product or service in a way that would be very attractive to an investor. It MUST not be boring. Remember, more than 100,000 people may apply for TEF 2019. Say something nice about your product or service here. Stand out!
TEF 2019 APPLICATION GUIDE HAS AN EXAMPLE…
For example, let’s say we plan to produce refined Garri, our business description could be;
The name of our product is GARENA. The idea for GARENA was conceived when could not find clean, hygienically made, Vitamin-A fortified, Cyanide free and well-packaged Garri. I had to resort to taking semovita which I did not like. As a result, I started doing research on how to produce good, clean Garri on a large-scale.
The result of that research is GARENA. We produced Garena with a special class of Cassava which is an improved variety introduced by the International Institute for Tropical Agriculture (TA), which is based in Ibadan, Nigeria.
This variety of Garri has special qualities like being naturally fortified with Vitamin-A, having zero Cyanide content and natural yellow color. The Garri produced is very hygienic, nutritious, smooth, drinkable and cyanide free. The entire process of production would be mechanized in the future. For now, it is partly mechanized and partly manual due to financial constraints. GARENA is in the second year of production. It is attractively packaged in 1kg 5kg 10kg 20kg and 50kg thick plastic bags, different from what is now obtained. Last year, we produced and sold 50,00Okg of GARENA We hope to increase it to 200,000kg this year.
Wow Us: State what differentiates your product/service from others?
Last year, there was a 100-word limit for this section but it no longer limited this year. This is an opportunity to say more about your business. The TEF 2019 application guide has an example below.
- Our Garri free unlike others in the market
- GARENA is Vitamin-A fortified
- GARENA is very hygienic and cyanide-free. GARENA is attractively packaged and available in different sizes.
This sub-section is very important. You must write something that is very unique and your product must stand out. Remember, the TEF program is extremely competitive. You must stand out. Check our detailed E-book Guide for more details.
Problem Solved: What problem does your product or service solve? (50 words).
Every unique business must have a product or service that solves a problem. That is the kind of business the Tony Elumelu Foundation (TEF) wants to support. Does your business solve a problem? Write it here. Examples of the problem being solved are reduced cost, convenience, better security or protection, etc. For our Garri example, the Garena products solve a few problems.
- Garena is cyanide-free. It solves the problem of high cyanide content of most Garri in the market.
- Garena is well-packaged and hygienic. This solves the problem of poor hygiene
- Garena is Vit-A fortified. This solves the problem of nutrition.
- Garena has smooth grains, unlike others that are rough and non-uniform.
Development Stage: Which most accurately describes your product or service development stage?
You have to choose between the following;
- Idea stage
- Testing Stage
- Infancy Stage
- Growth Stage
Idea (Concept) Stage – A business that is not yet developed.
Testing (Research & Development) Stage – Resources have been committed to developing the idea
Infancy (Market Entry) – The business has commenced operations and started selling
Growth stage – The business is/has matured after years in operation.
Sustainable Development Goals: Of the following Sustainable Development Goals (SDGs), which one does your business idea/product/service most closely represent?
Choose the Sustainable Development Goals (SDGs) that closely relate to your business idea. For more details on sustainable development goals. To learn more about sustainable development goals, check here.
Industry Sector: Select your company’s primary industry
Select your industry sector from the list.
Industry Sub-sector: Please select an industry sub-sector that is closest
Select your sub-sector.
Save and continue to the next page.
6. COMPANY STRUCTURE
This part of TEF 2019 Application requires you to fill in some important information about your company. Save and continue to the next page.
Company Registration: is your company registered?
The answer to this question is either YES or NO. Business registration is not compulsory for the application.
Business Partners: Do you have business partners?
The answer is either YES or NO
c. Business Start Year
Year of Business Commencement?
What year did your business start?
Primary Role: What is your primary role in the business?
State your primary role here. It could be CEO, MD, Director, COO,
Employees: How many contractual, part-time, and full-time employees do you have?
List the number of employees you have, whether contractual, part-time or full-time.
After filling the required details, save and move to the next section.
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