The Tony Elumelu Foundation (TEF), on Sunday, said it will start receiving applications for the next edition of its annual empowerment programme for African entrepreneurs from January 1, 2020.
Applications are made through TEFConnect, the digital networking hub for the African entrepreneurship ecosystem, created by the Foundation.
The programme, according to a statement by the foundation, is open to entrepreneurs from across Africa, either with new startup ideas or existing businesses of less than three years old, 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 $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.
According to the Foundation’s 2018 Impact Report, 70% of the total number of businesses in its alumni network is still operational two years after benefitting from the Programme. 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 programme, as well as a 100% commitment to the Sustainable Development Goals.
The programme is a 10-year, $100m commitment to identify, train, mentor and fund 10,000 young African entrepreneurs, in a bid to create millions of jobs and the revenue required for the sustainable development of the continent.
TEF, seeks to implement through the project, the founder’s philosophy tagged Africapitalism, which positions the private sector as the growth engine for Africa and emphasises the importance of creating social and economic wealth.