TEF stands for Tony Elumelu Foundation, which was established in 2010 with the aim of finding, training, mentoring, and funding entrepreneurs to the tune of $5000 (N1,500,000) in Nigeria, and Africa in general.
The goal of the Tony Elumelu Foundation is to identify 10,000 youths in Africa with good business ideas. And to train and support them with a $5,000 grant as a startup.
It called a grant because after the training and mentoring you will have access to the money, and never to pay back at all. So, if you want to be in business and have been searching for how to get capital then read on.
Tony Elumelu Foundation project is designed to last for years, and so far it has been running for the past 6. The 7th edition is starting on 1 January 2020 and closes on the 31st of March 2020.
This means that if you have a good business idea and want to access this grant, then the portal will be open for applicants by 1st Jan 2020.
The sole aim of providing you with this article is to reveal to you all it takes to access this money easily. A lot of youths or entrepreneurs in Nigeria have applied to this foundation and only a few where successful.
So, I decided to reveal what it takes to be successful because I am a mentor with Tony Elumelu’s Foundation. My 3 years of mentoring experience with the Tony Elumelu Foundation has given me a deep understanding of what is required of entrepreneurs to access this money.
Though being a mentor does not mean I am guaranteeing you of accessing the money. Instead, I am very optimistic that you will learn to increase the odds of accessing this money.
TEF 2020 Application Requirement
- Applicant must be a citizen of Nigeria or of any county in Africa
- The business must be operated in Nigeria or Africa
- The applicant must be 18 years and above
- Only one business idea must be applied for at a time
- Only businesses less than 3 years old should apply for this fund for expansion
- Fresh business ideas must be unique and capable of creating jobs
How to Apply For TEF Entrepreneur Programme
To apply for this grant of $5000 (N1, 500,000) you must have personally developed your business plan or project handy. In other words, by now you must have a good idea of the business you are about applying the money for. If you have done that then do the following:
- Click Here to Visit the TEF application form online. The application is free of charge
- Fill your correct details
- Submit the application
There are 3 basic sections you will need to get correctly when applying for a grant through the Tony Elumelu Foundation. The first section is:
Your Leadership skill
In this section, you are expected to tell a good story on how you have successfully lead a group, friends, or siblings to a successful project. This means you have to show how you introduce a skill that helped everybody out of the problem.
The second section is:
Let me tell you, there is nothing new on this planet earth. Therefore, don’t crack your head searching for a business that does not exist. All you have to do is to think of how to improve on existing businesses around you.
What is the problem the business idea you have is facing and how do you intend to proffer solution. For instance, those that do daily contribution or ESUSU always run away with people’s money.
Creating a system where they can be doing ESUSU with real-time monitoring is an idea that can fly.
All in all, there are 30 questions you need to answer when filling the tony Elumelu application form.
The third section is:
How will your idea affect people around you, and how many people does it affect. The higher the number of people your idea can impact the more your chances of winning the grant.
TEF Top Success Tips
Here are things you have to do in order to increase your chances of accessing this money through the Tony Elumelu Foundation.
- Your business idea must be clear and concise, which means you can easily describe it at any given time. You have to be specific to the problem you are trying to solve.
- Register as soon as the portal is opened to applicants
- Write down everything on Microsoft word, proofread and edit before transferring to an online portal.
- Make sure you have started the business in any capacity you can. No matter how small it is, start it.
- Have your business name registered with CAC. Though you can still apply after which you should register your business
- Make sure you have an online presence. You can have a Facebook fan page or create a free blog with Blogger or WordPress
- Make sure you have a clear record of how your business will go or has been going
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Score Needed to Be Selected as A winner
Everything about your idea and presentation should be 100%. Therefore, I am going to show you how the scores go to each question.
This will help you know exactly where to put more effort into all you are going to do.
Areas and Points
- Leadership/Entrepreneurship skill………………15 points
- Financial Understanding………………………………10 points
- Business Feasibility………………………………………20 points
- Market Opportunity…………………………………….25 points
- Scalability…………………………………………………….30 points
Let’s take a deep look at how you can score maximum points on each area.
Leadership And Entrepreneurship Skill 15 Points
- To demonstrate that you can influence, inspire and lead attracts 3 points.
- Demonstrating your ability to manage human, money, and resources attract 3 points.
- How easily can your business grow around and spread in the continent of Africa 3 points?
- Your ability to show you really understand the niche you are into gives you 2 points
- Clearly expressing the skill gap you want to fill attracts 2 points
- Expressing your passion and ability to move the business fast attracts 2 points.
Financial Understanding 10 Points
- Clearly describing how to make money or constantly generating revenue from the business attracts 3 point
- Your ability to clearly show the whole expenses needed to run the business successfully attracts 3 points
- How realistic is your financial projections and assumptions gives you 2 points
- Clearly proving that the break-even revenue and volume will take place at a reasonable time frame attracts 2point
Business Feasibility 20 Points
- Clearly explaining the features of your products and services attract 4 point
- Highlighting the irresistible benefits of your products and services attracts 4 points
- Your ability to show that people really need your product or service attracts 4 point
- Clearly showing the innovative nature of your business attracts 3 point
- What is the uniqueness of your business? Is it a completely new idea that no one is doing or is it solving a problem no one is solving now? This attracts 3 points
- Creating a business that can employ up to 10 people in a start gives you 2 point
Market Opportunity 25 Points
- Working on a business opportunity that has a very large market size attracts 5 points
- Explaining how to market your product to the point of constant profit attracts 5 point
- Clearly showing advertising means to reach your customers attracts 5 point
- Clearly defining your market segmentation for your product/service attracts 4 point
- Showing an in-depth knowledge of your competition and how to beat them gives you 4 point
- Allocating appropriate price for your product/service attracts 2 points
Scalability 30 Point
- Explaining how easy your business can be replicated outside your immediate environment attracts 5 points
- Clearly explaining how you can increase productivity and revenue while reducing or maintaining expenses attracts 5 points.
- Explaining how technology can help in speeding up your production attracts 5 points
- Explaining how your products/services can easily be accepted without much stress around Africa will attract 4 point
- Showing that your business does not violet any legal set up in Nigeria and Africa as a whole attracts 4 points
- Showing that you can access raw material easily and continuously attracts 4 points
- Clearly showing how you have set up your expansion plans attracts 3 point
How to Access $5000 From TEF in Nigeria as an Entrepreneur – Conclusion
With this article, it is obvious you have gotten a better understanding of how to access the Tony Elumelu Foundation grant. So far, over 6000 youths around African have benefited from this TEF program.
This means you too can access this grant if you have a clear business idea and how to present it to the world.
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