Tefconnect 2023: Apply for the Tony Elumelu foundation 2023 – Get Upto $5,000
Tefconnect 2023: Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering African entrepreneurs, opens applications on its TEFConnect digital platform (www.tefconnect.com) today, January 1, 2023.
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This year’s intervention prioritizes the economic recovery of small and medium-scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.
The Tony Elumelu Foundation (TEF)—Africa’s leading philanthropy focused on empowering African entrepreneurs—is looking for the most innovative business ideas across the African continent.
Who is Eligible to apply for Tefconnect 2023?
You are eligible to apply if you have a business idea or a start-up under three years of existence in any sector and in any country across Africa.
You could be selected to join our current 9,038 beneficiaries from across 54 African countries and receive:
- Business Training
- $5,000 non-refundable seed capital
- Global Networking Opportunities
Timetable for Tefconnect 2023
- January 1, 2022: The application portal opens
- March 31, 2023: Application portal closes; initial longlist is announced to proceed for business training
- April – May: Training & mentorship
- June: Pan-African pitching competitions
- July: Announcement of finalists at the TEF Forum
- August – September: Background Check
- August – December: Seed Funding Disbursement
- Following applications, African entrepreneurs will undergo business training.
- Shortlisted candidates will prepare and submit an updated business plan
- Top-performing entrepreneurs will be shortlisted to go through a pitching phase in all 54 African countries, in English, French, Portuguese or Arabic.
- Top performers will be selected to receive the $5,000 seed capital.
- Finalists to receive $5,000 seed capital will be announced at the TEF Forum
How to Apply for Tefconnect 2023?
To apply for the Tony Elumelu Entrepreneurship Program (Tefconnect 2022), Log on to the multilingual application portal on www.tefconnect.com to sign up today.
Click on “Apply” and fill out the form.
How will the Tefconnect 2023 criteria applicants to be judged?
All applications will be judged on 5 core criteria, which are:
- Feasibility of the business idea.
- Market Opportunity: Knowledge and understanding of the market, customers, and competitors for their idea/business.
- Financial Understanding: Understanding the basic financial requirements of running a business, costs, and revenues.
- Scalability: Demonstrates potential for replication and growth of their product or service to create jobs and wealth.
- Leadership Potential and Entrepreneurial Skills: Demonstrate leadership potential, capable of attracting people, customers, and resources.
About the Tony Elumelu Foundation 2023 Application
To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the Foundation’s Entrepreneurship Programme will empower 1,000 young African entrepreneurs, selected from the 2022 cohort. The Foundation will also open applications to an additional 2,400 young entrepreneurs in 2022, in collaboration with global partners.
The Tony Elumelu Foundation 2023, which celebrated eleven years of impact in 2021, is empowering a new generation of African entrepreneurs, through the Tefconnect 2023. Successful applicants receive world-class business training, mentorship, non-refundable seed capital of up to $5,000, and global networking opportunities. The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.
CEO of the Tony Elumelu Foundation 2023, Ifeyinwa Ugochukwu stated, “The Tony Elumelu Foundation now more than ever is demonstrating our commitment to unleashing the potential of young African entrepreneurs, the key to Africa’s long-term economic transformation. The pandemic has created challenges across the continent, but we know that with the Tony Elumelu Foundation’s tried and tested Programme, we can execute the largest Covid-19 economic recovery plan for African SMEs and break the cycle of poverty in Africa.”
The Tony Elumelu Foundation’s $100million Entrepreneurship Programme, launched in 2015 to empower 10,000 entrepreneurs over 10 years, is now entering its 7th year and has empowered to date, over 9,000 young African entrepreneurs from 54 African countries and also known and called the Tefconnect 2023.
What is the Closing date for Tefconnect 2023 application?
The application portal opens on January 1 and closes at midnight, on March 31, 2023.
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