How is Tony Elumelu Grant Selection Process Done?
Tony Elumelu Entrepreneurship Programme 2021 – This information that wants to know more about Tony Elumelu Grant for Entrepreneurship programme and how the selection process is done.
Please note that we have to go as far as lifting most of this writeup from the official website of Tony Elumelu foundation so you do not miss the points,
How are selected applicants chosen to join the programme?
Selection of the applicants will take place from the close of the Application on March 1st, by the Tony Elumelu Foundation and an independent Selection Committee appointed by the Foundation, against the specified selection criteria.
By what criteria are the 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 of 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.
The Tony Elumelu Foundation itself is located in Nigeria, does this give preference to Nigerian entrepreneurs?
If you wondering if the foundation gives preference to Nigerians the answer is No! The Tony Elumelu Entrepreneurship Programme is a Pan-African programme and open to business ideas from all the 54 African countries from which we will select the best business ideas for the programme.
If my start-up is selected to join the programme, when and how will I be informed?
Successful applicants will be notified on the 22nd of March, via the email address designated in the initial application. The list of selected entrepreneurs will also be posted on the TEF Website.
What additional information do I need once my business is selected?
If Applicants are offered a place in the Programme, Applicants will be expected to:
- Complete a self-declaration form
- Provide proof of valid ID
- Provide a personal bank statement from the past 6 months,
- Provide a statement of current personal debts.
- Provide a reference from an employer, bank and/or academic institutions;
- Provide business bank account details (For UBA present countries, it must be a UBA account)
The Reason why your last application was unsuccessful?
Since inception we have received over 65,000 applications for the limited spaces on the programme, while we can only accept 1000 entrepreneurs each year. Here are a few possible reasons why your application was not successful:
- -You did not complete the application
- -Your business or idea is more than 3 years old
- -Your business or idea is not based in Africa
- -Your descriptions in one or more sections of the application was not clearly described
- -Your application did not meet other eligibility criteria
- -You scored low in one or more of the selection criteria.
How can I improve my chances next year?
Ensure that you review the selection criteria in the next programme cycle and be sure to describe your business plan or idea such that every aspect of the business or idea (i.e. description, market, customer acquisition, financials etc.) is fully covered.
Is there a waiting list for Applicants who could join the programme?
Yes, there is a waiting list. If any of the selected 1000 do not claim their places by the set deadline, the next best entrepreneur from the waiting list will be chosen before the commencement of the programme cycle.
If not selected, can I reapply in another programme cycle?
Yes. We will open the platform for applications on January 1 every year. Each applicant will be required to put in a fresh application. We believe the elapsed time should serve to refresh your interest in your entrepreneurial objectives, and there might be new developments to include in the application.
What if English is not my first language?
Please note that the application portal will have functionality in English, French, and Portuguese.
What information/identification do I need to provide in my application?
You must answer all the mandatory questions in the application form.
How many applicants will be chosen to join the programme?
There are 1,000 places available annually for the applications that are selected by the Selection Committee for placement in the programme.
Are there an application/associated fees to be paid while Applying for Tony Elumelu Grant?
No. The Tony Elumelu Foundation does not charge any applicants a fee for applying to the programme.