WOULD YOU LIKE TO WIN A PART OF $100 MILLION? APPLY FOR TEEP
Lack of access to capital and funds is one of the top reasons why so many entrepreneurial dreams die in the African continent and it warms my heart to know that Tony Elumelu, the Nigerian Business Mogul has stepped up through his foundation to be a blessing to the Nigerian youth by establishing The Tony Elumelu Entrepreneurship Progam (TEEP).
The first time I heard about TEEP was in 2015 which was a year after the first set of recipients were given financial assistance to support their business ideas.
The program is now in its fourth year and many of the beneficiaries are reported to be doing great things.
If you own a registered business in Nigeria, this is your opportunity to win a part of the $100 Million being disbursed to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.[Read: How to Develop a Business Pitch That Helps You Stand Out]
According to its website, The Tony Elumelu Foundation (TEF) is now accepting applications for business ideas that can transform Africa.
You can submit your application until midnight 1st March 2018 through the application portal.
And just in case you are wondering, what’s in it for you? Here are some key details obtained from the website.
Training: 12 weeks of intensive online training which guides creating and managing a business
Mentoring: A world-class mentor to guide during the early transformation stages of the business
Funding: $5,000* in seed capital to prove the concept, plus access to further funding
Network: Access to the largest network of African start-ups and TEF’s own global contacts
1000 entrepreneurs will be selected from a pool of applications based on the viability of their ideas.
Also, you must be at least 18 years, a legal resident or citizen of an African country and your business must be 0-3 years.
WHAT MAKES A GREAT APPLICATION
It is no longer news that thousands of young entrepreneurs will apply for this program and that might make you start wondering what makes a great application. A great application starts from how well-detailed you are during the application process.
From my experience, applying for a grant requires that you develop a sound business plan. A sound business plan starts from clearly identifying an opportunity, your target audience, competitive advantage, the business model that describes how you will make a profit, a profit and loss statement and break-even analysis. Not only must your plan look good on paper, you must be able to defend it verbally.
One more thing to note is that for your business plan to stand the chance of being considered, you must ensure that it is free of typographical errors. This tells the reviewers that you are intentional and they will be more inclined to read what you have to say. Don’t skimp on the little details because they make all the difference.
OTHER THINGS TO NOTE
I always say those who seek good counsel increase their chances of succeeding in everything they do. As you are thinking of applying for this program or even any other program, it is always a smart idea if you seek for counsel from those who have gone through the process and have succeeded. These types of people are an invaluable resource for you. They help you save time that you can’t quantify with money. If you know anyone who has applied successfully, seek their counsel. If you don’t know anyone, feel free to ask.
And once you put all the things in place, you are good to go. I wish you a successful application!
Thank you for reading! Are you planning to apply for this grant? Were you or someone you know a previous beneficiary? Share your thoughts or experience below.