HOW TO PITCH FOR TONY ELUMELU FOUNDATION (TEF) GRANT SUCCESSFULLY
Tony Elumelu, being a philanthropist, has set up a grant to help young entrepreneurs who do not have enough capital to start up their business. This grant aims to grow the number of indigenous business significantly, and to encourage the young generation to start businesses and become entrepreneurs; employers instead of employees.
Nonetheless, to get this grant one must first be able to convince the organizers of this grant that their business idea deserves to be boosted by their investment. This is exactly what we plan to decipher in this article; Guidelines to secure a TEF grant.
Just like you, there are tons and tons of people who are interested in this free investment and consequently there is serious competition. You must know few tips especially from previous beneficiaries on how to win this grant so as to stand a chance. After our research, we have compiled a list of tips on how to stand a chance in the cut-throat struggle for this life changing $5000 grant.
Build A Great Business Plan
Usually, the first thing business oriented people do when they have an idea of a profitable business is to draw up a business plan. A business plan is like a new Tom Ford suit on a model as advertisement for your business. The look of the suit on this model will greatly determine the way the product will do in the market. Your business plan is what any well-meaning investor would ask for before or after your pitch.
This is exactly the center of gravity for your application intended for a TEF grant. A business plan is supposed to contain; the name of the business, the purpose of the business, the long term goals of the business, the short term goals of the business, the profitability of the business.
If you were paying any attention, you’d notice that I highlighted the profitability of the business. This is usually the selling point of your business proposal. You want to be able to convince this judges or investors that your company is more than capable of turning out profits, should they invest their money in it.
One tip I would give you to add into your proposal is; don’t make the proposal all about your business, make it about your investors. Give them reasons why investing in your business idea would be the best move they have ever made. Imagine you are pitching to some men at a golf club, where their average age is seventy.
Tell them something new; something that you are sure they probably don’t know or haven’t heard before. The whole point is that you must study your client, know what they want in life and then you should put yourself in their shoes. Your business plan should give insights to your business, but the catch is giving your investors insights on something more than money.
Start the Business
According to previous beneficiaries of the Tony Elumelu Foundation yearly $5000 grant, you would stand a better chance if you actually start the business. This is a great way to reduce competition appreciably. Your business should not be about the regular; I don’t have enough to set up a great business rather, it should be; my business could be a lot more with your grant money. Starting your business with the little you have shows a high level of entrepreneurship and commitment to achieving your dreams. You should take pictures of your product, shop or office, company events and seminars. All these should be part of your application for the TEF grant. This is a strategy that has worked very well over the years and many have benefited greatly from it. Once you are able to show commitment, you are just one step away from securing the grant that will change your business and change your life forever.
Register Your Business With The CAC
There is nothing like “too much professionalism” when it comes to business. If you look professional enough, you can sell virtually anything and to anybody. It is mandatory for businesses to register under the CAC once they reach a level of reputation in their industry.
This is the same concept that was employed by social media applications like Twitter, Instagram and Facebook. This is usually done to reduce the risk of impostors and scammers online. Registering with the CAC is the same as getting blue tick verifications on twitter or Instagram.
Registering your business with the CAC also gives you an edge in the race for the Tony Elumelu grant. Many people are not aware that this grant is given based on one’s achievements with what little resources they have, rather than what achievements they would have with the grants when they have made zero commitments.
For all they know, you could be given $5000 dollars which is about two million in Nigerian currency and just disappear without investing or starting up the business like you claimed. You must understand that coming out as a brand is better than coming out as a start-up.