GUIDELINES TO APPLY FOR THE TONY ELUMELU FOUNDATION GRANT AND WIN
The Tony Elumelu Foundation Entrepreneurship program (TEFEF) is an annual program that provides a $5,000 non-refundable seed capital, access to mentors and top class business training to innovative entrepreneurs. It also avails selected applicants the opportunity to be part of a network of thriving entrepreneurs and for their businesses to succeed on an international platform. It was founded in 2010 by Tony O. Elumelu CON, an entrepreneur, investor and philanthropist.
Any business idea can win the TEF business Grant. 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, competition for the idea/business.
- Financial Understanding: understanding of the basic financial requirements of running a business, costs and revenues.
- Scalability: Potential for replication and growth of their product/service to create jobs and wealth.
- Leadership Potential and Entrepreneurial Skills: Demonstrates leadership potential, capable of attracting people, customers and resources. (Source: The Tony Elumelu Foundation 2019 application drives guidelines).
Read also: THE NEW SELECTION PROCESS OF TONY ELUMELU FOUNDATION (TEF) GRANT
The guidelines below present a framework that can be adhered to in order to have you properly equipped for the TEF application.
- Choose the right business idea:
Applicants are required to focus on and apply with only one business idea. The business idea you choose to present for the application should be one you are passionate about, one you’ve spent a lot of time thinking about and one in which you have related experience. This will come in handy when you’re required to make a pitch for your business, persuade potential investors, and write a solid business plan.
- Make your business idea clear:
State in no uncertain terms what your business (idea) is about and what its impact will be. Write well and lucidly while expressing your business idea. If the Judges can’t form an accurate picture of what you plan to achieve, it will reduce your chances of winning drastically. Any business idea can win the grant, the deciding factor is how effectively the idea is communicated.
- Emphasize the humanitarian part of your business:
The long term goal of the foundation’s Entrepreneurship program is to foster Africa’s economic and social development by empowering entrepreneurs. Selected businesses have to show that they can satisfy the goals of the grant. Demonstrate how the grant will benefit your business and in turn, how your business will be of public benefit i.e. job creation, the public problems your business will solve etc.
- Take concrete steps:
Even if you’ve not gotten the funds to start your business on a suitable scale yet, take “baby” steps and do as much as you can. Gain experience in related stuff. Register your business with the Corporate Affairs Commission (CAC). Open a corporate account for your business. This will show that your business is ready to receive grants and investment from investors. Nothing says an idea is feasible than revenue, no matter how small it is. So, get your first paying customers and take steps that’ll show that your business is starting to gain traction.
- Have an online presence:
A website or blog is the trademark of a forward-thinking 21st century business. It’ll also help to boost your chances of winning. If you don’t have a website, a strong social media presence can also do the trick. Showcase a great business profile online. Include pictures of your products, events and testimonials from your client/customers. Include your online platforms in your contact information during the application process.
- Talk about your past success:
Give details of past involvements in related or similar ventures. If you’ve been a beneficiary of a business grant, if you’ve successfully handled a public/business project or participated in similar activities, then talk about it. Don’t be afraid to toot your own horn. Provide pictures, certificates etc. Web links are also excellent references.
- Present a team:
If your business idea/application covers a broad range of skills, present a team of specialists. Each member of your team should be shown to handle a specific part of your business competently. Putting together and presenting a team demonstrates a good leadership ability that investors will find very attractive. Also, a team of professionals who are ready to get involved in your business will say a lot about your credibility.
- Tell a compelling story:
During the process of application, applicants are often asked to tell the story behind their business idea. Tell a story that is not only engaging, but also captures your goals and vision as an entrepreneur. This story is important to Judges because it helps to express the fact that an investment in your business is in line with the foundation’s goals. It will also give them confidence that you have a reason to be passionate about your business and can build it to success.
- Research past participants and winners:
To help the Foundation select the next 1,000 applicants to participate in the Entrepreneurship program, TEF Alumni are invited to host physical and/or virtual campaigns to spread awareness about the program and encourage entrepreneurs in their community to apply. Search for past participants and winners and seek practical advice from them. They’ve been there, done that, and will be able to provide a few pointers and help you with hands-on advice from experience.
- Follow the application guidelines:
Follow the instructions on the TEF website closely when applying. Don’t eliminate yourself in a large pool of applicants because you didn’t follow instructions. Here’s a Checklist to guide your application process:
- Provide correct information in your application.
- Be concise. Give details but stick to the word limit and take note of other criteria(such as formatting).
- Ensure clarity. Form a clear picture of your business idea.
- Communicate your application emotionally. Don’t write robotically. Investors are people too.
- Employ an external reviewer to review your application. Make sure the reviewer understands your business idea as you’ve written it without you giving additional explanations.
- Check spelling and grammatical errors.
- Check and double check. Scrutinize it thoroughly (make sure you provide correct information) before clicking the submit button.
3 Responses
Please IAM interested thank you
Business idea
I am an interested applicant for this grant, i would be grateful