SELECTION PROCESS OF 2020 TONY ELUMELU FOUNDATION (TEF) GRANT

SELECTION PROCESS OF 2020 TONY ELUMELU FOUNDATION (TEF) GRANT

 

Every business-minded person wants funds to execute his or her business plan. Thereby, the quest for generating this funds increase by each passing year. There are various means of sourcing for a fund to start up or improve on one’s business.

Some of the means are from the government sector, private sectors, banks, corporation organizations such as Tony Elumelu, YouWiN, GEM, Etisalat Grant, BET (Diamond Grant), KickStart International Breweries Grant and Individual loans and grants. In this article, I’ll be focusing on how you can successfully win Tony Foundation grant which can be applied to other grant opportunities.  

Tony Elumelu Foundation has been created to resolve one of African’s pressing social issue such as financial empowerment, leadership development, competitive enhancement and policy intervention.

It was established in 2010 and had empowered so many Africans since its existence. So many Africans had gained from this foundation and every year their platforms which include Tony Elumelu Foundation that enhances businesses financially and otherwise. Some entrepreneurs haven’t been part of this opportunity as a result of ignorant,  not well informed, or lack of knowledge that is, when and how to participate in the processes.

Please note that we can guide you throughout the process to ensure you receive the $5000 seed capital as we have successfuly done in the past for many others 

See example here:

Here is  HOW TO APPLY FOR THE 2021 TONY ELUMELU FOUNDATION (TEF) GRANT

WHAT IS THE SELECTION PROCESS OF 2020 TONY ELUMELU FOUNDATION (TEF) GRANT?

APPLICATION PHASE

• Applicantion  opens fron 1st January, 2020 -1^st March, 2020 by Tony Elumelu Foundation.
• Applicants will fill TEF’s application form on tefconnect.com with Biodatata and Business details.
• Applications form also contains essay style questions including community impact  and some Psychometric / Personality tests  Business and Financial knowledge assessment.
• System scores and Highlights Entrepreneur’s Segment/ Path for Training. All entrepreneurs that apply will go through a set of training. The right column of the image below is the highlight of the 2020 selection process. 

 

HERE ARE MEANING OF THE MESSAGE RECEIVED AFTER 2020 TONY ELUMELU FOUNDATION APPLICATION

Greenhorn (Level 1) means that you

•  Are a Beginners entrepreneur
• Qualify for the general training on TEFConnect.
• will, however, not be eligible for mentorship or seed capital. 

Innovator (Level 1) means that you

• Are an intermediate entrepreneur.
• Qualify for the Intermediate training modules
• Will be assigned a mentor during the programme.
• If successful in the training program,the training programme, you proceed to pitch your business in person or through video pitching before a set of judges
• Finally, if successful, you will receive $5000 seed capital.

Disruptor (Level 2) means that you are

• A natural or a seasoned entrepreneur.
• Go through the Advanced training modules and you will be assigned a mentor during the programme.
• If successful in the training program,the training programme, you proceed to pitch your business in person or through video pitching before a set of judges
• Finally, if successful, you will receive $5000 seed capital.

TRAINING PHASE

• Training is delivered based PHASEon entrepreneur segment (i.e. Beginners, Intermediate, Advanced)
• Pre-entrepreneur knowledge test is administered and scored
• Entrepreneurs take tests/quizzes at the end of each module
• Post training assessment to measure improvement
• Top performing entrepreneurs will be shortlisted to go through the Pitching phase

SHORTLIST 

Shortlist will be based on training performance score. Configured scoring module will be as below:

• Test Questions (weight: 40) Interaction on TEFConnect   (weight: 50) This includes attendance to webinars, response to surveys, activity on TEFConnect Mentor Engagement (weight: 10)
• Top performing entrepreneurs will be shortlisted to physically pitch their ideas to a panel of judges Entrepreneurs may be allowed to send in video pitches in approved geo-locations

PITCHING PHASE

Pitching will happen in all 54 African countries (may be refined based on management’s decision) Pitching can be done in English, French, Portuguese or Arabic

SELECTION PHASE

Selection will be based on aggregated scores from Application, Training & Pitching phases. Top performers will be selected for the seed capital.

 

There are various criteria applicants will be judged such as the feasibility of business idea, market opportunity that is, the level of knowledge and understanding of market, customer and competitors an applicant(s) has for their idea/ business, technical know-how; that is how well an applicant knows the business he or she wants to venture into or has already started.

Here is HOW TO APPLY FOR THE 2021 TONY ELUMELU FOUNDATION (TEF) GRANT

Also, your understanding of the basic financial requirements of running a business, costs and revenues and how much potential your products or services has to be a means of employment for others and wealth will be taken into consideration.

Your entrepreneurial skills and leadership potential would not be left unchecked, the committee will love to know if you are capable of attracting people, customers and resources.

The list of selected applicants will be posted on the Tony Elumelu Foundation (TEF) website. Also, the successful candidates will be notified via the email address provided by you which will be part of the information required during the process of application on the 22^nd of March, 2020.

Applicants who are selected, additional information will be required such as; complete self-declaration form, proof of valid ID, a personal bank statement from the past six (6) months, a statement of current personal debts, a reference from an employer, bank and academic institutions and business bank accounts details (for UBA present countries, it must be a UBA account).

Over the years, there have been questions like why some applications are unsuccessful. Sometimes, it could be that some information required of you were not properly provided or left incomplete and this can disqualify you automatically. Also, if your idea or business is more than 3 years old or your business is not based in Africa, it can also be considered ineligible.

There is always a room to try the coming year but ensure you read through instructions and the selection criteria in the next programme cycle and give proper description about your business plan or idea touching point such as market, customer, acquisition, financial etc.

Never give up if you are not selected there is always a waiting list. If any of the selected one thousand (1000) entrepreneurs do not claim their grant or could not be contacted by the set deadline, the next best entrepreneurs from the waiting list will be chosen and contacted.  

Read also: HOW TO PITCH FOR TONY ELUMELU FOUNDATION (TEF) GRANT SUCCESSFULLY

There are guidelines for applying for Tony Elumelu Foundation (TEF) that will make you win it, first of all, an applicant must apply online through the application portal you must complete all required information (questions) and upload documents and identification materials. You will certainly receive a confirmation email of receipt within one working day.

Tony Eluemelu Foundation opens annually on the 1^st of January to 1^st of March. The number of places available has increased to three thousand (3000) as from 2019 

Here is an opportunity that deserved to be paid maximum attention to. You never know, you can be part of those who will get a grant to start up or expand your business just like other African entrepreneurs had been over the years. I will encourage you to sit tight and study through this article has I unfold the guidelines for applying and winning the Tony Elumelu Foundation grant below:

Prepare a clarified business plan

It is advisable you write on a realistic business or idea that will be in existence at most in the next ten years. This will help you gain momentum.

Start a business

Be committed to your idea. Converge your idea or business into a reality with any little fund you have, do not wait until you are given the grant before you start. This will help you gain experience. For example, if fish production is your idea, you can start reselling little quantity  (marketing) instead of doing nothing.

Documentation of activities and financial record

Document all activities and take pictures of every action, events, products, customer’s feedbacks and other financial records etc.

Register your business with Corporate Affairs Commission (CAC)

Ensure register your business and certified by the Corporate Affairs Commission.

Open a corporate account

Ensure you open a corporate account because a lot of grants are targeting existing businesses, having a corporate account shows you are already to receive grants and investment from investors.

Develop a website or blog and other social media platforms

With the assistance of a social media expert, you can develop a website or blog where you showcase your work and also, gain more patronage outside your business location.

Apply for Tony Elumelu Foundation grant

TEF grant can be applied without any charges fee. It is free money without any payback interest attached.

Get a reviewer to review your application

When you are applying for grants, it is advisable you get a third party to review your application before you submit.

Get a Unique story

 Your story is the emotion behind the reason you are venturing or had started that business. Ensure you have a way of putting your story, your story is that drive or motivation that prompted you to embark on your business.

Access and review Tony Elumelu Foundation questions

This will help you get familiar with the questions and have the ability to your application process. The questions are usually divided into three (3) parts such as your idea, your leadership and impart. There is no idea that cannot win the Tony Elumelu Foundation grant