Wondering what criteria are used to select the best 1000 candidates for the Tony Elumelu Entrepreneurship programme and how you can package your application to ensure that you successfully land a spot in the final 1000-man shortlist?
Here are the selection modalities.
How are selected applicants chosen to join the Tony Elumelu Entrepreneurship Programme?
Selection of the applicants will take place from the close of the Application on March 1st, 2018 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?
No. The TEF 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, 2018 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 must I supply once my business is selected?
If Applicants are offered a place in the Tony Elumelu Entrepreneurship 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)
Why would my application not be successful?
Each year, tens of thousands of applications are received for the limited spaces on the programme, while the TEEP can only accept 1000 entrepreneurs each year.
Here are a few possible reasons why your application would not be 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 of being shortlisted?
Ensure that you thoroughly review the selection criteria 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 does not claim their places by the set deadline, the next best entrepreneur from the waiting list will be chosen before commencement of the programme cycle.
If not selected, can I reapply in another programme cycle?
Yes. The Tony Elumelu Entrepreneurship Programme platform opens for applications on January 1 every year. Each applicant will be required to put in a fresh application.
It is believed that the elapsed time should serve to refresh your interest in your entrepreneurial objectives, and there might be new developments to include in the application.
I believe that with these in mind, you should understand exactly how to package your application to ensure that you make the top 1000 list.
Remember once again that the deadline for the submission of applications for the Tony Elumelu Entrepreneurship Programme is March 1, 2018.
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Good luck as you apply for the Tony Elumelu Entrepreneurship Programme 2018.