Started 2010, the Tony Elumelu Entrepreneurship Programmes was set up to help African entrepreneurs with a seed grant, mentorship and networking they need to grow and scale their businesses.
Here are 5 things to know about the Tony Elumelu $5,000 grant and how to be a beneficiary in the next application.
APPLICATION OPENS JANUARY 1
The application opens January 1 and it will span through 3 months. There is no extension to the closing of application. The day announced for closing of application is always the day. So, procrastinators should be warned.
A BUSINESS IS A MUST
To be one of the beneficiaries of the grant, you must have an existing business or an idea.
All legit businesses that have the future and can scale with good sustainability plan stand chance of winning.
In my personal findings, I discovered some businesses always have a higher percentage. Agriculture, Renewable/Recycling and ICT businesses usually have a higher percentage of beneficiaries.
It is also good to start a business right now if you don’t have any. The reason is that to gain traction and also experience you can input in your application which can also boost your chance of winning.
YOU MUST APPLY
To be one of the beneficiaries, there is a compulsory application to be submitted. There is no shortcut to winning in this as it is a competition.
The application comprises different phases including individual information and a business plan. A business plan is one of the key requirements of being a beneficiary of this grant.
So, you must develop a business plan for your business which will be needed in the application process and in the second phase if your application is successful.
To apply for the grant, you will use the Tefconnect platform. That is the only official platform to access the application form.
The application is totally free.
MENTORSHIP BEFORE GRANT AWARD
After receiving the congratulations email, the selected entrepreneurs will go through a compulsory mentorship programme. This helps them to know more about your business and also help in refining your business idea if need be.
Then after that, the grant will land in selected entrepreneurs account. Payment is usually made in the entrepreneur’s local currency and money will be received in the UBA corporate account opened for the entrepreneurs.
GRANT IS MEANT FOR THE BUSINESS
The grant is solely meant for the business and must be spent accordingly grow the business.
So, if you are having a mindset of using the money for another thing, then the grant is not for you.
There is a monitoring system that follows the usage of the money, so plan to only use it for the business you apply with.
APPLICATION PROCESS HAS CHANGED
Well, the application portal has opened and the process has changed completely from what we used to know.
These are part of the screenshots obtained from the new application form.
The application form has changed from the popular business plan format to something related to that of Harvard Business school exams.