In case you missed it, earlier this year, the Tony Elumelu Entrepreneurship Programme (TEEP) – a first of its kind – empowered 1,000 entrepreneurs from across 51 African countries, with rigorous training, seed capital, mentoring, and the supporting network to startup and - hopefully - succeed in business. (continues below... )
This December, in Lagos Nigeria, the Tony Elumelu Foundation has confirmed the second round of the project, TEEP 2016, and indeed, it's now just 15 days until the TEEP portal opens for the next round of applications – on January 1st, 2016.
Unveiled 1st of December 2014, TEEP is a $100 million programme backed by billionaire philanthropist Tony Elumelu (CON), aimed at identifying and growing an initial 10,000 start-ups from across Africa over the next 10 years. It is hoped that these businesses will go on to create an estimated 1,000,000 jobs across Africa, and $10 billion in annual revenues.
The 2015 round invested a total of $4,860,000 in its trainees, including $1,405,000 in agriculture, $410,000 in education and training, and $365,000 in the manufacturing sector. In total, the program invested across over 20 industries, all based in Africa. These businesses will remain under monitoring on both a portfolio and individual basis as TEEP continually evaluates them for follow-on funding - and beyond.
Successful TEEP applicants undergo a 9-month programme which includes a 12 week online business plan development training and mentoring programme, followed by a two day live Bootcamp. After completing their business plan, they receive a non-returnable seed capital investment of $5,000, and – if they perform sufficiently – are also entitled to a second round of funding, structured as loan or equity, of $5,000.
So... It's now 15 days to the launch of TEEP 2. African Entrepreneurs! Are your business plans in order? Are YOU ready?
Checkout this program's importance, and a few TEEP entrepreneurs below: