FREQUENTLY ASK QUESTIONS On Tony Elumelu Entrepreneurship Programme
What is TEEP?
The Tony Elumelu Entrepreneurship Programme is the flagship entrepreneurship programme of the Tony Elumelu Foundation, founded by visionary entrepreneur and philanthropist, Tony O. Elumelu, CON. Our goal is to create 10,000 businesses that can generate 1,000,000 new jobs and contribute at least $10 billion in annual revenues to the Africa economy.
Click here to register www.tonyelumelufoundation.org/TEEP
What are the 7 pillars of TEEP?
The 7 Pillars of TEEP are:
- Mentoring,
- Start-up Enterprise Toolkit,
- Online Resources,
- Boot-Camp,
- Elumelu Entrepreneurship Forum,
- Seed Capital Funding
- TEEP Alumni Network
The pillars have been designed to address the essential needs to ensure success for an African entrepreneur.
Why does funding not come first?
We believe that it is important for the TEEP start-ups to build a firm foundation for their businesses through mentorship, as well as the learning and networking tools provided by TEEP. That way, when we do give them funding, they will be able to use the tools they have learned to put it to better use and maximise the benefits for their business.
Who can apply?
The programme is open to all citizens and legal residents of any one of the 54 African countries. The proposed business must operate in Africa.
Is there an age restriction for applicants?
Yes. Applicants must be 18 years old and must not be considered a minor in their country of residence. There is no upper-limit age restriction.
Is there a restriction on the types of business/industry?
Yes. The programme is not open to research institutions, faith based organisations, value adding trading companies, government contractors and businesses not located in Africa or over three years old. Business ideas must be for profit, focused on one business only and must be the original work of those making the submission.
Is there a restriction on the age of my business?
Yes. All businesses must be business ideas or an early stage company, in the range of 0 to 3 years old.
What if I run multiple early-stage businesses?
Your application must focus on ONE business only. We advise choosing your best, most feasible/innovative business idea.
Will my start-up be excluded if I have a relation/family member who works for the TEF?
Yes. Employees or their family members from the Tony Elumelu Foundation and affiliate companies in the Heirs Holdings Group are not eligible to apply for the Tony Elumelu Foundation Entrepreneurship Programme, either individually or as part of a team.
How do I apply for the programme?
All Applications must be submitted ONLINE through the TEEP PORTAL. You must complete an application form by answering a series of mandatory questions and uploading additional documents and identification materials.
After submission, you will receive a confirmation email of receipt within 1 working day.
What if my company is a partnership?
Only one nominated person from the business or the partnership is able to join the programme.
Can I apply offline?
No. All Applications must be submitted online through the TEEP PORTAL.
What if English is not my first language?
The TEEP PORTAL will have functionality in English, French and Portuguese.
What are the important dates and deadlines that I need to be aware of?
The Application PORTAL is open from midnight on January 1st, to midnight on March 1st 2015. It will not be possible to submit any applications prior to or after these dates.
What information/identification do I need to provide in my application?
You must answer all the mandatory questions in the application form and submit a business proposal.
What file types are supported in the application portal?
You can upload Microsoft Word, PowerPoint and Excel doc.
How many applicants will be chosen to join the programme?
There are 1000 places available annually for the applications that are selected by the Selection Committee for a placement in the programme
Click here to register www.tonyelumelufoundation.org/TEEP
Are there application/associated fees?
No. The Tony Elumelu Foundation does not charge any applicants a fee for applying to the programme.
How are selected applicants chosen to join the programme?
Selection of the applicants will take place from the close of the Application on March 1st, 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 Potential: knowledge and understanding of the market, customers and competitors for their idea/business.
- Financial Model: 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 Tony Elumelu Foundation 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, via the email address designated in the initial application.
What additional information must I supply once my start-up is selected?
If Applicants are offered a place in the 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.
Who are the TEEP mentors?
The TEEP Mentors are highly experienced professionals, business frontrunners and entrepreneurs with vast knowledge and excellence in their fields, who want to help the next generation of African entrepreneurs.
How do I become a TEEP mentor/How can I volunteer my services as an experienced entrepreneur?
Experienced entrepreneurs and business leaders who want to volunteer as TEEP mentors, can apply here.
When do I get a mentor?
All successful applicants will have a mentor from the start of the programme until the end of the year/cycle.
Can I choose my own mentor/mentee?
Mentors will be assigned to each start-up by the TEEP team. Mentors will be assigned based on compatibility criteria such as business/industry experience and country.
Will the mentorship relationship be one-to-one?
Each start-up will have one assigned mentor, although each mentor may have more than one start-up to work with. Mentors will be expected to have a minimum number of contact hours with each start-up mentee.
What is the mentor’s role in my business?
The mentor’s role is to use their vast business knowledge and experience help you succeed in completing the 12 week start-up enterprise toolkit programme, tackle real-life business obstacles and help you to modify and improve your business structure along the way.
Click here to register www.tonyelumelufoundation.org/TEEP
Do I have the same mentor for the entire programme?
Yes. But you will also be able to engage with all the start-ups and mentors on the TEEP portal.
Can I retain the mentorship relationship outside and beyond the programme?
The majority of the mentoring engagement will occur via the TEEP portal. However, if relating externally is in the best interest of your business, it can be coordinated between yourself and your mentor.
How can my business qualify for funding?
All start-ups who successfully complete the 12 week Start-up Enterprise Toolkit (learning) programme, produce three narrative progress reports and attend the Boot-Camp and Elumelu Entrepreneurship Forum will automatically qualify for the initial seed capital funding.
What funding options are available?
All start-ups who successfully complete the programme will be eligible for funding. There are two stages of funding available to start-ups:
- Initial seed capital funding of $5,000 – a non-returnable investment dispersed at the close of the Boot-Camp and Elumelu Entrepreneurship Forum by Tony O. Elumelu, the Founder of the Tony Elumelu Foundation Entrepreneurship Programme
- Second stage capital investment of $5,000 – for qualifying startups that have progressed their business plans sufficiently
Is the initial seed capital amount a fixed sum?
Yes. The initial seed capital funding is fixed at $5,000.
How will the funds be dispersed?
The start-up must submit an invoice for the full $5,000 which will be wired directly into their business bank account.
Does my business have to pay back the $5,000 seed capital?
The initial $5,000 seed capital investment is non-returnable funding.
Can I complete the Start-up Enterprise Toolkit courses offline?
Yes. It is important to note that although all the course material is hosted on the portal, all assignments are practical (live learning) and applicable to the day-to-day running of your business.
Are all the courses/tasks in the Start-Up Enterprise Toolkit compulsory?
Yes. Start-ups must complete the entire 12 week programme, and produce 3 narrative progress reports of their learning experience in the year.
Will the Start-Up Enterprise Toolkit be relevant to my business model?
Yes. All the topics covered under the Start-Up Enterprise Toolkit will be directly relevant to helping you improve your knowledge and practical business skills, no matter the industry.
Will the Start-Up Enterprise Toolkit be suited to my schedule?
Yes. Each week you will be given tasks to complete which are applicable to the day-to-day running of your business. The course material is delivered in short, quick-to-grasp excerpts, because we understand that a start-up’s time is better spent on the “field” than at a desk.
How do I get access to the Portal?
Successful applicants will be given a user name and password with which they can log into the portal.
What can I do on the Portal?
The entire TEEP programme is hosted on the TEEP Portal. Your engagement with your mentor and other startups is done on the Portal through one-to-one messaging, forums and live chats. The Start-up Enterprise Toolkit learning programme is also hosted on the Portal. You will have access to our curated online resources library of case studies, sample business plans, research documents, video presentations, and you can also communicate with members of the TEEP Alumni Network.
Can I sign in with my social media accounts?
Yes. The portal has single sign-on functionality, and can link with your LinkedIn account.
Click here to register www.tonyelumelufoundation.org/TEEP
Is the Portal mobile-friendly?
Yes. The Portal is accessible on your smartphones (IPhone, Samsung, HTC etc.) and tablets (IPad, Samsung, Lenovo, Asus, etc.).
How will my personal information be used?
The name, country and profile of each successful applicant will be made available for PR purposes globally. Each individual will be asked to provide a profile and photo once they join the programme and this is held on the closed group TEEP Programme website.
Who can access/view my profile on the Portal?
The TEEP Portal is a closed group, accessible only to the selected start-ups, mentors, alumni and TEEP team. Only those within this closed community will be able to view your profile and contact you on the Portal.
Will my business’ Intellectual Property be protected?
The TEEP Portal is a closed group, accessible only to the selected start-ups, mentors, alumni and TEEP team. Any information housed on the Portal is considered safe and secure. Intellectual property shared with TEEP in your application is completely confidential, and only shared amongst the TEEP team and Selection Committee who have signed confidentiality agreements.
All parties in the programme are held to the highest ethical standards, however, TEEP is not liable for copyright infringement or intellectual property theft among start-ups and mentors. Any start-ups found to be in breach of this will be disqualified.
Are there safeguards against copyright infringements?
All parties in TEEP are held to the highest ethical standards and are expected to adhere strictly to this. The Mentors are required to sign a non- disclosure agreement and are committed to maintaining the utmost ethical standards when mentoring.
How do I stay connected to TEEP even after I’ve concluded the programme?
All start-ups who have successfully completed the TEEP programme and collected their initial seed capital are automatically enrolled as members of the TEEP Alumni Network.
What are the benefits of being an alumni?
As a member of the TEEP Alumni Network, you will have continued access to the TEEP Portal through “alumni” status (not start-up status). This gives you full access to our online resource library, peer to peer engagement, online and offline events notification and continued affiliation with TEEP.
What happens if there are changes to my business model during the programme?
Applicants are solely responsible for the structure of the business and the Team Members within it. Once selected to join the programme, start-up companies cannot be significantly altered or amended.
How much time must I dedicate to the programme?
Selected applicants must be available to commit to the annual programme from April to December in the application year.
Is attendance at the Boot-Camp and the Elumelu Entrepreneurship Forum mandatory?
Yes. All start-ups must attend the Boot-Camp and the Elumelu Entrepreneurship Forum in order to qualify for funding and to remain on the programme.
Will I need to fund my travel expenses to attend the Boot-Camp and the Elumelu Entrepreneurship Forum?
No. Travel to Lagos, Nigeria and expenses incurred during participation in the Boot-Camp and Elumelu Entrepreneurship Forum will be covered by the Tony Elumelu Foundation. No reimbursement is possible for dependent’s costs.
What if I require a visa to enter Nigeria for the Boot-Camp and the Elumelu Entrepreneurship Forum?
The Tony Elumelu Foundation will provide an endorsement letter and will help to ensure you have all the documentation and information required (copy of passport, etc.) to issue the letter and make the process of obtaining a visa as smooth as possible.
The costs for applying for a visa will be reimbursed on condition that a receipt for each transaction can be provided. No reimbursement is possible for dependent’s costs.
Source: http://www.tonyelumelufoundation.org/teep/faqs/
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