How to Apply for Tony Elumelu $5000 Grant in 2019
The Tony Elumelu Grant Questions
Here are the over 50 questions that you will answer.
Tell us about yourself, personal bio and what led you to become an entrepreneur (200 words)
Leadership Skills & Experience:
Describe your leadership skills and experience for running the business (100 words)
In 50 words or less, describe your current business or idea
In more detail, describe your product or service (200 words)
Discuss your product and service in details as explained above.
What is new, interesting or different about your product or service? (list 3 things)
Talk about the innovation in your idea/business – And your competitive advantages.
What problem does your product or service solve? (50 words)
Which most accurately describes your product or service development stage?
Industry Sector *
Select your company’s primary industry sector
Industry Represented in TEEP
Please select an industry sub-sector that is closest
Sustainable Development Goals *
Of the following Sustainable Development Goals (SDGs), which one does your business idea/product/service most closely represent?
Is your company registered?
Business Start Year *
What year did you begin business operations?
– Must not be more than 3 years
Type of Business Entity
What type of entity is your business?
– Sole proprietorship
Business Partners *
Do you have any business partners?
Primary Role *
What is your primary role in the business?
Market Potential Addressable Market
How big is the addressable market for your product or service? (50 words)
Revenue Model *
How will you get revenue in your business? (50 words)
Marketing Strategy *
Explain how you intend to (or already do) market your products or services to your target market (50 words)?
Who are your competitors/benchmark organisations? List your top 3.
Differentiating Factors *
What differentiates you from other existing businesses in your field? (50 words)
Current Milestone *
What is your current milestone for business? (50 words)
Next Milestone *
What is your next milestone for this business and how long will it take you to reach it? (50 words)
Financials Invested Cash
What is the total amount of cash invested to date in this start up (in USD)?
Monthly Expenses *
What are your current monthly cash expenses (in USD)?
Lifetime revenue *
How much revenue has your start-up generated since inception (in USD)?
What is the projected break-even volume (quantity) for the business? (25 words)
Break-Even Revenue *
What is the projected break-even revenue for the business (in USD)?
-For new ideas, you project into the future
-For exiting ideas, you tell us what you have experienced over time in running your business.
Describe what impact your business will have within your community, country for job creation, revenue generation or social development? (200 words) – Explain this as it applies to your business
Challenges * What are the top 3 challenges you face in operating or launching your business? (50 words)
Challenges can be
Financial challenges, operational challenges, regulatory challenges e.g. accreditation, registration, licencing, etc.
Impact of Programme *
How do you intend to leverage the benefits of the Programme to improve your business? (200 words)
Aims & Objectives *
Explain briefly what you hope to achieve from participating in the Tony Elumelu Entrepreneurship Programme? (200 words)
Business Skills *
What business skills do you most need to learn about?
Pick as it applies you. Finance, Business Development, Marketing, Sales, Human Resources, Software Development, General Management, etc.
– Supply a mentor and provide the persons details here Name Occupation Address Email Phone Number
Attestation Information Source *
How did you hear about the Tony Elumelu Entrepreneurship Programme?
Time Availability *
If accepted into the programme, will you work full time on this business/idea?
If you cannot commit to working fulltime on this startup if accepted, please explain why? (50 words)
Previous Accelerator *
Have you taken part in any entrepreneurship programme/ accelerator programme or received any angel investment/grant in the past year?
Please provide details of two character and/or professional referees.
Full name, Occupation, Address, Email
4 Major Reasons Why People Don’t Win this Grant
- No Unique story: If you have good idea and no good story of leadership, competence, emotional logic to back up the idea or business, you will not be selected.
- No Unique Value proposition: If you are doing what every other person is doing in your industry and you are not bringing any new way of doing the business. You will not be selected. Your idea must be feasible and scalable. Infusing technology into your idea or business makes it attractive to them. E.g Website, mobile app or any technology that can drive your processes.
- Unrealistic Financials: If you cannot articulate in accurate figures what you are selling, how you are going to make money and all the cost associated with it and the profit behind it. You are not going to be selected.
- No/low Impact: This is very important in this Grant, your business must have direct and indirect impact. You stand a better chance if you are going to impact 100s, 1000s or millions of people with your idea/business.
E.g We at Dayo Adetiloye Business Hub pitch like this,
If you give us this $5000 at our hub, we are going to impact 10,000 SMEs and startup by connecting them with Knowledge, opportunities and resources to start, grow and expand their business in the 1st year of operation.
And, that is what we are doing now by sending you this email.
You see the reason why they have picked my organization to win the grant.
Please, your impact must be realistic. It is professionals that will mark your work. They know what is possible and what is not possible.
NOTE: You Must Pass all these 4 criteria to Win the Grant.
What You must NOT do as you apply in 2019
- Don’t submit the same application you submitted last year, the computer will screen you out. If you are working on the same idea, you must re-write everything in different tone of language.
- Get other people to review your work
- Encourage more Ladies to participate, don’t do it alone. Do for your wife, sister, aunty etc.
The website of the organization giving the $5000 Grant
Who is Eligible to Apply?
Anybody above 18years old from any of the 54 African countries.
They don’t have upper age limit if you are 40,50 or 60years. You can Apply.
We will like to work with any interested persons from any of these 54 African countries.
If you need more clarification from all the things I have explained above
You can reply this email or call / WhatsApp me on any of the following numbers
Or send me an email to: firstname.lastname@example.org
Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
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