Tony Elumelu Entrepreneurship Programme (TEEP)

The Tony Elumelu Entrepreneurship Programme (TEEP) is an entrepreneurial initiative run by the Tony Elumelu Foundation, based in Nigeria, spanning across Africa. The programme’s founder is billionaire businessman and philanthropist, Tony O. Elumelu C.O.N. The Programme Director is Parminder Vir, OBE and the CEO of the Tony Elumelu Foundation is Professor Reid Whitlock.[1]

The programme gives training, mentorship and seed capital to entrepreneurs with start-up business ideas they want to execute in Africa. By doing so, TEEP embodies Africapitalism, the economic philosophy that Elumelu coined.

History

TEEP was unveiled on 1 December 2014[2] in Lagos, Nigeria, one month ahead of the portal opening for applicants on 1 January 2015. During the unveiling press conference, founder Tony O. Elumelu, CON, made a $100 million commitment to the programme which will run every year for a 10-year duration.[3][4]

In the January 2015 edition of The Economist magazine,[5] Tony Elumelu predicted, “In 2015, the African entrepreneur will explode on to the global stage, as a new generation shows the world what those of us doing business in Africa have long known: that our continent is home to some of the most exciting and innovative entrepreneurial talent.”

Launch

The TEEP portal was open to applicants for 8 weeks and received over 20,000 applications.[6] On 23 March 2015, the selection of 1,000 entrepreneurs accepted into the 2015 cycle was announced. Selectees of the programme originate from every African region, with the highest number of applicants being from Nigeria, Kenya, Uganda, Ghana, South Africa, Cameroon, Tanzania, Côte d'Ivoire, Zambia, Rwanda, Zimbabwe, Benin, Ethiopia, Burundi and DR Congo.[7] Sectors represented include Agriculture, Information and Communications Technology (ICT), education, finance and fashion.[8]

Programme Structure

The TEEP entrepreneurs undergo a 9 month programme which includes a 12 week online business plan development training and mentoring programme, followed by a two day Bootcamp.[9] Following a successful completion of their business plan, the entrepreneurs receive a Non-returnable Seed capital investment of $5,000 for their businesses. The entrepreneurs are also entitled to second round of funding, structured as loan or equity of $5,000.

On completion of the 9-month programme cycle, TEEP entrepreneurs graduate to become TEEP Fellows with full access to the TEEP Resources center and network.[10]

The next cycle of TEEP will reopen on 1 January 2016.

References

  1. ↑ "1,000 African Entrepreneurs Announced As Winners Of The $100M Tony Elumelu Entrepreneurship Program". Forbes. Retrieved 2015-04-20.
  2. ↑ December 11, 2014 (2014-12-11). "Elumelu unveils $100m entrepreneurship programme - Vanguard News". Vanguardngr.com. Retrieved 2015-04-20.
  3. ↑ Updated 1607 GMT (0007 HKT) January 23, 2015 (2015-01-23). "African entrepreneurs boosted by billionaire investor - CNN.com". Edition.cnn.com. Retrieved 2015-04-20.
  4. ↑ "Nigeria's Tony Elumelu funds 1,000 African entrepreneurs - BBC News". Bbc.com. Retrieved 2015-04-20.
  5. ↑ "Middle East and Africa: The rise of Africapitalism". The Economist. 2014-11-20. Retrieved 2015-04-20.
  6. ↑ "Tony Elumelu prepares to unveil Africa’s newest 1000 entrepreneurs". Ventures Africa. Retrieved 2015-04-20.
  7. ↑ March 23, 2015 (2015-03-23). "Tony Elumelu Foundation Selects First 1,000 African Entrepreneurs To Receive $5,000 Grant". Forbes.com. Retrieved 2015-04-20.
  8. ↑ "Tony Elumelu Foundation selects Inaugural 1,000 participants for $100M Entrepreneurship Programme - Premium Times Nigeria". Premiumtimesng.com. 2015-03-23. Retrieved 2015-04-20.
  9. ↑ http://techcabal.com/2015/03/23/tony-elumelu-foundation-selects-1000-inaugural-african-entrepreneurs-for-the-100m-teep-programme/
  10. ↑ March 25, 2015 (2015-03-25). "Tony Elumelu Foundation selects 1,000 entrepreneurs". Punchng.com. Retrieved 2015-04-20.