Great opportunities to help others seldom come, but small ones surround us everyday - Sally Koch

One of my key goals for the year 2017 was to be selected in the annual Tony Elumelu Entrepreneurship Program, a year long of learning about starting, running and growing a business. I had little insight into the registration and selection process but I applied anyway. About 10 weeks later, I was selected among 1000 Entrepreneurs from a pool of 93000 other applicants from across Africa.

I've learned and gained so much and there is still much more gain ahead (this includes a seed fund). As another cycle is getting closer, I'll like to share what I know about the program - registration questions and answers I provided, training, best practices and all. It'll be my joy to help as many people as possible get the support they need to kickstart a business or idea they may have. This is free of charge.

Drop your questions and I'll do my best to answer them here.

Please note that I do not work with the Tony Elumelu Foundation, and I am not charging anyone for this. I just want to share helpful information.

Okay man, I have started the application process.. Any tips

thanks bro


I want to apply for this idea that keep tickling in my brain but am worried that its just an idea its not yet a realty.


so my question is,are ideas acceptable?

McGg:
thanks bro


I want to apply for this idea that keep tickling in my brain but am worried that its just an idea its not yet a realty.


so my question is,are ideas acceptable?

Yes, ideas are welcome. My business I applied with is set to launch this month.

Mrfresh04:
Okay man, I have started the application process.. Any tips

A few tips here.

1. The earlier, the better.

2. Show considerable knowledge about your business idea.

3. Show that you know your addressable market.

4. Prove that your business will generate revenue, create jobs and make social impact.

5. Write fluently when answering questions.

6. The programme goes beyond funding, show that you will harness the learning, mentorship, network opportunities that the programme will offer you to grow your business.

hello bro,thank u for accepting to help.pls how much is the grant worth in naira. I just sent u a message. pls reply so I can share sth with u....I started my application but few hitches on d way.thank u so much

KayCee92:
hello bro,thank u for accepting to help.pls how much is the grant worth in naira. I just sent u a message. pls reply so I can share sth with u....I started my application but few hitches on d way.thank u so much

The Foundation will use the CBN rate as at the time of selection. Last year it was calculated as N305, we received N1.525m.

I'm sorry, I don't know how this Nairaland email works, I've tried and failed at it a few times.

Xion:
Great opportunities to help others seldom come, but small ones surround us everyday - Sally Koch

One of my key goals for the year 2017 was to be selected in the annual Tony Elumelu Entrepreneurship Program, a year long of learning about starting, running and growing a business. I had little insight into the registration and selection process but I applied anyway. About 10 weeks later, I was selected among 1000 Entrepreneurs from a pool of 93000 other applicants from across Africa.

I've learned and gained so much and there is still much more gain ahead (this includes a seed fund). As another cycle is getting closer, I'll like to share what I know about the program - registration questions and answers I provided, training, best practices and all. It'll be my joy to help as many people as possible get the support they need to kickstart a business or idea they may have. This is free of charge.

Drop your questions and I'll do my best to answer them here.

Please note that I do not work with the Tony Elumelu Foundation, and I am not charging anyone for this. I just want to share helpful information.

Check all answers to the questions here https://www.nairaland.com/4268480/discover-easiest-way-answer-teep

Xion:


Yes, ideas are welcome. My business I applied with is set to launch this month.

How long is d duration of the training?
How long after d training will a business start off?

Os3e:


How long is d duration of the training?
How long after d training will a business start off?

Each cycle runs for a year, the online training runs for 12 weeks (learning and mentorship), after that comes the forum (3 days, Lagos), then business and financial plan acceptance, then disbursement of funds (if you have dotted all the I"s).

Usually you should once you have gotten all that is required (funds inclusive). Even though some have started running their businesses before applying for the program.

Mine is kicking off this January because that's what I planned for and stated in my business and financial plans. Though I have begun test running the service.

My business hasn't kicked off and I haven't registered it. Please, is company registration a perquisite?
Thanks in anticipation.

Chify07:
My business hasn't kicked off and I haven't registered it. Please, is company registration a perquisite?
Thanks in anticipation.

Company registration is not a prerequisite, I registered mine in August (just 2 months before fund disbursement).

Xion:


Company registration is not a prerequisite, I registered mine in August (just 2 months before fund disbursement).

Thanks for your quick response. You're a darling.
Have a beautiful evening.

Xion:


The Foundation will use the CBN rate as at the time of selection. Last year it was calculated as N305, we received N1.525m.

I'm sorry, I don't know how this Nairaland email works, I've tried and failed at it a few times.

thank u bro for the quick response... pls how can I get in touch with u.will want to talk with u on WhatsApp n call sometime. I really need to be guided.this is my first time writing something like this and the questions are not smiling at all

Xion:


Yes, ideas are welcome. My business I applied with is set to launch this month.

OK thanks

KayCee92:




thank u bro for the quick response... pls how can I get in touch with u.will want to talk with u on WhatsApp n call sometime. I really need to be guided.this is my first time writing something like this and the questions are not smiling at all

WhatsApp 0805-One-Six-Triple two-86

Chify07:
Thanks for your quick response. You're a darling. Have a beautiful evening.

Thank you! Wish you the very best.

Here's a link to the first part of the application (my answers and annotations - PDF).

http:///myTEEPapplication

Download a free report now on poultry production for those that want to venture into the business http://darbotechub.com/m7kDI

My question is this: what happens if the amount for the business idea one is proposing exceeds the grant allocated. does that mean the application will not scale thru, ? thank you

fayne:
My question is this: what happens if the amount for the business idea one is proposing exceeds the grant allocated. does that mean the application will not scale thru, ? thank you

It does not stop the application and selection from going through.

The foundation does not believe that the seed grant should be your only capital. You can source from multiple sources, as long as you understand business equity and funding. All of these will be taught after selection,which I think should be your priority.

The grant is what it is, a seed grant. Bigger funding awaits a business that uses the seed grant judiciously and scales well. Aside the non-refundable $5000, there's a second tranche of $5000 given on a loan basis, after that, you can apply to the foundation for another round of funding (up to $250000) on an loan or equity share basis.

The foundation tries to focus more on the business lessons and mentorship available than the funding. So much work is put into showing how to grow small businesses to big companies. This will help your kind of business that requires intensive funding.

Oga ,well done


What is the age requirement


What are the focus businesses for the foundation

I ask the above as most schemes or grants are targeted towards agric

..

Is service based ideas welcome

How do you personally think tech ideas would do with the foundation

Please what industry do you see their ideas mostly welcome as seen from other participants

What's are the other cost associated that are not seen now


Do you need a business plan handy before even putting in for this grants

For the 3 days lecture in Lagos... Was accommodation provided for


Please state other things and issues which I may have missed..
Looking forward to your reply...have good stroll in your business this year

barapistis:
Oga ,well done


What is the age requirement


What are the focus businesses for the foundation

I ask the above as most schemes or grants are targeted towards agric

..

Is service based ideas welcome

How do you personally think tech ideas would do with the foundation

Please what industry do you see their ideas mostly welcome as seen from other participants

What's are the other cost associated that are not seen now


Do you need a business plan handy before even putting in for this grants

For the 3 days lecture in Lagos... Was accommodation provided for


Please state other things and issues which I may have missed..
Looking forward to your reply...have good stroll in your business this year

reply to this sir and this number WhatsApp 0805-One-Six-Triple two-86 isn't on whatsapp thanks

Xion:
Here's a link to the first part of the application (my answers and annotations - PDF).

http:///myTEEPapplication

The link is bad

barapistis:
Oga ,well done


What is the age requirement


What are the focus businesses for the foundation

I ask the above as most schemes or grants are targeted towards agric

..

Is service based ideas welcome

How do you personally think tech ideas would do with the foundation

Please what industry do you see their ideas mostly welcome as seen from other participants

What's are the other cost associated that are not seen now


Do you need a business plan handy before even putting in for this grants

For the 3 days lecture in Lagos... Was accommodation provided for


Please state other things and issues which I may have missed..
Looking forward to your reply...have good stroll in your business this year

There's no age limit stated (i've not seen). I had a grandpa and another father of four in my room, we were 3 in the room and I was the youngest.

Yes we were lodged and bountifully fed with world class food options all through our stay. We had more than enough to eat. I hate to sound like I'm exaggerating.

Services ideas are welcome, tech ideas too. There's no limit to what idea you can put in with. As long as its legal, morally upstanding, has a social impact, will generate revenue and create employment. My business is tech inclined. I met a lady who sews clothes for babies as her business, I also met 2 people who's ideas had to do with mobile money.

Along the line (after selection), you'll have to deal with registering the business with the necessary government agencies, opening a corporate account, notarize some documents etc. You're not going to pay TEF a dime.

As per business plan, the application questions are answers are close to being called a business plan . Whatever business plan you currently have will change eventually. TEF has a template that you will have to align with.

Did I miss anything?

Tickles001:

The link is bad

Nairaland won't let me be great. /myTEEPapplication

Bro please send a correct number that is on WhatsApp or create a WhatsApp group for this...thank you

philipnw:
Bro please send a correct number that is on WhatsApp or create a WhatsApp group for this...thank you

I'll create a whatsapp group and post the link here tomorrow morning.

Wishing you the best.

I was studying economics before I dropped from the university so please sir @Xion though I selected secondary school as highest level of education can I still select economics as primary area of study?

God will reward u for your sown seeds. if we all act selflessly like you are doing now, Nigeria will be a better place for us all. THANKS.

McGg:
I was studying economics before I dropped from the university so please sir @Xion though I selected secondary school as highest level of education can I still select economics as primary area of study?

To be sincere, I really don't know about that. You can put Economics like you stated, there's no harm in trying, there's only harm in not trying.

I really pray and hope it works out for you.

larry68:
God will reward u for your sown seeds. if we all act selflessly like you are doing now, Nigeria will be a better place for us all. THANKS.

Amen, thanks so much.

To whom much is given, much is expected. I've benefited so much from TEF, it's expected that I give back what I can.