It is an African private-sector-led philanthropy dedicated to empowering African entrepreneurs and will begin accepting applications for the 2020 cohort of the TEF Entrepreneurship Programme, on January 1, 2020.
According to online sources, applications will be made through TEFConnect, the digital networking hub for the African entrepreneurship ecosystem, created by the Foundation.
The TEF Entrepreneurship Programme, which is focused on empowering entrepreneurs with the right support to contribute meaningfully to Africa's prosperity and social development is open to entrepreneurs from across Africa, either with new startup ideas or existing businesses of less than 3 years existence, operating in any sector.
Successful applicants will join the over 9,000 current beneficiaries, from 54 African countries, and receive business training, mentoring, a non-refundable $5,000 of seed capital and global networking opportunities.
The Programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 young African entrepreneurs. The goal is to create millions of jobs and the revenue required for the sustainable development of the continent, implementing the philosophy of Africapitalism, which positions the private sector as the growth engine for Africa and emphasises the importance of creating social and economic wealth.
Last year, the Foundation received about 216,000 applications, with 42% coming from women entrepreneurs, from every country on the continent.
According to the Foundation’s 2018 Impact Report, 70% of the total number of businesses in its alumni network were still operational two years after benefiting from the Programme. The report also identified an increase of 189% revenue generated and 197% increase in the number of additional jobs created by beneficiaries post-graduation from the Programme, as well as a 100% commitment to the Sustainable Development Goals.
Before you leave, also check the five stages of entrepreneurship development process. It involves the whole processes of getting your business running, including all the steps and actions every budding entrepreneur needs to take for your business growth.
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