Great ideas are universal and not limited to any set of people or group. Igbo people have always been associated to be entrepreneurial minded and I know young people in Owerri are not an exception.
The Tony Elumelu Foundation has kicked off a major entrepreneurship program for entrepreneurs across Africa. Applications commenced on the 1st day of January and will run through March 1st. The goal of the program is to create 10,000 unique and innovative businesses that can generate 1 million jobs and contribute a minimum of $10 billion to the African economy. A great feat to say the least.
Successful applications will get a total of $10,000 to kick start the business. The fund will be released in two batches: once at the start of the business, and again when the business plan has been sufficiently progressed. There will be a twelve week course soon after selection of the winners, which will focus on providing businesses with the skills they need to run their businesses successfully. It will be a mix of online and face-to-face courses.The Foundation will also provide mentors, an online resource library as well as an alumni network to help the entrepreneurs grow.
To apply, all of the following requirements must be met:
- The applicant must be a citizen or legal resident of any of the 54 African countries
- The business must operate in Africa
- The applicant should be at least 18 (but there’s no upper limit on age)
- The business must be less than 3 years old at the time of application
- The business can’t be a non-profit organization, a research institute, a faith-based organization, a value added trading company or a government contractor.
- The business should focus on ONE for-profit idea, and should be the original work of the author.
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.
Get more information via their FAQ page here- Frequently Asked Questions. There is no cost for application. It is completely free.
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