The Tony Elumelu Entrepreneurship Program (TEEP) believes that the private sector holds the key to unlocking Africa’s economic potential. To that end, its mission is to catalyse economic and social development in Africa through entrepreneurship program that are open to all entrepreneurs across Africa with business ideas or existing businesses. The program encourage applications from businesses leveraging AI as well as green businesses. For existing businesses, business registration must not exceed five years at the time of application. Applicants must be at least 18 years old.
Eligibility Criteria for Candidates Shortlisted by TEEP
Tony Elumelu Entrepreneurship Program (TEEP) shortlist is based on a rigorous evaluation process that ensures the most promising applicants receive the support needed to kick-off or scale their businesses successfully. The following key eligibility criteria for candidates shortlisted by TEEP are considered:
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Business Feasibility
The viability of the business idea is assessed to determine whether it can operate effectively in its current environment. This includes evaluating the practicality, sustainability, and potential risks associated with the business. A feasible business should demonstrate a clear value proposition, a well-defined business model, and the ability to address an existing problem or need.
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Market Opportunity
A strong business must have a well-defined target market with substantial demand for its products or services. This criterion assesses the size, accessibility, and potential growth of the market, as well as how the business differentiates itself from competitors. Applicants should be able to demonstrate market research insights and a clear strategy for customer acquisition.
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Financial Understanding
Applicants must exhibit a strong grasp of financial management and demonstrate the ability to make informed financial decisions. This includes an understanding of cost structures, revenue streams, pricing models, and profitability projections. Businesses should have a clear plan for managing resources, tracking expenses, and ensuring financial sustainability.
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Scalability
The potential for business growth and expansion is a critical factor in the selection process. This criterion evaluates whether the business model can be replicated, expanded into new markets, or attract investment over time. Scalable businesses should have the capacity to increase revenue while maintaining or improving efficiency.
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Leadership and Entrepreneurial Skills
A successful entrepreneur must possess strong leadership qualities, resilience, and a proactive mindset to navigate challenges and drive business growth. This criterion assesses the applicant’s ability to inspire teams, make strategic decisions, and adapt to evolving market conditions. Applicants who demonstrate innovation, problem-solving abilities, and commitment to long-term success are given strong consideration.
The following review processes and criteria are also applied to Tony Elumelu Entrepreneurship Program (TEEP) applications:
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Validation of Application and Business Idea Review
All applications and submitted documents undergo verification to confirm authenticity. The independent third-party experts assess the business idea for feasibility, scalability, market potential, and financial viability. And the applicants who meet the review expectations are shortlisted for the verification and compliance screening.
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Global World-Check Compliance and Physical Verification
Shortlisted applicants undergo the LSEG World-Check screening, a global risk intelligence database, to ensure compliance with global financial and business regulations. Applicants who pass the screening then participate in the Physical Verification Exercise, conducted by authorised enumerators, to confirm the applicants’ identity and legitimacy of the business documents provided, where available. Verification may be done via physical visits or virtually.
Aplicants who successfully pass Tony Elumelu Entrepreneurship Program (TEEP) application review, global compliance and physical verification screening are considered for participation in the Entrepreneurship Programme for that cohort.
Other criteria include:
- Applications from Africans who are 18 years and above.
- Applications from applicants who either have a business idea or have a business no older than 5 years.
- Applications from Africans who reside in Africa and plan to establish their business in Africa.
- Applications from applicants who have never benefitted from any of the previous programmes.
- Applications from applicants who have not previously applied in the same application window of the same year.
To maintain transparency and integrity in the application process, all applicants are required to upload a valid, clear, and accessible government-issued ID that displays their date of birth and photo, along with a high-resolution headshot. Additionally, applicants must ensure that their name and personal details registered on TEEP portal exactly match the information on their government-issued ID.
