Since its launch in 2015, the Tony Elumelu Foundation Entrepreneurship Programme, also known as the TEF grant, has funded over 24,000 African entrepreneurs, disbursed more than $100 million in seed capital, and helped beneficiaries create over 1.5 million jobs and generate more than $4.2 billion in revenue. With results like these, preparing well before you apply can make the difference between a dream deferred and a life-changing opportunity, especially for women building businesses across Africa.
Before applying for the Tony Elumelu Foundation grant, here are some important things you should prepare.
1. A Clear and Specific Business Idea
Your business or business idea is very important and integral when applying for the TEF grant. Saying you want to start “a food business” or “a fashion brand” is not enough.
Before applying, identify:
What exactly are you selling? What products or services do you offer
Who your target customers are
What problem is your business solving
How your solution works
2. A Defined Target Market
Not having clear knowledge about your target market is one of the biggest red flags in grant applications.
A defined target market proves that you understand your product and your customers.
Before applying, identify:
Your ideal customer
Their age range
Their location
Their specific need
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3. Market Research
Market research involves gathering information about your customers, target market, and your competitors. Do you know who your competitors are?
Before applying, identify:
Similar businesses in your industry
Their pricing
Their strengths and weaknesses
This shows judges that you understand your market and are not operating blindly.
4. A Realistic Financial Plan
Understanding your numbers as an entrepreneur is very crucial, even if you are not a ‘numbers’ person.
Because judges want to see that you understand how your business will survive and grow, take time to know your numbers.
Before applying, identify:
Estimated startup costs
Expected monthly expenses
Projected revenue
Pricing strategy
- What will you spend the $5,000 on?
5. A Strong Value Proposition
A value proposition is a statement that clearly outlines the unique benefits and value a company offers and how it differs from its competitors.
If ten other women are applying with similar ideas, why should yours be selected?
Before applying, identify:
What makes your product or service unique
What gap are you filling
Why potential customers should choose you
6. Impact Strategy
The Tony Elumelu Foundation is very big on impact. It supports businesses that can create jobs and contribute to economic growth in Africa.
Before applying, identify:
How your business will create employment
How it will benefit your community
Its potential for expansion
When you show that your business has a purpose beyond profit, your application becomes more powerful.
To find out more about the application, click this link