The Tony Elumelu Foundation (TEF) startup funding initiative offers $5,000 in seed money to Togolese businesses who apply. A TEF awareness event was held last Friday to educate potential entrepreneurs. The National Agency for Micro, Small, and Medium-sized Enterprises (MSMEs) and the Ministry of Grassroots Development and Youth Employment supported the training. TEF’s assistance systems were explained to the participants.
Established in 2015 by Nigerian banking tycoon Tony Elumelu, the TEF annually conducts an incubation program that provides young African businesses with capital, training, and connections. The program’s phases—application, training, business plan evaluation, and start-up funding access—were explained to young entrepreneurs whose companies were under five years old.
The TEF has supported more than 20,000 business owners from all 54 African nations since its inception. It has contributed more than $100 million to their initiatives. Entrepreneurs who are interested can apply for the TEF funding program until March 1.
