Every great business in the world started as a dream that became an idea and then nurtured into reality. Business ideas are great but without nurturing with support from people who will be able to walk with you nothing to something, they die, never to be realized.
It is not easy to set up a business from scratch and run it without wading through the storm. The entrepreneurial journey is not for the weak. It needs courage, sweat, blood, hard work, and the will to always push on, no matter how many times you fall and fail.
In Kenya, at least 450,000 small and medium enterprises (SMEs) die annually. This means that at least 30,000 of them are dying monthly, and 1,000 of them daily. Given that these are just for registered businesses, you can imagine the majority in the informal sector.
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For years, the Tony Elumelu Foundation (TEF) has been catapulting entrepreneurs who have ideas into setting up their first businesses by training them and then giving them a capital seed of 5000 US Dollars. Just like that. Many businesses and entrepreneurs have gotten a lifeline through the Tony Elumelu Foundation.
This year’s application for the Tony Elumelu Foundation is now open and Kenyan entrepreneurs are encouraged to apply. They will be trained and will be awarded 5000 US Dollars to turn their ideas into great businesses. All you need here is just an idea.
Known as seed capital from the Tony Elumelu Foundation, it comes at a time when millions of Kenyan youths are looking for an avenue that will help them realize their potential and turn their business ideas into assets that will not only impact their personal lives but society.
The seed capital from the Foundation is open for any Kenyan entrepreneur to apply by presenting their ideas that carry the real solutions to African entrepreneurial problems. This will help many startups in the country that have been struggling to take off after the Covid-19 pandemic that brought millions to their knees.
The Tony Elumelu Foundation has over the years been instrumental in bringing together thousands of entrepreneurs in Africa, as well as bringing to the table the think tanks in the business world, to empower and bring solutions to African problems.
How to apply:
Step 1: Visit https://tefconnect.com/
Step 2: Click and create an account
Step 3: Commence your application
Step 4: Put some thought into your application
Step 5: Submit your application
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It is that simple. Once submitted, it is time to wait by checking on the website for the progress as well as following UBA Kenya Bank’s social media platforms.
Apply now. The deadline has been extended to March 1, 2024.
The Tony Elumelu Foundation, founded by African investor, philanthropist, and Chairman of United Bank of Africa PLC, Tony E. Elumelu is a Non-Governmental Organization aimed at creating prosperity for all through supporting and creating African Entrepreneurs.
Founded in 2015, the Tony Elumelu Foundation Entrepreneurship Program has funded over 15,847 young entrepreneurs across 54 countries in Africa with Kenya being one of the key beneficiaries of this initiative that aims at empowering Africa as a whole.
In 2021 alone, the Foundation disbursed 111,847,400 shillings the equivalent of USD 980,000 to 196 Kenyan entrepreneurs. The funds have seen the entrepreneurs expand their businesses and ideas.
In 2022, 207 beneficiaries from Kenya were awarded seed capital to grow their business. Since its inception in Kenya in 2015, The Tony Elumelu Entrepreneurship Program has disbursed 394,751,400 shillings equivalent to USD 3,460,000 to a total of 692 Kenyan entrepreneurs”
UBA Kenya Bank Limited partnered with the State Department of Devolution to open up this opportunity to start-ups and SMEs in every County. This initiative will be a key driver in the growth of the SME sector and the youth innovation agenda in the country.
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