[Webinar Recording] Step-by-Step Guide on How to Apply for the Tony Elemelu Foundation Grant $5,000

Описание: The video is a recording of a session, part of the "Lantech 2.0 series," titled "Step by Step Guide on How to Apply for the Tony Elumelu Foundation Grant ($5,000)". The session was hosted by the Directorate of Innovation and Digital Technology at the Federal University of Ekiti (FUOYE).

Key Participants and Context:
The event was timely and important because the Tony Elumelu Foundation (TEF) seed grant application was currently open.
The host for the event was ‪@naziruimam‬ , a member of the FUOYE Innovation Hub.
The chief host, recognised in absentia, was the Vice Chancellor of the University, Professor Abayomi Sunday Fasher.
The speaker who set the tone for the event was the Director, Professor O. S. Ayanda.
The guest speaker and presenter was Mrs Grace Oladele Olasupo, an alumna of FUOYE and a winner/awardee of the Tony Elumelu Foundation grant. Mrs Oladele graduated from the Department of Industrial Chemistry.

*About the Tony Elumelu Foundation (TEF) Grant:

The TEF grant is a $5,000 seed grant opportunity.
The grant program is dedicated to empowering young African entrepreneurs.
It provides $5,000 USD in seed funding, along with business training and mentorship support for innovative business ideas.
The Tony Elumelu Foundation is a leading philanthropy focused on empowering new generations of African entrepreneurs to drive poverty eradication and increase women's economic empowerment across Africa.
It started in 2015 and has since dispersed over $100 million USD.
The $5,000 USD grant is approximately 7 million Nigerian Naira (using an approximate rate of 1,400 Naira per dollar) and is not a loan.
The deadline for the 2026 application is March 1st.

Reasons to Apply and TEF's Focus:
TEF seeks to support people in sectors like agriculture, ICT, food processing, manufacturing, fashion, and all forms of production.
TEF is highly invested in people who create, do, or produce things, and are not as interested in "middleman" businesses (like buying materials from one location and selling them in another without production).
An appealing business is one that is scalable with the grant's aid, allowing the applicant to increase coverage, productivity, manpower, workforce, and profit.
The goal is to eradicate poverty for the founder and those they employ.
Female applicants have a higher chance of receiving the grant, statistically, because fewer women apply.

Requirements and Eligibility:
A registered business name is required, either with the Corporate Affairs Commission (CAC) of Nigeria or an existing, unregistered business. Formal registration is a major criterion, and the business must be registered before application.
The business must be 5 years old or less in operation.

Application Processes:
The application involves several stages:
1. Registration: Applicants choose if they are a "startup" (not yet started) or "existing" (already operating).
2. Screening Test (Quiz): This is time-bound and vital for moving to the next level. Applicants are strongly recommended to aim for a perfect score (e.g., 15 out of 15 correct answers). Applicants can utilize AI or external help to ensure correct answers, as this is a screening criterion rather than a knowledge test.
3. *Online Business Webinar:* If successful, applicants are notified to attend online business webinars, usually via YouTube. Attendance is crucial, and those who don't meet the expected percentage (e.g., 90-95%) may be screened out.
4. Surveys/Random Questions: Applicants will fill out forms with questions about their business, such as the problem it solves, its benefits, and projections. Figures and numbers given for projections (e.g., monthly revenue, staff count) should be noted and consistent for later stages. Projections for necessary funding should be close to the $5,000 USD grant amount.
5. Business Plan: TEF provides a template that applicants must follow. The plan must be proofread for grammatical errors and be "presentable," as it will be read and evaluated by people, not AI.
6. Financials: This often appears as part of the business plan or as a separate document, detailing how the $5,000 USD will be used and how it will help the business scale or get a good start in the first and second years. The total requested amount should be close to the full grant amount (e.g., at least 6 million Naira).
7. Business Verification: If qualified, TEF will send representatives to verify the business and its information. Applicants must not lie about their business.
8. Business Account: Applicants must open a UBA account to receive the funds. Failure to provide the account number when requested may result in being passed over for the next ready candidate.
9. Disbursement: The funds are disbursed once the applicant qualifies and submits their account details.
#TEF #FUOYE