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Sh10 billion competition kitty targets African entrepreneurs

BUSINESS NEWS
By Dominic Omondi | January 6th 2016

NAIROBI: Budding entrepreneurs from Kenya and other African countries have been invited to apply for the second annual Tony Elumelu Entrepreneurship Programme (TEEP) for start-up businesses based in Africa.

The programme will see them battle out for a Sh10 billion prize. Kenyans will be looking to replicate last year's performance which saw them get the second largest number of finalists after Nigeria in a competition that attracted over 20,000 African entrepreneurs from 52 African countries. Each of the 164 Kenyan finalists received a prize of $5,000 (approximately Sh511, 000) as non-returnable seed capital. They also underwent a 12-week training on how to set up and manage businesses.

TEEP mentors will provide mentorship and give financial support. Finalists are also eligible for a further $5,000 in the form of either debt or equity, depending on business need and other criteria. Applications are open to businesses based in Africa, including new business ideas which have been in existence for less than three years. Applicants need to be citizens and legal residents of all 54 African countries. Tony Elumelu Foundation was part of the team that organised the global entrepreneurship summit (GES) in Nairobi in July 2015.

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