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The Tony Elumelu Foundation, TEF has announced its 2021 cohort of 4,949 entrepreneurs – the most extensive yet.
TEF 2021 unveiling ceremony took place on November 12 where Owen Omogiafor, President and Group CEO, Transcorp said the foundation is proud to have 1522 entrepreneurs from Nigeria.
More so, with a new and different approach in 2021, the foundation said that it was able to process ten times as many applications as it did from 2015 to 2019 combined.
Women also constitute 68.07% of the 2021 cohort of TEF entrepreneurs.
Over 80% of its programme – operations, shortlisting and final selection processes – was automated and administered on TEF Connect, the foundation’s digital platform.
In five stages – from application to selection – TEF operations run for over six months and incorporate 12 weeks in its training phase.
In its final phase, entrepreneurs submit business summary plans for further shortlisting.
Agriculture topped the TEF sector distribution table in 2021, a similar pattern seen in the last years.
Other sectors were ICT, manufacturing, food and beverages.
TEF further selects businesses that fall into three different categories – the idea, infancy and the growth stages.
For 2021 entrepreneurs, 3684, 1198 and 67 were selected respectively from these categories for the $24, 750,000 set aside for African entrepreneurs with support from global partners.
TEF names 4,949 entrepreneurs eligible for its $5000 seed capital in 2021
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TEF 2021 entrepreneurs distribution by region
Western Africa – 2, 830 entrepreneurs
Eastern Africa – 1, 204 entrepreneurs
Central Africa – 662 entrepreneurs
Southern Africa – 224 entrepreneurs
Northern Africa – 29 entrepreneurs
The 2021 TEF entrepreneurship programme combined applications from 2020 having halted for the pandemic to pass.
In total, it shortlisted entrepreneurs from both sets totalling around 400, 000. About 96, 000 started the training and only about 86, 000 saw it through to the end, however, there was a further reduction after the pitching that produced 4, 949.
Entrepreneurs on the TEF 2021 list will receive $5000 seed capital to scale up their businesses.
