The Tony Elumelu Foundation Entrepreneurship Program 2017 application is currently on-going. As of the time of writing, Seventeen Thousand, Eight Hundred and Sixty-One (17,861) applications have been submitted. Knowing that it’s harder to join #TEEP than to join Harvard, we reached out to past beneficiaries to hear first hand their Tony Elumelu Foundation Experience.
Amas Albert – founder of Endoclanapps.com – a game development startup shares with us his Tony Elumelu Foundation Experience. He believes you shouldn’t necessarily submit very early – advising that you take time to ensure you understand and respond appropriately to the questions. Read the rest of his post below:
Being a #TEEP alumni has a lot of benefits from a business standpoint. There are lots of connections you can leverage – including media, investment and business. More than that, it’s a lot easier to scale pan-African wide, because you are able to network with people from so many other countries. You get first-hand knowledge of their local challenges and you can think up ways to solve them.
The application is broken down into Personal, Business profile, Business opportunity and attestation. For each of those sections, you might be required to write some essays. The most challenging question for me is the “Wow us question”
You are supposed to impress them with something about your business or business idea. It could be traction, market potential or ground-breaking research. It’s challenging because only people who have put in work can easily answer this.
I don’t think early application necessarily the best. It’s better to put your business model together and make sure it’s workable before you apply. Always take as much time as required to put your business idea together. However, if you are constantly working on your business model or you pitch regularly, you can apply anytime. The application is more or less like the questions and answers for a pitch and can be answered instinctively.
Be as objective as possible.
Even though they give you a maximum of 200 words, convey your points in 30 words or less. They have thousands of applications to read so keep yours short so they can see the full picture in a short time.
Be convincing with your statements, but use conservative figures and assumptions. The key is to under promise in order to over deliver. Be realistic.
There’s always a Competitor.
Don’t say you have no competition. Because that could disqualify you instantly. But if you can prove that you have discovered a monopoly, be sure to point that out in short but effective sentences.
Understand that things won’t always work as planned.
Don’t make assumptions for things that depend on other people. You can only assume for your business process. Don’t assume things will always work the way you want them to. A good understanding of your model will make this easier to do.
Also published on Medium.