As a Fellow/Entrepreneur of The Tony Elumelu Foundation – 2016 Set.
Here is my opinion/advice on why people fail with their application processes and never get to be selected or win the $5000 grant.
Please, keep the following information handy. It will help you a great deal. I sincerely want to hear your success story on your selection for the Tony Elumelu Entrepreneurship Programme #TEF2019.
Reason 1: LATE SUBMISSION
Please note, these are my opinion base on personal observations. I have discovered that when the portal opens for registration.
Don’t do that please. The Grant is becoming more competitive. Applicants increase in number yearly. So, this year will not be different.
My advice… be among the set that registers and submit within the first week of the portal opening. Won’t guarantee your selection, but gives you an 80% edge over latecomers, most especially when you have a killer-idea.
Reason 2: UNREALISTIC FINANCIALS
If you are already in business – that is your idea is one, two or three years old (but not more than three years). Then, you must be able to articulate accurate figures of what you are selling, including your cost of operation, selling price, profit margin and all other vital information. And if you are at the idea stage. Your financial assumptions must make sense –
Reason 3: LACK OF IMPACT MEASUREMENT
The Tony Elumelu Foundation is not an investment company who want to share profit with you. And so, they are concern about your impact dimension. How many lives will you touch – and how are you touching them. So, be clear to explain your impact metrics. How many people will you impact directly and indirectly? Add the numbers, they matter. You will have better chances if you impact 100 people and above. #DontLie winks
Reason 4: DISCONNECTED STORY
Story writing is a crucial part of the application. Because it somehow exposes your humanity and connection level in the process. It shows whether you own the idea/business or copy something on Google to apply with. It show’s if you
So, it’s not enough to have a great idea or business. If you must win the $5000, you must have a great story to back up your idea to really win.
Reason 5: ZERO VALUE PROPOSITION
This is big and that is why is last on my list. If your value proposition is weak, senseless, or both. Forget winning the grant. If what your idea or business is offering is what 2000 other persons are offering then no point applying – just go and work for the other guys. So, you have to bring something unique to the table.
And my bonus .…. infuse technology to your idea and or business no matter what it is. The selection committee kind of care about tech-inclusiveness in your idea/biz. So don’t ignore it. Be it a website, mobile application, whatever software. Just add it. Most especially in your marketing plan.
And don’t forget the read HOW TO APPLY AND WIN THE TONY ELUMELU $5000 GRANT for full guide and support.
So, success all the way.
If you got any question… drop it in the comment below, will be glad to answer and help you out.
If you need special services for the application process. Reach out to me asap.