As a Fellow/Entrepreneur of The Tony Elumelu Foundation – 2016 Set.
Here is my candid advice on why people fail with their application processes and never get to win the $5000 grant.
Please, note and keep the following information handy. It will help you a great deal. I sincerely want to here your success story on your selection too.
Reason 1: LATE SUBMISSION
Now, I have personally discovered that when the portal opens for registration. Alot of people rush in and starts the registration process but and the first, second page. They save and promise to continue later but eventually comes back two days to the deadline.
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 edge over late comers, most especially when you have a killer-idea.
Reason 2: UNREALISTIC FINANCIALS
If you are already in business – that is your idea is a year or two old already. 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
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.
Reason 4: DISCONNECTED STORY
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 or fake. Forget winning the grant. If what your idea or business is offering is what 2000 other persons are offering then no point – just go and work for the other guys … So, you have to bring something unique to the table. Alot of people can be running a cat fish farm – whats different about yours? The difference is the key to successful application. SO, FIND IT.
And my bonus ….. infuse technology to your idea and or business no matter what it is. They selection committee care about tech-inclusiveness in your idea. So dont ignore it. Be it a website, mobile application, whatever software. Just add it.
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.