Local entrepreneurs have a chance to get seed capital in the third round of Tony Elumelu Foundation Entrepreneurship Programme with applications open from January 1. About 242 Kenyans have benefitted so far.

The programme is the foundation’s 10-year $100 million (Sh10 billion) commitment to training, mentoring and funding African entrepreneurs.

This year 75 Kenyans were among 1000 entrepreneurs from 54 African countries who benefited from the second round of the programme. Another 167 were awarded the funds during the first round. The programme, funded by tycoon Tony Elumelu, launched in 2015 to identify and empower 10,000 African entrepreneurs, create a million jobs and add $10 billion in revenues to Africa’s economy in the next 10 years.

According to TEF CEO, Parminder Vir OBE, the application portal will be open until midnight March 1, 2017.

He said entrepreneurs must complete the online application and selection is on a rolling basis.

“1,000 entrepreneurs will be selected based on the feasibility of the business idea, market opportunity, financial understanding, scalability, leadership and entrepreneurial skills demonstrated in the application,” he said.