The Tony Elumelu Foundation has opened applications for the second cycle of the Tony Elumelu Entrepreneurship Programme (TEEP), a US$100 million initiative aimed at helping African startups grow.

TEEP was launched in December 2014 by the Tony Elumelu Foundation with a target of creating one million new jobs and US$10 billion in additional revenues in the process.

Over 20,000 applications were received for the programme from 52 countries, with TEEP in March announcing the first 1,000 entrepreneurs selected to take part in the initiative to discover and support 10,000 African entrepreneurs over the next ten years.

Disrupt Africa reported in November the first cycle of the programme had been completed, with the first 1,000 entrepreneurs having received their seed capital of US$5,000 and completed their online business skills training programmes.

Applications are now open for the second cycle, with the Tony Elumelu Foundation looking to add to the US$4.86 million disbursed in 2015.

Entrepreneurs also completed a 12-week online business skills training programme with mentor support. In July, all 1,000 entrepreneurs participated in the TEEP Bootcamp in Lagos, while they have also now all received the initial seed capital investment of US$5,000.

“We are setting up Alumni Country Chapters and Networks in 51 African countries and replicating the TEEP model in Ivory Coast at the request of Minister for Entrepreneurship and Kaduna, Nigeria at the request of Governor of Kaduna,” said Parminder Vir, chief executive officer (CEO) of the Tony Elumelu Foundation.