One of the most magical moments for any young entrepreneur, or founder, is for someone to give you his or her hard earned money, to support your entrepreneurial journey. When people do that, they actually believe that you will work HARDER than them, and do expect that money to grow faster under your care.  In other words, if they work hard and smart to earn that money by putting in 8 hours, you need to do more than 12 hours, because your work rate must be higher than someone who invested in you. If they are sleeping, they expect you to be working for them!

It is a responsibility and absolute commitment to do all necessary to return that confidence, that in Nigeria and broad Africa where capital is limited, someone is supporting your mission. Those your investors have modeled that you are better and more positioned to grow that money than they could do. If not, why should they give you the funds?

The best time to prepare to raise capital is when you may not even be raising money, just as the best time to audition for a great job is when there is none advertised.  Simply, raising money at the early stage of a business is about  YOU  because YOU are the company and the product. Investors get hundreds of pitch decks, but in the ocean of those documents, they are looking for PEOPLE to invest in. Forget the ideas, they want to invest in humans.

It comes down to integrity, trust and tenacity; I call this ITT Capital, and it is not built in a day or during fundraising. Rather, these are things which are demonstrated over years in transactional forms in dorms, canteens, etc. Can your classmate give you money? Can your colleague at work do the same? Can your auntie invest in your business? If you think they have the resources but refuse, it is possible your ITT Capital is poor before them.

Investing life is made up of two phases – the transactional and relational. The ITT Capital takes care of the transactional part. If you do well therein, you will unlock the relational component which opens opportunity for investment and ideally a long-term relationship with your investor.

And in that relationship, you must keep answering: Who comes first in a moment of truth? The person who gave you money or you? That woman or man or company which believed in you to give money should at all times come before you. If you have that understanding, you will win the future.

Get it from me. People can only give you money if they respect you. An investor can only invest in YOU if they feel they can work with you. Forget your idea or whatever you think you’re building, the real product and company is YOU. If they do not like YOU – the product – they will not buy those shares (yes, invest in your company). To build a great company, you must first build YOU (i.e. yourself) for investors to have confidence to support your journey.

OpenAI has acquired the “chat.com” domain, marking one of the largest domain sales in recent history. While exact numbers remain undisclosed, reports suggest OpenAI acquired the domain for over $35 million, possibly marking it as one of the highest-grossing domain sales ever, with only a handful of domains surpassing the $30 million mark.

For context, as of 2022, only six domain names had broken that price threshold, with “Cars.com” holding the record at $872 million, according to data from Name.com.

The acquisition was subtly announced by OpenAI’s CEO, Sam Altman, on X (formerly Twitter) with a single post reading “chat.com,” causing immediate curiosity as users found that visiting the URL redirected them to ChatGPT’s main page. The move has led to widespread speculation about OpenAI’s intentions. One theory is that OpenAI, already a leading force in generative AI, may be looking to solidify a broader brand identity with “chat.com,” potentially phasing out the “GPT” label to streamline the product’s image.

Although OpenAI already owns “ai.com” – purchased in 2022 for around $11 million – some observers believe that “chat.com” carries stronger appeal as a more accessible, recognizable URL associated directly with conversational AI. The branding move could reflect an effort to make ChatGPT more approachable and mainstream by associating it with the universally understood term “chat.”

The story behind this acquisition only deepens the intrigue. HubSpot founder Dharmesh Shah initially acquired “chat.com” early last year for $15.5 million. Shah saw its potential as a premium asset in an era where chat-based interfaces are transforming user experiences. His belief was that the simplicity and universality of the word “chat” would prove valuable as generative AI technology advanced, describing #ChatUX, or chat-based user interfaces, as “the next big thing in software.”

Shah explained his purchase on LinkedIn, citing that “communicating with computers/software through a natural language interface is much more intuitive,” underscoring the potential value in the domain’s link to conversational AI.

Although he acquired “chat.com” with a vision of developing a project around it, Shah ultimately opted to sell the domain. He did not disclose the exact price but confirmed it was “more than he paid.” He also revealed that he accepted a portion of the payment in OpenAI shares rather than in cash.

Shah’s decision to take OpenAI stock was partly motivated by his friendship with Altman, whom he has known for over a decade. As he explained, he chose stock because he doesn’t like to “profit off people he considers friends.” However, taking more than $15.5 million in shares is hardly a minor investment, positioning Shah to benefit from OpenAI’s future success while sharing the risks of its growth.

Humorously, Shah disclosed this transaction on LinkedIn as a kind of playful ChatGPT-style prompt, defining the chatbot’s role and asking it to guess the range of the sale price and percentage of shares involved. Although the faux prompt didn’t include a specific answer, this didn’t stop curious followers from attempting to plug the figures into ChatGPT and other AI tools.

One X user posted a response from ChatGPT showing an estimated sale price range of $18.6 million to $23.25 million, with 50-70% taken in OpenAI shares. This projection would mean shares valued between $9.3 million and $16.3 million. Another response, from ChatGPT-4, estimated a slightly broader range: $20 to $30 million for the sale, with 50-75% in stock. This second guess suggested Shah’s shares could be valued from $10 million to $22.5 million.

While speculative, these estimates highlight the underlying value Shah sees in OpenAI, which has quickly risen as one of the most influential companies in artificial intelligence. By accepting stock, Shah aligns his financial interests with OpenAI’s performance; should the company continue to grow, his shares could appreciate significantly. Conversely, should OpenAI face challenges, Shah would also shoulder some risk. In a LinkedIn post, he expressed confidence in this choice, noting that his long-standing relationship with Altman and his faith in OpenAI’s trajectory made the investment worthwhile.

Given OpenAI’s explosive growth and the anticipated expansion of AI-powered chat services, Shah’s bet on OpenAI stock could prove lucrative. As AI technology and conversational interfaces continue to permeate more industries, the demand for user-friendly and widely recognized branding like “chat.com” aligns with OpenAI’s ambition to mainstream ChatGPT’s utility across broader demographics.

Until OpenAI or Shah disclose more details, the exact terms of this landmark domain acquisition remain speculative. However, this sale – combining financial foresight, personal relationships, and brand strategy – encapsulates the high-stakes industry of generative AI, where powerful branding like “chat.com” is increasingly pivotal in the race for market dominance.

In a significant shift in the global energy landscape, India has emerged as Europe’s largest supplier of refined fuels, surpassing Saudi Arabia. This development marks a pivotal moment for India’s oil sector and signifies a broader change in energy dynamics, particularly in the wake of Western sanctions on Russian oil.

The surge in Europe’s reliance on Indian refined fuels is a direct consequence of the EU’s search for alternative sources following the ban on Russian oil imports. According to data from Kpler, Europe’s refined fuel imports from India have exceeded 360,000 barrels per day, edging ahead of Saudi Arabia. This increase is not just a mere statistic; it represents the shifting sands of geopolitical alliances and the quest for energy security amidst global uncertainties.

The backdrop to this shift is multifaceted. The EU’s embargo on Russian oil, a response to the geopolitical tensions surrounding the Ukraine conflict, has necessitated the diversification of its energy supply chains. India, with its robust refining capacity, has stepped up to fill the void left by Russia. The Indian oil industry’s ability to process crude into high-quality refined products has positioned it as a key player in satisfying Europe’s fuel requirements.

Firstly, the increase in exports to Europe enhances India’s trade balance. By exporting more refined fuels, India can expect an influx of foreign exchange, bolstering its reserves and strengthening the rupee’s value. This is particularly beneficial as it helps mitigate the impact of India’s own imports, especially in purchasing crude oil.

Secondly, the rise in refined fuel exports is likely to stimulate the domestic oil sector. With higher demand from Europe, Indian refineries are incentivized to optimize their operations and expand their capacities. This could lead to increased investments in the sector, technological upgrades, and potentially, more job opportunities.

Moreover, India’s strategic position as a key supplier could attract further international investments. As global players recognize India’s pivotal role in the energy market, there may be more foreign direct investment (FDI) flowing into the country’s energy infrastructure, enhancing its economic robustness. The reliance on Russian crude, purchased at discounted rates, raises questions about the sustainability of this growth. There is a risk that fluctuations in global oil prices or geopolitical tensions could affect the stability of India’s refined fuel exports.

However, this development is not without its complexities. While Europe benefits from a diversified supply chain, the increased demand for Indian refined fuels indirectly boosts the market for Russian crude, as India has been purchasing record amounts of Russian oil at discounted rates. This situation presents a paradox for the EU, as it aims to curtail Russian energy revenues while avoiding a global price shock.

Furthermore, the rise of India as a top supplier introduces new competitive pressures on European refiners, who lack access to the cheaper Russian crude that India capitalizes on. This scenario underscores the intricate balance between political objectives and economic realities in the global energy market.

The strategic implications of India’s ascent are profound. It underscores the nation’s growing influence in the global energy sector and its capacity to adapt to dynamic market conditions. For Europe, it reflects a recalibration of its energy strategy, one that seeks resilience and security in a rapidly changing world.

As the global community continues to navigate the challenges of energy supply and geopolitical tensions, the role of India as a central player in the refined fuels market is likely to have lasting repercussions. It is a testament to the country’s economic growth and strategic foresight in seizing opportunities within the global energy arena.

Whenever we talk about Blockchain, a lot of people think of cryptocurrency. While that is not wrong, it is only a small part of the puzzle. Cryptocurrency transactions are currently the most popular use of blockchain, but there is so much more that Blockchain can be used for.

Blockchain has been around since 2009 and is one of the 25 trends in new technologies for the future. The simplest explanation is that Blockchain is a digital ledger or a database of transactions. When a transaction is initiated, it is uploaded into a new block, and linked to a previous block called ‘hash’, which is more or less a fingerprint for each block. Now each block does not only contain its information, but the hash of the previous block as well. This is why one of the promises of Blockchain is accountability – it is difficult to modify the information of the block without tampering with the hash, and rendering the rest of the chain invalid. These digital blocks of transaction are connected in a chain – blockchain – and so offer security, public accessibility, and transparency.

Despite what you might think, Blockchain applies to more than cryptocurrency. It has vast potential for businesses of all sizes, including the small scale. Imagine that you, as a small business owner based in Nigeria, get a long-term customer somewhere in Europe. One of your first concerns will be how to get an efficient cross-border platform for receiving payments, without crazy charges. And just in case you have not figured this out before, accepting payments in digital currencies can solve this problem. With a stablecoin account, for instance, that payment can be received in your digital wallet and subsequently settled into your naira account, and you don’t have to worry about the high foreign exchange fees from traditional money transfer services.

As a decentralized and secure method of recording transactions, blockchain has the potential to revolutionize how businesses operate, beyond even financial transactions. This decentralized system ensures that once data is added to the blockchain, it cannot be altered or deleted without the consensus of the network participants, and this is added security for business.

A blockchain may be fully decentralized and accessible to all, particularly decentralized or even centralized within and only accessible within an organization. Each type/model serves a different purpose and works with different governance frameworks.

All transactions are visible to participants in the network, enhancing trust. Cryptographic techniques make it difficult for unauthorized users to tamper with data. Importantly too, no single entity controls the entire blockchain, reducing the risk of a single point of failure. Businesses can use Blockchain to manage their supply chain, and other business operations as well. Some of the advantages it offers include:

1. Improved Efficiency: Blockchain can streamline processes by eliminating the need for intermediaries. For example, in supply chain management, smart contracts can automatically execute transactions when predefined conditions are met, reducing delays and administrative costs.
2. Cost Effective: By automating transactions and reducing reliance on third parties, small businesses can lower operational costs. This is particularly beneficial for startups that may have limited budgets.
3. Enhanced Security: The inherent security features of blockchain can help protect sensitive business information. For small businesses, this means reduced risks of fraud and data breaches.
4. Access to New Markets: Blockchain can facilitate peer-to-peer transactions, opening new revenue streams. Like the example mentioned earlier, businesses that accept cryptocurrencies as payment can potentially attract a broader customer base.

SMEs account for almost 90% of businesses globally and provide 50% of all jobs. Within the formal sector, they can account for up to 40% of national income while creating 7 out of 10 jobs. So, we must consciously concern ourselves with how they navigate and survive their early years, and thrive. Blockchain technology, however, can help SMEs build, grow, and adapt to many of the challenges they face with automation and finances. Applied the right way, it can impact operations and growth for SMEs.

Even though businesses can apply blockchain to daily processes, the difficulty and duration of implementation vary and can sometimes discourage the implementation altogether. A more sophisticated implementation can require a customizable, predesigned blockchain, or designing one from scratch. There are some predesigned blockchains offered by Amazon Web Services (AWS), Microsoft’s Azure, and Oracle, which businesses can modify to fit their needs. Developing one from scratch can run into months, and cost much more depending on the Blockchain development company you use. If you do decide to buy the predesigned or have yours developed from scratch, here are some things to consider.

1. Implementation Costs: Small businesses may face significant upfront costs related to infrastructure, training, and ongoing maintenance, which can make it overall expensive.

2. Complexity and Learning Curve: Understanding and effectively using blockchain can be daunting, and if you are making the transition, you need to invest time and resources in education to keep up with this rapidly evolving technology.

3. Regulatory Uncertainty: As blockchain technology continues to develop, regulations are still catching up, so you may face some uncertainty regarding compliance with legal frameworks.

4. Market Volatility: If a small business decides to accept cryptocurrencies, they may expose themselves to price fluctuations particularly if they use volatile options. This is why stablecoins and digital currencies may be a preferred option.

5. Security Concerns: Small businesses need to ensure they follow best practices to protect their blockchain applications.

As the technology matures, small businesses that stay informed and adaptable will be better positioned to leverage blockchain effectively while understanding its complexities.