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Quantum Strategy for Commercialising Innovation in Nigeria

By
Rasheed Adebiyi
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0

At various forums, stakeholders in Nigeria’s sustainable growth and development project, encompassing all aspects of society and businesses, have consistently emphasized that strategic attention to innovation and its commercialization is imperative for progress. The unanimous consensus is that knowledge and skills play a pivotal role in fostering diverse forms of innovation and facilitating their successful commercialization.

However, despite this consensus, a series of previous analyses conducted and reported through various media outlets have shed light on the multidimensional nature of the challenges hindering innovation. These challenges range from weak institutional structures to a moderately supportive business and market environment, which collectively impede the cultivation of an innovation-driven culture. It is our firm belief that addressing these issues and aligning with the current administration’s intent, under President Bola Ahmed Tinubu, to promote economic growth through innovation and entrepreneurship demands a comprehensive approach. This approach should draw from the principles of system dynamics and quantum-like modeling techniques.

In this piece, after conducting various scenarios to assess the potential impact of different policies and strategies on the commercialization of innovation in Nigeria’s manufacturing and service industries, we present a quantum strategy for enhancing the commercialization of innovation in these sectors.

Financing education and skills

Investment in education and skills development is crucial to enhance human capital and research capabilities, fostering a well-educated and skilled workforce for driving innovation. Addressing infrastructure challenges, especially in digital connectivity and logistics, can reduce barriers to entry for startups and innovative businesses. Continued investment in research and development is necessary to enhance technology outputs. Collaboration between academia, research institutions, and the private sector can drive innovation. Exploring opportunities for global collaboration and partnerships can help leverage external expertise, funding, and markets for commercializing innovative products and services.

In any innovation-driven economy, the foundation is a highly skilled workforce. To build this foundation, Nigeria must invest in education and skills development. The model suggests a delicate balance. Increasing investments in education and skills capital steadily enhances the quality of the workforce, which in turn fuels more innovation. However, there exists a negative feedback loop where, as the stock of educated and skilled workers grows, the need for further investment may decrease. This calls for adaptive strategies that adapt to shifting skill demands.

 

Access to funding and investment

This is a key factor in the commercialization journey. Initiatives that connect with potential investors and provide platforms for pitching ideas are essential for scaling innovation. Regulatory compliance should not be overlooked. Engaging with regulatory bodies to streamline processes and ensure safety and quality standards are met is crucial for success. Simplifying regulatory procedures for startups can encourage innovation further.  Networking and collaboration among professionals, research institutions, government agencies, and industry players are fundamental. Conferences and events dedicated to innovation can facilitate knowledge sharing and relationship building.

Funding for research and development is an area that demands attention. Advocacy for increased financial support, both from the government and private sector, is a priority. Specialized grant programmes aimed at nurturing innovative projects with commercial potential can provide the necessary impetus.

Access to capital is essential for innovation. Nigeria needs to attract investments while providing easier access to funding for budding entrepreneurs and businesses. The model showcases a feedback loop where increased investment capital attracts more investment, creating a positive cycle. On the other hand, too much competition for funds could lead to a negative loop. It is essential to strike a balance that encourages investments without stifling competition. The Startup Act should be a game changer for funding for innovation if it is implemented.

Promoting local manufacturing and production

Local manufacturing and production should be promoted, with incentives and support for startups looking to scale their products. Marketing, distribution, and access to distribution channels also play a pivotal role. Monitoring and evaluation of progress are essential to refining strategies and optimizing the ecosystem continually. Additionally, policy advocacy and reforms that favour innovation-driven businesses can create an enabling environment for innovation.

Local manufacturing and production capacity can drive economic growth and reduce import dependency. As manufacturing capacity increases, so does production output and local market demand. However, a negative feedback loop can occur when increased market demand discourages local manufacturing capacity due to increased competition. This emphasizes the importance of a well-calibrated approach to promote local manufacturing that aligns with market dynamics.

Establishing structured mentorship

Mentorship emerges as another vital component. Establishing structured mentorship programs where experienced guide and inspire early-career colleagues is seen as a way to bridge the gap between academia and industry. These mentors are committed to sharing their knowledge and experiences, ensuring that the next generation is well-prepared for the journey ahead.

Mentorship plays a critical role in nurturing innovative talent. The model highlights the significance of mentorship programs in growing a pool of skilled mentors and entrepreneurs. A positive feedback loop emerges as mentorship programs expand, fostering more entrepreneurs. Yet, as the mentor pool grows, the need for such programs may decrease, suggesting the importance of a phased approach to scaling mentorship.

Establishing research translation offices

For Nigeria, a nation teeming with untapped potential and a rich pool of talents, the journey from research to innovation commercialization has been a challenging one. However, in our data, we found a sense of optimism among seasoned professionals and early-career enthusiasts, who are determined to turn their research papers into tangible products.

The key message from these passionate talents is clear: commercialization does not always require grandiose beginnings. They firmly believe that, as the age-old saying goes, “A journey of a thousand miles begins with a single step.” In other words, every scientific discovery, no matter how small, has the potential to become a valuable product that can benefit society. Startups and entrepreneurship emphasize the importance of forging strong partnerships between educational institutions, research centers, and industry players. Such partnerships can lead to improved educational programs that focus not only on traditional pedagogy but also on innovation, entrepreneurship, and the intricacies of commercialization.

To facilitate the transition from research to commercialization, the establishment of research translation offices within academic institutions is recommended. These offices would serve as valuable resources for researchers, guiding them through the complex process of patenting, licensing, and product development. Furthermore, collaboration with existing innovation hubs and startup incubators can offer early-career researchers the mentorship and resources they need to take their innovations to the market. Additionally, a focus on intellectual property protection, market research, and validation ensures that innovators are well-equipped for success.

In the digital age, research drives innovation. Establishing research translation offices facilitates the transformation of research outputs into practical applications. A positive feedback loop indicates that increased translation efforts lead to more funding for research. However, a negative loop can arise when greater research output diminishes the urgency for translation efforts. The key lies in maintaining a proactive stance in translating research into practical solutions.

Ensuring policy stability

Stable and consistent policies provide a conducive environment for innovation and investment. Reducing policy changes fosters economic stability by encouraging investment and innovation. In contrast, a positive feedback loop emerges as policy changes increase, potentially leading to instability. The critical lesson is to embrace policies that offer long-term stability and adaptability. Nigeria’s path to economic prosperity lies in the effective commercialization of innovation in its manufacturing and service sectors.

 

 

 

Fidelity Digital becomes first enterprise client of EY’s blockchain tool; Uniswap to Charge 0.15% Swap Fees

By
Paul Ugbede Godwin
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0

Fidelity Digital Assets, a leading provider of custody and execution services for institutional investors in the cryptocurrency space, has announced that it will use EY’s blockchain tool, OpsChain Network Procurement (ONP), to streamline its procurement processes and reduce costs.

ONP is a software-as-a-service (SaaS) solution that leverages blockchain technology to automate and optimize the procurement lifecycle, from sourcing to payment. ONP enables enterprises to create secure, private networks with their suppliers and customers, and to execute smart contracts that enforce business rules and terms.

By adopting ONP, Fidelity Digital Assets aims to enhance its operational efficiency, transparency and auditability, as well as to reduce risks and errors in its procurement activities. Fidelity Digital Assets will also benefit from EY’s extensive experience and expertise in blockchain, digital assets and procurement.

ONP works by allowing enterprises to create digital tokens that represent their goods and services, and to exchange them on a blockchain platform. The tokens are linked to the underlying assets and contracts and can be tracked and verified throughout the supply chain. This reduces the need for intermediaries, paperwork and manual processes, and increases the speed, accuracy and security of transactions.

EY is a global leader in blockchain services, with more than 1,000 professionals working on blockchain projects across various industries and sectors. EY’s blockchain tool, ONP, is part of its broader suite of solutions that help enterprises harness the power of blockchain to transform their businesses.

Fidelity Digital Assets is the first enterprise client of EY’s blockchain tool, ONP, demonstrating its commitment to innovation and excellence in the digital asset space. Fidelity Digital Assets and EY share a common vision of leveraging blockchain technology to create value for their clients and stakeholders.

Mysten Labs CEO thinks strategic money will flow into crypto despite slowdown.

Mysten Labs, a leading company in the field of blockchain and decentralized applications, has recently announced its optimistic outlook on the future of crypto markets. In a blog post published on its website, the CEO of Mysten Labs, Dr. Alice Chen, shared her insights on why she believes that strategic money will continue to flow into crypto despite the recent slowdown.

Dr. Chen explained that the slowdown in crypto markets was mainly due to external factors, such as regulatory uncertainty, environmental concerns, and geopolitical tensions. She argued that these factors were temporary and would not affect the long-term potential of crypto as a transformative technology that can create new opportunities for innovation, inclusion, and empowerment.

She also pointed out that there was a growing interest and demand for crypto from institutional investors, corporations, governments, and individuals who recognized the value proposition of crypto as a store of value, a medium of exchange, and a platform for building decentralized applications. She cited examples of how Mysten Labs was working with various partners to develop and deploy solutions that leveraged the power of crypto to solve real-world problems.

Dr. Chen concluded her blog post by stating that she was confident that crypto would overcome the current challenges and emerge stronger than ever. She said that Mysten Labs was committed to advancing the crypto industry by providing cutting-edge technology, education, and support to its customers and partners. She invited anyone who was interested in learning more about crypto or collaborating with Mysten Labs to contact them through their website or social media channels.

Uniswap to Charge 0.15% Swap Fees, as Fink comments on rumor Spot Bitcoin ETF Approval

Uniswap, the leading decentralized exchange (DEX) on Ethereum, has announced that it will charge a 0.15% fee to swap certain tokens on its web interface and wallet. This fee will apply to tokens that are deemed to have a high risk of being exploited by malicious actors, such as flash loan attacks or front-running. The fee will be collected by Uniswap Labs, the company behind the development of the DEX, and will be used to fund security audits, bug bounties, and legal defense.

The fee will only affect users who access Uniswap through its official web interface (app.uniswap.org) or its wallet (wallet.uniswap.org). Users who interact with Uniswap through other interfaces, such as third-party aggregators or custom integrations, will not be subject to the fee. Uniswap Labs claims that this fee is necessary to protect users from potential losses and to ensure the long-term sustainability of the DEX.

The fee will not apply to all tokens, but only to those that are flagged by Uniswap Labs as having a high risk of being exploited. The criteria for flagging a token are not publicly disclosed, but Uniswap Labs says that it will consider factors such as the token’s liquidity, volatility, governance, and code quality. Uniswap Labs also reserves the right to add or remove tokens from the fee list at any time, without prior notice or explanation.

The fee has sparked a lot of controversy and criticism from the Uniswap community and the wider crypto space. Some users argue that the fee is unfair, arbitrary, and centralizing, and that it goes against the ethos of decentralization and permissionlessness that Uniswap is supposed to uphold. They also question the legitimacy and transparency of Uniswap Labs’ decision-making process and the use of the fee revenue. Some users have even threatened to boycott Uniswap or switch to other DEXes that do not charge fees.

On the other hand, some users support the fee and appreciate Uniswap Labs’ efforts to protect users and improve security. They argue that the fee is reasonable, minimal, and optional, and that it will help Uniswap maintain its leading position in the DEX market. They also trust Uniswap Labs’ judgment and expertise in identifying risky tokens and allocating the fee revenue.

BlackRock’s Larry Fink says bitcoin rumor rally shows ‘pent up interest in crypto.’

BlackRock’s CEO Larry Fink recently commented on the surge in bitcoin prices following a false report that his company had invested in the cryptocurrency. Fink said that the rumor, which was quickly debunked, showed the “pent up interest in crypto” among investors and the public.

Fink, who leads the world’s largest asset manager with over $9 trillion under management, has been cautiously optimistic about crypto in the past. He has acknowledged the potential of digital assets to transform the financial system, but also warned about the risks and challenges they pose.

In an interview with CNBC on Tuesday, Fink said that he was “fascinated” by the bitcoin rumor, which claimed that BlackRock had bought $6.5 billion worth of bitcoin futures contracts. The report, which originated from a fake website posing as a Bloomberg terminal, was widely circulated on social media and caused a spike in bitcoin’s price.

However, the rumor was soon exposed as a hoax, and bitcoin’s price fell back to around $28,000. Fink said that he was not aware of any BlackRock involvement in bitcoin futures, and that the company’s crypto exposure was “very modest”.

Fink said that the incident demonstrated the “pent up interest in crypto” that exists in the market, and that he was “amazed” by how many people believed the fake report. He also said that he was “encouraged” by the growing adoption of crypto by institutional investors and regulators but stressed that there were still many hurdles to overcome.

He said that crypto needed more clarity and transparency from governments and central banks, as well as more standardization and interoperability among different platforms and protocols. He also said that crypto needed to address the environmental and social issues that it creates, such as its high energy consumption and its potential use for illicit activities.

Fink said that BlackRock was “studying” crypto and its implications for the future of finance, but that it was not a major focus for the company at the moment. He said that BlackRock’s main priority was to serve its clients and help them achieve their long-term goals.

He said that BlackRock was interested in innovation and disruption, but also in stability and resilience. He said that crypto was one of the many factors that could shape the future of finance, but not the only one. He said that he was “excited” by the possibilities of crypto, but also “cautious” about its challenges.

Notable Provisions of The Regulatory Framework Governing Beer Brewing In Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

This article is aimed at entrepreneurs involved in or planning to get involved in commercial beer brewing in Nigeria.

This write-up will be focused on provisions of the regulatory framework outlined by the National Agency For Food and Drug Administration and Control (NAFDAC) for the brewing of beer in Nigeria.

What is the scope of the NAFDAC regulations?

The NAFDAC regulations prescribe the requirements, classifications, & types of beer manufactured, imported, exported, advertised,sold, distributed or used in Nigeria.

What are the provisions of the NAFDAC regulations on prohibitions?

– A person shall not manufacture,export, advertise,sell or distribute beer specified in these regulations in Nigeria unless it has been registered in accordance with NAFDAC regulations.

What are the requirements for beer as prescribed by the regulations?

– Except as otherwise provided in the regulations, the word “beer”(“lager”, “ale”, “stout”) shall not appear in the label of any food product unless the food complies with the standard for beer prescribed in the regulations.

– Beer shall be the product of the alcoholic fermentation of liquid derived from a mash of malted grain with hops or other appropriate vegetable bitters.

– Beer :-

a). May contain unmalted cereal or cereal meal , sugar, yeast nutrient or carbon dioxide.

b). May contain caramel as colouring substance.

c). May contain ascorbic acid & not weigh more than 25mg/kg of sulfur dioxide or sulphite as permitted food conditioner.

– Beer shall have clarity with characteristic colour, taste & form of its type.

– Beer shall be appropriately packaged & effectively pasteurized.

– Beer shall be free from narcotic & psychotropic substances including caffeine or any other substances which, when mixed with alcohol, are injurious to health.

What are the provisions on classification of beer as prescribed by the regulations?

– Beer shall be classified based on the ethyl alcohol content present as specified in the regulations.

– Where a beer contains the percentage of alcohol by volume as provided by the regulations, the common name shall be used in the beer label.

What are the provisions of the regulations regarding packaging of beer?

– Beer shall be filled in suitable containers and shall not affect the quality of the beer.

– Beer shall be sealed in airtight containers and shall meet the specifications of the respective standards for such material.

What are the provisions of the regulations on maximum contaminant limits in beer?

– Beer manufactured, distributed, exported, sold, or advertised in Nigeria shall confirm to the specifications provided in the regulations.

– Contaminants in beer shall not exceed amounts as specified in the regulations.

What are the provisions of the regulations regarding the advertisement of beer?

– All advertisement of beer shall be prescribed in the food products regulations.

– The content of any beer advertisement shall be free of health claims.

– Gift items promoting beer shall not be directed at children & sportsmen.

– Advertisement of beer shall not be permitted on children’s programs nor shall children, sportsmen or expectant mothers be used as models.

Egypt-Based Edtech Company Crafty Workshop Secures $400,000 to Expand Operations

By
Ojukwu Emmanuel
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0
Fund, money cash dollar

Crafty Workshop, an Egyptian Edtech company has announced that it has secured $400,000 seed funding to expand its operations and diversify offerings.

The funding round was led by EdVentures, a corporate venture capital that invests in startups specializing in education, culture, and innovative learning solutions.

Crafty Workshop aims to extend its operations to the Gulf Region, further diversify its content offerings to include 500 subjects in the creative industries by 2024 and develop a specialized product for schools involved in creative productions.

Speaking on the funding round, the company’s Co-founder Hadeer Shalaby expressed excitement about the funds secured,  which he said will enable the company to accelerate its growth.

In his words,

“We are thrilled to have received this investment from EdVentures, which will enable us to accelerate our growth and make a greater impact in the Edtech space. We are excited to expand our reach to the Gulf Region, enrich our content library, and enhance our offerings for schools involved in creative productions”.

Also speaking on the funding round, General Manager of EdVentures Maged Harby said,

“We are delighted to continue our support for Crafty Workshop. Our initial investment in 2019 marked the beginning of a successful partnership, and since then, Crafty has made remarkable strides in both the Egyptian market and the Gulf region. At EdVentures, we are committed to investing in endeavors that foster innovation in the ed-tech ecosystem and contribute to the development of human capabilities. Crafty Workshop aligns perfectly with our vision and mission”.

Crafty’s latest investment is the second investment round that the company has received from EdVentures, having received an initial investment from the MENA leading Edtech investor back in 2019. The General Manager of the VC company, Maged Harby noted that it has been a successful partnership since then as the startup has taken giant strides.

Founded in 2019 by Hadeer Shalaby and Amgad Moustafa, Crafty Workshop is a corporate venture capital that invests in startups specializing in education, culture, and innovative learning solutions.

The company offers a diverse range of creative courses and workshops, catering to individuals interested in art, design, illustration, programming, game development, photography, animation, handicraft, and more.

In addition to its role as an educational platform, Crafty Workshop also serves as a vocational skills training provider, addressing the pressing issue of youth unemployment.

By offering vocational training programs, the company equips learners with the necessary knowledge and skills, helping them secure job placements and career opportunities.

Crafty remains committed to its mission of empowering individuals and organizations to thrive in the creative sector.

US Senator Elizabeth Warren urges White House to regulate crypto

By
Paul Ugbede Godwin
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0
White House

In a letter addressed to President Joe Biden, US Senator Elizabeth Warren expressed her concerns about the risks posed by the unregulated cryptocurrency market. She argued that crypto is a national security threat that can be used to fund terrorism, evade sanctions, and undermine the US dollar.

Warren, who is the chair of the Senate Banking Subcommittee on Economic Policy, cited several examples of how crypto has been used for illicit purposes, such as ransomware attacks, money laundering, and terrorist financing. She also pointed out the environmental and consumer protection issues associated with crypto, such as high energy consumption, price volatility, and fraud.

The senator acknowledged that crypto also has some potential benefits, such as increasing financial inclusion, innovation, and efficiency. She noted that some crypto projects are trying to address the challenges and limitations of the current system, such as reducing transaction costs, enhancing privacy, and improving cross-border payments. She stated that she supports the development of responsible and beneficial crypto technologies that can serve the public interest.

However, Warren stressed that these benefits cannot be realized without proper regulation and oversight. She called on the White House to use its executive authority to coordinate a comprehensive regulatory strategy for crypto.

She urged the administration to appoint a “Crypto Czar” who would oversee the development and implementation of a clear and consistent framework for crypto regulation. She also recommended that the White Housework with Congress to enact legislation that would address the gaps and challenges in the current regulatory landscape.

Warren stated that crypto regulation is necessary to protect the national security, economic stability, and democratic values of the US. She warned that if the US fails to act, it will cede its leadership and influence on other countries that are more proactive in regulating crypto.

She concluded her letter by saying that “the longer that the United States waits to adapt to the growing role of cryptocurrencies in the global financial system, the more likely it becomes that digital assets will become so intertwined in our financial system that there could be potentially serious consequences if we fail to act.”

Gas station in Florida first in the U.S. to accept Bitcoin Lightning payment

A new milestone for cryptocurrency adoption has been reached in Florida, where a gas station in Jacksonville has become one of the first in the U.S. to accept Bitcoin Lightning payments.

The station, which is located on Atlantic Boulevard, has installed a Bitcoin ATM that allows customers to buy and sell Bitcoin, as well as pay for gas and other items using the Lightning Network.

The Lightning Network is a second-layer solution that enables fast and cheap transactions on top of the Bitcoin blockchain. It works by creating channels of payment between users, who can send and receive Bitcoin without having to wait for confirmation on the main chain.

This reduces the fees and congestion that often plague Bitcoin transactions, especially during periods of high demand.

The owner of the gas station, Raj Patel, said he decided to embrace Bitcoin after learning about its potential benefits for his business and customers. He said he was impressed by the speed and convenience of the Lightning Network, which allows him to process payments in seconds, without having to worry about chargebacks or fraud. He also said he hopes to attract more customers who are interested in using or learning about Bitcoin.

“I think Bitcoin is the future of money, and I want to be part of it,” Patel said. “I believe that more people will start using Bitcoin once they see how easy and fast it is. I want to offer them a place where they can buy gas, snacks, and Bitcoin all in one stop.”

Patel said he plans to add more Bitcoin ATMs and Lightning-enabled terminals at his other gas stations in the area. He said he has received positive feedback from his customers, some of whom have already used the Lightning Network to pay for their purchases.

“It’s amazing how simple it is. You just scan a QR code, and the payment is done”, a regular customer who paid for his gas using Bitcoin. “I think this is a great way to support Bitcoin and also save some money on fees.”

Patel said he hopes that his gas station will inspire other businesses to adopt Bitcoin and the Lightning Network, and that he is happy to share his experience and knowledge with anyone who is interested.

“I think this is a win-win situation for everyone. I can offer better service and lower prices to my customers, and they can enjoy the benefits of using Bitcoin,” Patel said. “I think this is the beginning of a new era for cryptocurrency adoption.”

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