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How to Apply and Succeed at Y Combinator – Touch and Pay, Lagos

By
Ndubuisi Ekekwe
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0

Join us at Africa’s best business school, Tekedia Institute, as we host Y Combinator-backed Touch and Pay Technologies Ltd (YC W22) to understand how to prepare, build and win with the world’s finest and greatest startup accelerator. TAP is a category-king company and Africa’s largest fintech in the microtransaction category. It is a pioneer which has  unlocked many vistas in bringing revenue assurances to customers. Across Africa today, close to two million customers depend on its services.

It is also a Tekedia Capital portfolio startup. Join us to understand how to thrive with YCombinator. A super-geek and one of Africa’s finest tech operators, Afolabi Olamide, will lead this show.

Tekedia Mini-MBA >> learn from the best; join the next edition here .

Top 5 African Cities With The Most Developed Startup Ecosystems 2022

By
Ojukwu Emmanuel
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1
Work Space

Often, entrepreneurs have advised that a business location plays an active role in determining if it will succeed or not. I.e picking the right country/city can mean the difference between success and failure as ecosystems have been described as a major opportunities for businesses today.

Startup ecosystems are emerging in all corners of the world, as ambitious founders and creative startups are keen to find unique ways to find a great product-market, fit to solve a large percentage of the world’s problems.

However, innovative ideas can only amount to success within an ecosystem that is built to aid and nurture them, which implies that entrepreneurs need supportive environments with the most developed ecosystems to launch their startups.

A global startup ecosystem map and research center, Startupblink published its 2022 Global rankings of the most startup-friendly cities in the world. During its research, the center collates data from more than 60,000 startups and measures ecosystems based on the number of startups (quantity), quality, and their business environment.

According to the rankings, only one city in Africa, which is Lagos made it into the global top 100 rankings, making it the only African city ever to reach this rank.

Here is a list of the Top 5 African cities with the most developed startup ecosystem

  1. Lagos, Nigeria: The city of Lagos has been described as the heart of Nigeria’s growing startup ecosystem, with its startup ecosystem valued at $ 9 billion. The city jumped from 41 places to 81st position globally, and is the first African city to break into the top 100 ranking. Lagos is also ranked 24th globally in the food tech industry and 43rd in e-commerce and retail. The city has earned a name for itself as a tech hub, rapidly advancing towards a 24-hour economy, which generates 10% of Nigeria’s total GDP of $432.3 billion. For startups, Lagos appears to be a land of promise and a vibrant tech ecosystem that is bursting with energy and dynamism. It is no surprise that the city remains a top destination for investors and businesses because it gives them the opportunity to succeed.
  2. Cape Town, South Africa: The city which is home to almost two-thirds of all startups in South Africa, is not only a beautiful tourist destination but also has a flourishing startup ecosystem. Most startups located in cape town are tech-enabled and are solving the myriad of problems peculiar to the African continent. There is the availability of Capital, talent, and supporting organizations in the city that makes it easy for startups to thrive. The city also has a robust venture capital and investment network, and is also one of the most important IT hubs in the African continent. In 2011, the city completed a 500km optic fiber network project, that provides broadband services at a lower cost.
  3. Johannesburg, South Africa: The city of Johannesburg fondly called “Joburg”, which ranks number 2 in South Africa, has been described as an ideal location for Fintech, Software and Data, and Transportation startups. The city which is home to some of Africa’s leading banks and financial institutions, has its ecosystem valued at $572 million as of 2021, with an estimation of 450 startups in the city with approximately 30% of them in Fintech. It has a population of about five million people with more than 220 programs offering support to startups. More than 70% of South African companies are located in the city as it generates 15% of South Africa’s wealth.
  4. Cairo, Egypt: In Egypt, the startup ecosystem is largely restricted to Cairo, as the rest of the cities in the country offers very few opportunities. Cairo has about 26 million inhabitants which has been attributed as the major strength of the ecosystem in the city, when talking about startups, allowing them to test products easily and grow fast. The city has been described as being friendly to young entrepreneurs enabling them to start businesses with very few financial resources, while offering a wide range of incubators, accelerators, and co-working spaces for early-stage startups. Cairo ranked as the first ecosystem in the Middle East and North African region in 2021. The city marked an overall increase of 60% in VC funding rounds over the past five years and in 2021.
  5. Nairobi, Kenya: The city of Nairobi 3 years ago, was named the second best city for the startup ecosystem in Africa, which made it earn the name “Silicon Savannah”. The startup market in the city is booming as entrepreneurs are beginning to consider Nairobi as a viable solution where they should establish their company. It is interesting to note that Global tech giants like Google, Microsoft, and Samsung all have premises in Nairobi. In recent years, Nairobi has developed a thriving startup scene and has made a name for itself as a tech hub. The city has been described as the “mother of mobile money” and a “Mecca” of innovation and diversity. With a population of around 4.5 million people, Nairobi has been ranked as the sixth wealthiest African city and a friendly location for startups.

A Tekedia Capital Portfolio Startup Is Being Acquired

By
Ndubuisi Ekekwe
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0

We are very happy at Tekedia Capital. One of our portfolio firms is being acquired by a global unicorn. We will announce when everything is concluded. This is our 2nd exit. Who likes parties? Do not eat because RSVP (rice & stew very plenty) on the way. At Tekedia Capital, we’re creating value for our Syndicate members here 

Comment on LinkedIn Feed

Comment: Prof, These Unicorns are coming along with such frequency that I am starting to think they are ordinary horses bred in Abia State with synthetic horn affixed at a secret factory in Ovim, …
but even so.. long may the successes continue.

My Response: Ovim has started a bigger factory. And the success will be unbounded. We think that abundance remains in the future. The Ovim Nation says a hunter does not go to work with fear. We need to hunt opportunities and we cannot be fearful because the best companies in Nigeria have not be founded!

The EU’s Conundrum As China Joins Russia In Military Drills in Vostok 2022

By
Ndubuisi Ekekwe
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1

I wrote here a few weeks ago that BRICS (Brazil, Russia, India, China and South Africa) will morph into something that goes beyond trade and economic cooperation. Today, we are reading that for the very first time, China will join fully in a multilateral military exercise in Russia called Vostok 2022.

The People’s Liberation Army said in a statement: “deepen pragmatic and friendly cooperation with the militaries of the participating countries, enhance the level of strategic coordination among the parties, and enhance the ability to deal with various security threats” . 

If you are the EU, would you prefer a Russia that becomes closer with China to the extent that China can do military drills in Europe? Indeed a new version of NATO with China and Russia entwined. 

People, something new is happening in the world – and many could be losers. These men need to sit down and discuss these issues before they push the world into a global catastrophe. 

Under Chinese President Xi Jinping and his Russian counterpart Vladimir Putin, Beijing and Moscow have grown increasingly close.

A year ago this month, Russia and China held joint military exercises in north-central China involving more than 10,000 troops. Russian Defence Minister Sergei Shoigu praised the Sibu/Cooperation-2021 drills in China’s Ningxia and suggested they could be developed further.

In October, Russia and China held joint naval drills in the Sea of Japan. Days later, Russian and Chinese warships held their first joint patrols in the western Pacific.

The next month, South Korea’s military said it had scrambled fighter jets after two Chinese and seven Russian warplanes intruded into its air defence identification zone during what Beijing called regular training.

Shortly before Russia’s Feb. 24 invasion of Ukraine, Beijing and Moscow announced a “no limits” partnership, although U.S. officials say they have not seen China evade U.S.-led sanctions on Russia or provide it with military equipment.

Comment on LinkedIn Feed

Comment 1: I don’t think you’re right in the prediction about BRICS, India and Brazil will not go by the way of China and possibly Russia ?? when it comes to any serious issues beyond mere economic cooperation. And South Africa ?? will not either, it will be too costly for them. On military cooperation between Russia and China against the western countries will never be sustainable and tight like NATO. China will not fight to defend Russia, they’ve a lot to loose. Russia on the other hand may boldly get involved militarily in some way in defense of China ?? because they’ve nothing to loose. Russia has nothing to offer the west nor the world except petroleum and gas of which the west are finding alternatives to. There are two main reasons China won’t get into any flexing of military muscle with US nor NATO. First, Military cooperation with Russia & China will largely dependent on China, Russia has nothing to offer military wise. The joint strength of Russia and China will be almost equivalent to the strength of China. Of late China has grown into a military supper power but it’s strength is still very little in comparison to NATO. The second reason is that Chinese economy depends almost solely on the US and the West.

Response 1: ‘Russia has nothing to offer military wise” – I hope that is a typo. Do not judge US military because it botched exit from Afghanistan. And do not judge Russia’s military might because it messed up the first 3 weeks in Ukraine.

Comment 1b: Russia invaded Afghanistan to topple the Taliban regime but after 10 years it’s military packed up and left unceremoniously. The US did same in 2001 and dethroned the Taliban in just 2 months. Russia military might is completely obsolete, they only have nuclear weapons and so many other nations have them and no country can win a nuclear war

Response 1b: “Russia military might is completely obsolete” – that is not correct. Russia’s use of anti-radar systems and electromagnetic systems have stopped most drones in the Donbass region. Imagine a technology which you push and every electronics in Lagos will stop working. Russia has demonstrated that, crippling the ability for Ukraine to hit them well despite all the NATO weapons supplied. You do not call such obsolete. The NATO and Russia conflict in Ukraine is a tech fight and both seem matched at the moment.

The Precious Ant Is Now Exceedingly Sick As China Continues To Spray Insecticides

By
Ndubuisi Ekekwe
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1

China giveth and China taketh. Yes, the valuation of Ant Financial, which until recently was one of the world’s largest financial institutions, has been cut. Through an asymmetric attack from the Chinese government on Ant Financial after an own-goal comment by its founder, Jack Ma of Alibaba empire, the company has been decimated.

 A company that was valued more than Goldman Sachs has been taken out of the main league after the government dismantled its money-making operations. That dismantling was ferocious and unparalleled with license withdrawn and operations redesigned by fiat rules.

The company whose IPO was put at $300 billion in 2020 is now valued as low as $70 billion! Unfortunately for the American companies which heralded that aborted IPO are not even sure this floor is the lowest. In other words, this company can end up $0 as China continues to work on its magic.

Fintech giant Ant Group Co.’s valuation was trimmed again by global investors who bought private shares ahead of its suspended initial public offering.

Boston-based Fidelity Investments cut its estimate for Ant to $70 billion at the end of May, according to Bloomberg calculations based on filings. That’s down from $78 billion in June last year, and $235 billion just before Ant’s IPO was torpedoed by regulators in November 2020.

We all admire China but things like this make you feel better that you live in Nigeria where, at least, we have the “freedom” to own assets even though we may not be where we can be as a nation. China can wake up and suspend the license of edtech companies worth billions of dollars, and mandate them to become charities, after investors have put hundreds of millions of dollars in these firms. I do not admire such high voltage searchlights on personal properties as they can burn visions and energies.

There is nothing ant-like in these numbers. Yes, Alibaba’s affiliate fintech company, Ant Group (of Alipay), does generate more payment volume than Visa & Mastercard combined! Ant does $18 trillion while the American giants bring in $16 trillion. Ant operates primarily in China while Visa and Mastercard run around the world!

China, why must you spray insecticides on a $300 billion ant?

Comment on LinkedIn Feedback

Comment 1: #china has an alternate view on economics n wealth. We will falter if we try to apply western n capitalistic frameworks to assess China mkt opportunities and China state policies.
A simple point seems to be that China doesn’t see big value in serious concentration of wealth in private pools.

Response 1: “A simple point seems to be that China doesn’t see big value in serious concentration of wealth in private pools.” – that is the revelation indeed. But how do you help people if companies cannot become big and provide jobs, opportunities, etc? When companies become big, the owners are typically rewarded! I cannot see another way China will cut that off.

Comment 2:Jack Ma is nowhere to be seen. Jack Ma is not complaining.

Is the Chinese government spraying insecticides or the people breeding the insect that is harvesting it?

I am not insinuating anything. Just saying, this world where there is no technology for us to publicly listen to the conversation of these world leaders and CEOs is something else.

Respond 2: “Jack Ma is nowhere to be seen. Jack Ma is not complaining.” – how do you know that he is not complaining? When your university is renamed and taken from you. Your company cut into pieces, pushed you out of the Board, dismantled your operating licenses on your cash cow, etc, what do you mean by ” Jack Ma is not complaining”?

Alibaba’s Ant Group (Alipay) – There Is Nothing Ant-like In These Numbers

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