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Nigerian Tech Start-Ups Raise $343M In Three Months

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According to recent reports, it was disclosed that 7 Nigerian start-ups in the tech space raised combined cash of $343 million in the first three months of this year. These African start-ups had an extraordinary year last year, after they raised about $5 billion, surpassing the record of the previous year of $4.3 billion. Nigeria happens to be the biggest beneficiary of seed rounds and other venture capital secured on the continent last year.

With about 3 out of 5 Nigerian-based start-ups being fintech companies, the country has in recent times witnessed the explosion of tech start-ups which has provided so many solutions to problems, and has provided a lot of youths the opportunity to establish businesses. Even though the nation has been ravaged by so many problems ranging from corruption to insecurity, the tech sector seems to be standing out with positive news.

A lot of these start-ups have attracted foreign investors which have, however, boosted the country’s economy. These tech start-ups have recorded some groundbreaking achievements, where they successfully facilitated online transactions in key African economies, as well as getting validation/partnership with global payment giants. An example is the partnership between Nigerian financial technology platform Flutterwave, with the global payment system PayPal to make it easier for African businesses to accept and make payments.

Nigeria is gradually becoming a major tech hub in terms of start-ups generation and entrepreneurs preferred location for launching new projects. Just recently, the country witnessed a remarkable achievement where American multinational technology company, Microsoft opened its first $100 million African Development center in Lagos Nigeria. With so many success stories recorded in the country’s fintech ecosystem, Nigerian tech start-ups have gained a strong foothold in the world of e-commerce.

Last year, according to reports, of the 20 tech start-ups selected across Africa as its top challenger brands, 14 of them were from Nigeria, with the top 10 on the list, comprising almost exclusively of Nigerian start-ups. The top brands were chosen based on three criteria, which are; Ingenious storytelling, Brand Tribe, and Brand Experience.

Ingenious Storytelling: This deals with how well the brands tell their stories and stay human in a digitally-driven society while being consistent with their brand narrative.

Brand Tribe: This deals with how the brands can top into social realities, to inspire and fuel community spirit as well as the conversion of customers to fans.

Brand Experience: This deals with the quality of their visual and verbal expressions across online and offline touchpoints, from their website to mobile apps and social media.

The African region is known to be the home of four fintech unicorns doing exceptionally well globally which are all Nigerian tech start-ups. They are Interswitch, Flutterwave, Andela, and Opay who have all achieved valuations of over $1bn. More spectacular news will be heard in Nigeria’s tech sector because a lot of young Nigerians are joining global companies which has also led a lot of them to start their ventures. 

Also, there has been the establishment of coding boot camps that have dotted the country where young Nigerians are being trained in technology which will therefore give rise to more tech start-ups in the country.

Every action has its consequences

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It has been over a week now the world witnessed the infamous Oscar-based slap of Will Smith but it seems the consequences of the rash and brash behavior of Will Smith are not ending anytime soon.

In every action, there are consequences, whether good or bad.

It has been reported that Will Smith has lost a lot of gigs, upcoming projects, businesses, and opportunities and subjected himself to unnecessary public attention and criticisms due to this uncivilized action of his.

It is reported that Netflix and Apple+ have both pulled out of the bidding war of the Will Smith upcoming movie project titled Biopic which is a movie based on the star’s best-selling autobiography after he slapped Chris Rock at the Oscars.

Also, season four of the everyone loved movie “Bad Boys for Life” which stars Will Smith and Matt Lawrence as the major characters that is in the development stage is also said to have been halted by Sony, the owners of the franchise following the Oscars scandal of Will Smith.

Netflix has reportedly also put on hold the production of its planned action thriller movie Fast and Loose, which stars Will Smith. The director of the movie David Leitch is said to have pulled out of the project following Will Smith’s scandal.

The Men in Black the movie which is due to be shown on Apple TV in a few months is also reported to be delayed its release following the Will Smiths Oscar slap.

Will Smith going forward won’t be able to vote for the Oscars or attend special Academy events in the future as he has willfully resigned from the Oscar academy following his bad behavior at the award night.

The Academy is also still considering suitable disciplinary action to melt on Will following his uncivilized action at the Oscars award night.

All these lost opportunities and businesses would have been the least of his worries if Chris Rock decides to presses criminal charges against him but it seems Chris Rock intentionally and masterfully left him to his fate and handed him over to the court of social media, the court of the public option and the court of the public prosecution.

For the record, nobody is criticizing Will Smith for standing up for the woman he loves. It is an adorable and heroic act but we are against the method he applied. I for one won’t take it likely if those I love are subjected to unnecessary public attacks and made a board of silly jokes in events and ceremonies but engaging in physical assault is the crudest and most uncivilized way of going about it.

What if Chris Rock had retaliated against Will Smith’s slap, they would have turned the Oscar awards into Wrestlemania.

Actions have consequences and for every action, there are repercussions, especially in a civilized society like the USA.

Will could have gotten away with it unharmed if this happened in some African or third world country where anything and everything goes but this is America.

Howard Schultz Returns in Starbucks

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Howard Schultz has returned as interim CEO of Starbucks, the US coffee shop giant, following the retirement of Kevin Johnson. For Schultz, that will be the third time he is taking the reins of the company. Schultz founded and ran Starbucks for three decades, building it from 11 stores and 100 employees to 28,000 stores worldwide.

But the succession playbook seems to be the most challenging part as no one, but him, he reasons,  seems to have a clear roadmap on how to unlock and sustain value in Starbucks. The market is not happy, for the return, as Starbucks is trading off by 4% today (possibly because he has killed the stock buyback).

Some founders and their companies are entwined. Lots of materials for business schools on succession and how to execute it in this age.

Just three weeks ago, Starbucks (SBUX) announced that it had big plans to lavish its shareholders with new rewards. The company said it was reinstating its stock buyback program, touting a $20 billion commitment over the next three years.

“While our growth this year will not be linear, we are confident our approach supports a profit positive company today and over the long-term, creating value for all stakeholders, our partners, our customers and our shareholders,” Chief Financial Officer Rachel Ruggeri said in a presentation to investors.
But that plan was thrown out of the window when Howard Schultz assumed the role of interim CEO on Monday, taking the reins of the company for a third time.

2023: Don’t Be Carried Away By Frivolities

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I thought it wise to come up with this topic solely to enable me to communicate to fellow Nigerians in a language they would understand. Hence, I promise to maintain it to a great extent.

I have noticed that oftentimes we spend most of our time indulging ourselves in issues that do not hold water or that should be discussed by men of the underworlds. This manner of act is simply unwholesome for our individual or collective growth, thus should be shown the way out.

It is no longer news that for some time now, some Nigerians have in their numbers been spending their precious time condemning certain politicians as regards the impending 2023 general elections. According to their opinion, the set of politicians in question does not deserve to be given a chance to emerge victoriously at the polls. They, on the other hand, shower praises on the ones they believe deserve to win the contest.

This kind of discussion begotten by mere hatred or ill-advised thoughts is definitely not unusual at such a period like this. This is one of the things I call frivolities as rightly captured on the above topic.

We must, at no cost, be carried away by frivolities; things that do not matter; issues that are of no meaningful content; issues meant to be deliberated by people that are educationally less-privileged. Read my lips.

At such a time like this, what ought to have been the topic for discussion is what actually the aspirant is made of; where he is heading to; what he is up to; what motive he has for the country at large or as the case may be; above all, his individual ideology.

The aspirants as individuals, should possess their personal sense of reasoning, thus must not act based on other persons’ reasoning. Just as every discerning individual is expected to have an independent mindset, so should he or she.

In other words, we are required to assess any of the aspirants in accordance with his personal ideology, orientation, background, antecedents, and aim, rather than by that of the people around him.

I am trying to inform us that analyzing the aspirants based on the ideologies of others around them, is very wrong. We need to analyze him according to what he, as a person, possesses upstairs. Hence, it is a wicked thing to be against the humble dream of a certain individual simply because he is affiliated to one or two persons we disagree with, or in affiliation with a particular political party.

Every aspirant has his own name and identity. He could boast of a certain background. He should also have some achievements credited to his person. Among all, he can boast of a unique dream just like any other rational creature should.

These, therefore, are the basic facts we should be focusing on instead of transferring aggression or making an effort to witch hunt someone who was uniquely created by God just as each of us was.

As a person, if he has a burning desire to occupy a certain position someday, why should we antagonize such lofty intentions? The funniest part is that each time I interview most of this set of Nigerians, they seem not to have any tangible fact that makes the politician in question unqualified.

We are really paying much attention to frivolities. We are spending most of our precious time discussing events that never existed and will never happen. Such an act is barbaric my dear brothers and sisters, hence the urgent need for us to wake up from slumber.  We must desist from it in earnest before it destroys our collective existence.

It is worthy of note that God Himself will never be happy with us as we are frantically condemning one of His precious human creatures. We must jettison this needless condemnation before it becomes so late. We are casting spell on, or eulogizing, someone without any justification.

A discerning mind, at this juncture, needs to have a close interaction with any aspirant before he or she could draw a holistic conclusion on his dream or political ambition. We need to sit down and directly hear from him towards finding out if he truly has what it takes to occupy the position being aspired for.

Whatever that is running in our various minds right now, the point I am trying to make is that every aspirant is uniquely created, possesses a unique mindset and background, thus it would be inhuman for us to continue condemning his harmless dream.

Mind you, such an attitude is liable to attract the wrath of God. Hence, I sincerely urge us not to be carried away by frivolities. Do not let your intuition becloud your reasoning faculty.

The time has obviously come for us, as a people, to make a decisive decision that would yield a befitting future for our collective existence.

How The Advancement Of Technological Tools Is Boosting National Economies

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If we observe the world economies, we will notice that over the last few decades, there has been a drastic transformation as countries strive for economies driven by technology. To compete efficiently on the global stage, countries have innovated and maximized the use of technology to boost its economy. One very important aspect of technology is that it bridges the gap between countries and citizens through technology-based products and commercial products.

Technology-based economic development has indeed become a means through which a nation’s economy can thrive. Technology has been proven to represent a positive force that enhances human capabilities and expands resources. The use of technologically advanced tools by different countries has not only seen them invent the latest high-tech tools, but it has also led to the implementation of new ways of doing things, and also in the development of tools that aid in economic development.

Industrialized nations have been significant in the interaction system because these countries have transitioned from being based solely on Agriculture or extraction of raw materials, to being based on the production of manufactured goods through advanced technological equipment. Over the years, these countries have maintained a constant and significant economy at a very first pace. Looking at the impact of technology in the world today, it is widely accepted that technology is a key driver of a country’s economic growth.

Its implementation and use of it allow for more efficient production, and an easier way of doing things, which is what a country needs to boost its economic growth. In the labor market, technology is having profound effects courtesy of automation and digital advances where labor demands are shifted from routine low middle-level skills to higher-level and more sophisticated, analytical, technical, and managerial skills. In emerging economies, manufacturing-led growth has been the dominant driver, due to their comparative advantage.

Labor-intensive production, such an advantage has eroded the automation of low-skill work which has created the need to develop alternative pathways to economic growth aligned with technological change. According to research, studies have examined the contribution of individual use of ICT on economic growth. It was discovered that for every one percentage point increase in internet access, economic growth increased by 0.224 percent.

Social media is another application of individual ICT usage, which many firms now use for meeting the needs of consumers as well as building industry networks. It has been disclosed that there is a relationship between social media and economic growth. For instance, in developing countries, social media has become an indirect factor of growth, with new businesses created through social media platforms.

Most countries are beginning to adopt the use of technology in almost all of their sectors because they have discovered that a country that spends on the implementation of new technologies will grow faster than another country that is accumulating more capital but spending less on technological advancements.

Technology has been proven to be at the forefront in driving a nation’s economy. With so many start-ups springing up in Nigeria, and also the establishment of ICT centers, I strongly believe that the country’s economy will skyrocket. According to reports, the information technology and telecommunications sector is currently the largest contribution to Nigeria’s Gross Domestic Product (GDP).