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[ATTEND] Investing in Africa’s Next Unicorns – A Tekedia Capital Playbook

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We invite the general public to attend Tekedia Capital Public Lecture this Saturday. This is an  academic event on how we use patterns and data to determine the next winners in Africa’s startup ecosystems. Tekedia Capital is built on the philosophical construct of Pythagoras which is that the world is numbers, and we use numbers to model sectors and companies that will thrive within our investment thesis. It is a kind of symphonic innovation where we look at many elements before we commit to support extremely young companies. 

Public lecture details as follows:

  • Topic: Investing in Africa’s Next Unicorns – A Tekedia Capital Playbook
  • Presenter: Prof Ndubuisi Ekekwe, Chairman, Tekedia Capital USA
  • Date: Oct 16, 2021
  • Time: 6pm – 6.45pm WAT

Venue: Zoom link  on this link

The Lessons from Failure, for Success

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Source: Titanium Success

Whenever you have a setback, besides looking at the outcomes, spend more time on the processes that lead to the failures. The biggest failure is NOT fixing things that lead to failures.

Comments from LinkedIn Feed

Comment #1 – If you are not failing, you will not still have a good understanding of what success looks like, you acquire depth from your failings, and not your successes. Nobody thinks at the highest level when everything is fine and rosy, rather it’s when it’s bumpy and uncertain.

Comment #2 –  In the words of Winston Churchill “success consists of going from failure to failure with no loss of enthusiasm”.

LinkedIn is Winding Down Chinese Version, to Set Up InJobs Instead

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Microsoft-owned professional social network, LinkedIn, is winding down in China, the company has announced on Thursday. The decision to wind down follows increasing censorship rules by the authorities in China, which have made it difficult for the company to uphold rights to freedom of expression.

Last month, LinkedIn blocked profiles of researchers and journalists in China over ‘prohibited content’ that is considered offensive to the country’s Communist Party. The professional social network told affected users that it has an obligation to adhere to the requirements of the Chinese government in order to operate in China.

In 2014, LinkedIn launched a localized version in China in strict adherence to requirements of the Chinese government on Internet platforms. The company said it took the approach in order to “create value for our members in China and around the world.”

LinkedIn has succeeded in being the only Western social media company allowed to operate in China. A feat the company said it achieved by establishing a clear set of guidelines to follow in case there is a need to re-evaluate the localized version of LinkedIn in China. But things have changed significantly since then.

“While we’ve found success in helping Chinese members find jobs and economic opportunity, we have not found that same level of success in the more social aspects of sharing and staying informed. We’re also facing a significantly more challenging operating environment and greater compliance requirements in China,” the company said in a blog post.

“Given this, we’ve made the decision to sunset the current localized version of LinkedIn, which is how people in China access LinkedIn’s global social media platform, later this year.”

LinkedIn came under heavy criticism after its censorship update on publishers’ profiles last month, with many journalists and researchers accusing the company of “choosing profit over truth” and freedom of expression. Several journalists and writers shared the email they received from LinkedIn in September, pointing out the reasons why their profiles were removed.

A journalist, Greg Bruno told Insider that his book, “Blessings from Beijing: Inside China’s Soft-Power war on Tibet,” was listed on his profile, and could have been the reason his profile was blocked. Another journalist, Melissa Chan posted her email on Twitter, explaining that her profile might have been blocked because it contains some publications that the Chinese authorities don’t want to see.

“Could be many things – from this year’s piece about Uyghurs in exile, to my essay on democracy,” Chan said.

China has been facing widespread criticism over gross human rights abuses, especially the recent persecution of Uyghur Muslims. The Asian country has denied all allegations but has kept tightening its firewall, a censorship technology that prevents information not approved by the government from going in and out of China.

However, LinkedIn said it would continue to work for the interest of professional communities in China in line with its vision to build a global economy that delivers more prosperity and progress to people all over the world. The company said it will launch a new platform that will replace the localized LinkedIn – but strictly for jobs.

“Our new strategy for China is to put our focus on helping China-based professionals find jobs in China and Chinese companies find quality candidates. Later this year, we will launch InJobs, a new, standalone jobs application for China,” LinkedIn said in a statement. “InJobs will not include a social feed or the ability to share posts or articles. We will also continue to work with Chinese businesses to help them create economic opportunity.”

Flutterwave To Eclipse $3 Billion Valuation With New Funding – Bloomberg

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I maintain an excel sheet which I use to track many things. In one sheet, I track India and Africa, and specifically the startup ecosystems. India and Africa have about the same population and GDP! What that tells me is this: if Indian startups are becoming double and triple unicorns (a unicorn has a valuation of at least US$1 billion), anyone that can unite African economies can generate the same. More so, when I see a business model, I try to see how that performed in India, to ascertain its viability. Many things are common if you look deeper. 

Yes, if India’s largest fintech, Paytm, is worth close to $30 billion, Africa’s largest fintech companies should be worth at least $10 billion, discounting the inefficiency from the disparate African economies.

So on that basis, the news that Flutterwave is hitting $3 billion makes sense. As I have said many times, this is a cambrian moment, and if that happens, Flutterwave will become the largest financial institution in Africa, overtaking OPay which was last valued at $2 billion. The banks have since made ways for the future.

Flutterwave Inc., a Nigerian payments firm, is seeking fresh funding at a valuation of $3 billion or more, a figure that would roughly triple its last valuation, according to people with knowledge of the matter.

The startup, which has offices in Lagos, Nigeria and San Francisco, recently held discussions with potential investors, the people said. Terms of the funding round haven’t been finalized, and it’s possible they may change.

Led by Chief Executive Officer Olugbenga Agboola, the company in March said it had achieved unicorn status after raising $170 million in a round led by Avenir Growth Capital and Tiger Global Management LLC. Other participating investors in that deal included DST Global, Greycroft, Insight Partners and Salesforce Ventures, the company said at the time.

By 2025, these startups will do to the “new generation banks” what they did to the old banks in Nigeria: displacement. At Tekedia Capital, we are very excited on what we see – the future is full of abundance.

X-raying The Intrigues Of Internet Hacking

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Internet/computer hacking constitutes the most recent cyber-crimes. The act, best described as a monster, has over the past decade been of great concern to the teeming cyber subscribers.

Prior to the invention of the internet, criminals had to dig through people’s trash or intercept their mails to steal their personal information. Now that all the required information is available online, criminals presently use the internet to steal people’s identities, either via trick or infecting their devices with malware.

Most cyber-crimes are committed by individuals or small groups, though large organized criminal groups also take advantage of the Internet. These so-called professional criminals find new ways to commit old or ancient crimes. They treat cyber-crimes like a business and form global criminal communities.

Criminal communities share strategies and tools and can combine forces to launch coordinated attacks. They even have an underground marketplace where cyber criminals can purchase and sell stolen information or identities.

It’s very difficult to track cyber criminals down, because the internet makes it easier for people to do things anonymously and from any location on the globe. Needless to say that many computers used in various destinations have actually been hacked and are being controlled by someone far away.

For hackers who want to come clean and turn away from crime out of pretence, one option is to work for the people they used to torment by becoming their security consultants or employees. These sets of hackers are referred to as “Grey-Hat hackers”.

In the past, they were addressed as “Black-Hat hackers” who used their computer expertise to break into systems and steal information illegally while posing as a friend or dedicated employee/consultant.

But presently, some of them are acting as “White-Hat hackers” who specialize in testing the security strength of their clients’ information systems. If the interest of this set of hackers is to be paid, they will attempt to hack into a company’s network and then present the affected company with a report detailing the existing security loopholes of the establishment and how those anomalies could be tackled.

The advantage of the white-hat pattern is that they can use their skills for a good cause and help stop other cyber criminals, since keeping up with security and cyber criminals is a full-time job and many companies can’t afford financially to have someone totally dedicated to it.

Another recent devastating aspect of internet hacking is the “social engineering” routine. Social engineering is a tactic used by cyber criminals that use lies and manipulations to trick people into revealing their personal information. The attackers under this pattern frequently involve very convincing fake stories to lure victims into their trap.

Some of these tricks include: sending victims an email that claims there’s problem with their account and has a link to a fake website, trying to convince victims to open email attachments that contain malware, pretending to be a network/account administrator and asking for the victim’s password to perform maintenance activity, as well as claiming that the victim has won a prize but must give their credit card information or bank account details in order to receive it, just to mention but a few.

The recent antics of cyber criminals, which are barbaric and inhumane, call for constant and consistent update of advanced anti-hacking computer software by software producers, and the adequate dissemination of the said software to the apt quarters.

Presently, most developing countries across the global community are less-privileged in regard to advanced anti-hacking or anti-malware software. In view of this, they are expected to act fast in this regard.

These mostly affected nations, such as Nigeria, could boast of world class experts on software programming. This set of professionals, especially the young ones, needs to be encouraged by the government by setting up an industry that would enable them to commercialize their expertise.

The Communication agency of the countries is supposed to have a thoroughly equipped internet-based communication unit comprising well experienced experts and consultants. Such a unit, meant to function as a spy, would help to checkmate activities being carried out by every internet user at all nooks and crannies of the country on a daily basis.

Legislation must equally be used to checkmate the daily ugly activities of the criminals. Hence, the legislators in the concerned nations are required to sit up towards doing the needful.

There would be a need to set up a special court to be made up of uncompromising judicial custodians to prosecute anyone accused of any form of cyber-crime, particularly internet hacking that has hitherto countless countries a colossal economic loss.

Most importantly, every computer/internet firm owner ought to endeavour to engage an expert on Ethical Hacking. Our various schools at all levels, the tertiary institutions in particular, should on their part take teachings on internet hacking more seriously in the ongoing general studies on Computer Literacy.

The fact remains that if the relevant authorities commence from the foundation level to educate the young ones on the needful as regards the lingering Information Technology (IT) menace, when they eventually become in-charge of any enterprise in the future, they wouldn’t be taken unawares.

Above all, people either as individuals or entities are advised to set strict passwords, change them regularly as well as never endeavour to share any of the passcodes with whosoever toward averting any form of regret or trauma.