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Home Blog Page 5748

ByteDance CEO Zhang Yiming Steps Down

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ByteDance’s CEO and cofounder, Zhang Yiming, has announced he’s stepping down from his role leading the company. Zhang will move to another position in the company, allowing co-founder Liang Rubo, who currently runs HR in ByteDance, to become the new CEO.

Under Zhang’s leadership, ByteDance’s kid company, TikTok grew to become the most valuable startup in the world. But the prodigy thinks his time at the helm is up as he’s no longer developing new ideas to keep the company at the top of innovation.

“Yet I worry that I am still relying too much on the ideas I had before starting the company, and haven’t challenged myself by updating those concepts. As an example, before 2017, I spent a lot of time keeping track of developments in machine learning. However, since then, while I do my best to bookmark technical articles online, I haven’t had the time to make much progress digging into the area. During technology meetings, this sometimes means I actually struggle to keep up with the discussion,” Yiming said.

He explained that his decision was masterminded by the urge to avoid the trap of the CEO becoming overly central — listening to presentations, handling approvals, and making decisions reactively, that companies often fall into when they mature and expand. This leads to an over-reliance on existing ideas already in the company, and results in knowledge structures being slow to iterate.

“In order to avoid this trap, I gradually came to a decision over the last six months to take on a new role at ByteDance. I believe I can best challenge the limits of what the company can achieve over the next decade, and drive innovation, by drawing on my strengths of highly-focused learning, systematic thought, and a willingness to attempt new things,” he said.

Yiming led ByteDance through its toughest period, characterized by former US President Donald Trump’s executive order aimed to end TikTok’s operations in the United States. TikTok scaled the challenge, recording unprecedented growth.

ByteDance has a range of social media platforms including Douyin, China’s version of TikTok that powers creation of short-form mobile videos. There is also Toutiao, one of the most popular content discovery platforms in China that offers users a unique, personalized and comprehensive content experience, enabling them to discover and explore topics of interest, ranging from sports and entertainment to agriculture and history.

Others are Xigua Video, Helo, Lark, the Indonesian news content app – Babe and research and data analytics tools Byteplus.

Yiming said Rubo, given his versatility, and leveraging his strengths in management, organization, and social engagement, will be able to lead ByteDance in many fronts.

“There are still many things that we need to improve, and I think someone else can better drive progress through areas like improved daily management. The truth is, I lack some of the skills that make an ideal manager.

“I’m more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people. Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and daydreaming about what may be possible,” he said.

Reinventing Citizen Journalism Practice in Nigeria: Egbemode and Our Analyst’s Propositions

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Over the years, the argument has been that citizen journalism broadens participatory democracy, enables strict adherence to accountability and transparency principles by the political and business leaders. As good as the genre of journalism is, there are concerns that it drives social and political disturbances. Some countries have experienced and still experiencing these.

In Nigeria, a navigational search on the Internet will give one a number of citizen journalists who are using varied blog platforms for dissemination of what they consider newsworthy and need to be reported to the public. However, Mrs Egbemode Funke, the Commissioner of Information and Civic Orientation in Osun State, is another contributor to the ongoing conversation on the negativity of the journalism practice. According to her, citizen journalists are bastardizing the present-day journalism. Her hypothesis is that if there are no citizen doctors, there can’t be citizen journalists.

Examining Egbemode’s position, our analyst notes that the current crop of citizen journalists pay attention to monetary value more than societal value, which can only be created when they understand the nitty-gritty of generating, analysing and writing newsworthy events or happenings. Our analyst further states that majority of citizen journalists and bloggers started not because they have specific value to add to the journalism profession in Nigeria, but they want to earn money like renowned bloggers at the expense of writing and reporting news as a product.

Exhibit 1: Estimated Revenue [US$] of Select Blogs in Oyo, Osun, Edo and Lagos States

Source: Worth of Web, 2021; Infoprations Analysis, 2021

Journalism Not Only About Speaking Grammar

“It’s either you’re a journalist or not. We have rules and regulations guiding every profession and if these rules are not being followed, we will get into trouble.

“Some people woke up one day because they speak English and have phones, then called themselves citizen journalists. We woke up one day and found people who are angry, just typing breaking. Because they are angry with somebody, they think that’s enough reason to start a blog and you call a blogger a journalist.

“If there are no citizen doctors, there can’t be citizen journalists. It’s the fault of all of us recognising those who were not trained for the job, who do not have passion for the profession, who see it as a tool of attack and think being a journalist gives them some kind of weapon to fight their enemies. It’s fine to be an activist but being an activist is different from being a journalist.”

Mentorship and Training Issue

“People are not willing to be mentored, they want to be CEOs on the day they graduate, they want to be called editors two years down the road but it doesn’t work like that.

“We went to journalism school apart from going to the university. You find out that what we were taught in school is not what you find in the news. You learn on the job how to ask questions, conduct interviews, how to soften the personality you’re interviewing, how to even stalk them and balance your stories. But that’s not what we are doing these days. Someone finds a story, doesn’t confirm it yet spreads it.”

What to Do?

From the insights provided by Mrs Egbemode and our analyst, it is clear that citizen journalists, especially bloggers need to stop being unprofessional. As noted, they need to learn, unlearn and relearn from journalism school and professionals in the mainstream media.  These are not enough. Having a sustainable business model, which entails value creation, delivery and capturing processes will go in a long way of averting identified unprofessional conducts. In this regard, anyone who considers the journalism genre as imperative for sustainable building of democratic and industrial institutions should seek and apply emerging knowledge.

A New Course: Stakeholder Capitalism: Umunneoma Economics & Igbo Apprenticeship System

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Today, Tekedia Institute is very happy to announce that a new course is coming titled “Stakeholder Capitalism: Umunneoma Economics & Igbo Apprenticeship System”. After my BBC World Service interview and the Harvard Business Review article, both ran this week, many people from the around have asked me questions.

As a school of the future, Tekedia will work with the custodian of this business framework, Ohaneze Ndi Igbo, to develop a course on Umunneoma Economics & Igbo Apprenticeship System within the framework of global stakeholder capitalism.

We expect this course to be completed later in the year. But any member, past, present and future, will have access to it.

Corporate Training – Tekedia Wants To Speak With You!

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There is no other way to write it: we want to have a conversation with you before you conclude that corporate training plan. Your workers are great in what they do. We know they are ready to execute the playbook. Yes, we understand that. 

Yet, we have got things which can make them better. We use the word “co-learners” because there is no “student” in our program; everyone is learning. But the learning is a journey – a real knowledge festival unbounded and unconstrained in many ways, liberating minds, and showcasing the physics of building category-king companies.  Someone has called it an “academic netflix show”.

Contact our team; we want to explain how we are translating ideas into innovation, and innovation into business growth, and growth into value creation for all.

We make stars out of employees. We want to speak with you at Tekedia Institute! The next class begins June 7.

To register, click here.

The Nigeria Air, And AGF Malami Comparing Open Grazing To Trading Spare Parts

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Nigeria wants to run a national air carrier and the government is promising that a new one will begin operations in 2022: “In this 2021, we will try to do all the needful and probably we intend to start operations somewhere around first quarter 2022”. The nation’s Minister of Aviation, Hadi Sirika, announced the date while speaking to newsmen after the Federal Executive Council on Wednesday.

First, I do not think that it is a good idea for Nigeria to float a national carrier at this time. We are yet to know why our previous voyages into this sector failed. Yes, unless we can explain that, going into this again makes no sense. It is simply going to be another avenue to distract the government  from focusing on what matters.

While we hope that ticket prices drop, the fact is that the local aviation industry, through the private sector, continues to march on. We do not need the government because its impacts may not really matter. But it will cost the Nigerian people resources which could have been deployed in other areas.

“In this 2021, we will try to do all the needful and probably we intend to start operations somewhere around first quarter 2022,” he said.

“It is still in top gear, we are coming back to Council, hopefully within the next two weeks, to present the memo on the national carrier,” he said.

“We went to Council to approve the outline business case for the carrier and then the Council raised some questions and asked us to go and file the memo again and bring it back.

“So, once it comes back and the outline business case is approved by Council, then, of course, we will now go to the full business case, which is now going to the market and then establishing the national carrier.

“It was our intention to have a national carrier running in 2021, which is this year. Unfortunately due to COVID, which took the greater part of last year, since March last year, activities are almost impossible.

“Of course, for obvious reasons, we now have access to equipment, that they will come faster to us, deliveries of the aircraft will be faster, perhaps even the rates might be cheaper and so on, and so forth.”

Today, national carriers thrive based on many factors. The most critical being that airlines are like the double plays to a home one oasis. Emirates runs on the strength of Dubai tourism boom. The Ethiopian Airlines has an edge, as Addis Ababa is the headquarters of the African Union with many natural traffics. More so, Nigeria has no chance to offer cost-efficiency which typically comes via scale, against Ethiopian and other global brands.

Our government while thinking that an airline will bring national pride needs to calibrate on this. Our private sector can serve the nation while the government focuses on making sure our airports run at world-class standards.

But this may not matter since the Attorney General of the Federation believes that banning open grazing in the southern part of Nigeria could be compared with banning spare parts in the northern part: “The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, on Wednesday, slammed Southern governors for banning open grazing in the region. According to the AGF, open grazing ban is the same thing as Northern governors banning spare parts trading in their own region considering the fact that Southerners comprise a majority of spare parts traders in the North.”

His thinking is extremely offensive when you look at individual liberty and property rights. No one says that you cannot do open grazing. What people are saying is that you cannot graze your cattle, and destroy another person’s crops. So, where the cattle cannot stop that destruction, it has to change its process. Equating open grazing to spare parts shows we are fact-free, critical thinking-free, and any attempt to have a national conversation has no chance. So, the national carrier, Nigeria Air, will likely launch.

A governor responded to Malami thus:

His response to Mr Malami was made available to journalists on Thursday morning by his spokesperson, Olabode Richard.

Mr Akeredolu wrote as the leader of the Southern Governors Forum.

He said it is most “unfortunate that the AGF is unable to distil issues as expected of a Senior Advocate. Nothing can be more disconcerting.

“This outburst should, ordinarily, not elicit a response from reasonable people who know the distinction between a legitimate business that is not in any way injurious and a certain predilection for anarchy,” said Mr Akeredolu, who is also a Senior Advocate of Nigeria.

“Clinging to an anachronistic model of animal husbandry, which is evidently injurious to the harmonious relationship between the herders and the farmers as well as the local populace, is wicked and arrogant.