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LinkedIn News Showcases Tekedia Article On Quibi and TikTok

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I wrote here that Quibi is a bad business model. Today, we are learning that the company is shutting down. LinkedIn has included my perspective as one of the Editors’ picks. This is coming after Quibi raised $1.75 billion in funding.

Streaming service Quibi is shutting down. In a statement to employees and investors, founders Jeffrey Katzenberg and Meg Whitman said, “We are winding down the business and looking to sell its content and technology assets.” The service, which featured 5- to 10-minute video narratives meant to be consumed on a smartphone, had attracted $1.7 billion in funding in the run-up to its launch less than a year ago. Its employees will be laid off and paid a severance, anonymous sources told The Wall Street Journal.

The Verge expands the reason behind the shutting down.

Quibi, the struggling short-form mobile video startup led by founder Jeffrey Katzenberg and CEO Meg Whitman, is shutting down just six months post-launch after the company failed to find a buyer, according to a new report.

According to a Wall Street Journal report, Katzenberg called investors Wednesday to tell them Quibi was folding. That came after a restructuring firm hired by Quibi — which raised $1.75 billion in funding, including from major media companies including Disney, NBCUniversal, and WarnerMedia — provided a list of options to the company’s board of directors this week. One of the proposals: for Quibi to cut its losses and shutter the company.

Meanwhile, TikTok is fighting to ensure hate is out of its network.

The social media network that became popular for its teen dance challenges is now dealing with a problem familiar to some of its more mature competitors: hateful content. On Wednesday TikTok announced that it’s expanding its hate speech policies that already prohibit neo-Nazism and white supremacy to include “neighboring ideologies” like white nationalism and genocide theory. The service also said it will crack down on coded language and symbols TikTokers may use to spread hate speech (Fortune newsletter)

Which is a Better Business Model – Quibi vs Tiktok?

The “Call to Execution (Summary)” Rescheduled Next Week for Edition 2

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To our Nigerian members, I want to let you know that our Tekedia Community has been sending words of strength and encouragement from around the world. From Canada to Singapore to Benin Republic, the message is clear: peace and blessing.

Our immediate concern was how to pause a global product. But it seems our non-Nigerian members understand. I still apologize to all members who are not in Nigeria; a global product ideally should move on. But the challenge was that most of our staff team members are in Nigeria and with the situation there, we think it is best we give them time to “heal” psychologically. 

For Tekedia Mini-MBA Edition 2, “The Call to Execution (Summary)” is a big part of our program because it closes an edition. We will update in the Notes in the Board when that would hold next week. Our Board remains fully open but Live and Labs are paused.

Everyone should stay safe and please safety first.

Tekedia Team

CASE STUDY HANDBOOK:Benefits of Having Your Brand Analysed for Tekedia’s African mini-MBA Students, Network of Stakeholders

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From the classrooms to the fields, stakeholders have always been interested in understanding issues and needs of users of products and services through case analysis. Over the years, the students of business administration and management courses have had the cause of analysing businesses with the specific focus to their downs and ups with the intent of revealing varied learning curves for the managers and employees.

Some days ago, Professor Ndubuisi Ekekwe announced the readiness of his Tekedia Institute to make 200 business cases available to scholars of the Institute. After the announcement, I sent an email message, communicating my interest in developing a number of case studies for the Institute’s Case Study Handbook.

However, communicating the readiness on my LinkedIn page with the inclusion of two of the expected brands has generated positive and negative reactions. These reactions were communicated to me via LinkedIn’s message section and calls. This piece aims at clarifying some of the reactions, especially those communicated by the employees [who questioned the reason for taking interest in their brands without formal communication].

It is imperative to understand that case study is “an up-close and detailed examination of something your business did. It includes a beginning, an explanation of what happened next, and a resolution that explains how the company solved or improved on something.”

Based on this definition and others, many businesses have made themselves available for external analysis that explores the case study approach because of the inherent value that would accrue to them directly or indirectly.

In our experience, we have realised that people across the world developed a significant interest in knowing brands within case studies [see Exhibit 1 and Exhibit 2]. We found a 34% stronger connection in global interest in discerning case studies within industries, and education sector. On average, people interest in case studies within industries has been 34%, while it remains 60% as at the time of writing this insight. From marketing to leadership strategies, public want to learn from successful and unsuccessful businesses [see Exhibit 2].

Exhibit 1: Global Public Interest in Case Studies within Education and, Business and Industrial (2015-2020)

Source: Google Trends, 2020; Infoprations Analysis, 2020

Exhibit 2: Top Focus Areas (2015-2020)

Source: Google Trends, 2020; Infoprations Analysis, 2020

From the insights, it is clear that having your brand in the forthcoming Case Study Handbook remains one of the best things that should happen to your business. The Institute’s mini-MBA is an accelerated one that considers students’ specific needs. Apart from this, it is industry-centric. It is a programme that has captains of industries as faculty members. It is a programme that leverages online community for the dissemination of tacit knowledge. Already, a number of previous and current participants are giving testimonies regarding what they have accomplished personally and for their brands.

As global investors and customers continue expanding their interest in Africa, is it not going to be a huge plus to your brand? With the Case Study Handbook, you have the opportunity of turning your brand into a compelling story and use as an effective content tool. As a matter of fact, Case Analysts should be seen as your Brand Evangelists, who have the intention of increasing your recognition and business-to-business influence.

PayPal Joins Cryptocurrency, Shooting Bitcoin Price Above $12,000

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Paypal Holdings Inc has delved into the digital currency market. The fintech company announced Wednesday that its customers could now buy, sell and hold bitcoin and virtual payments using the company’s online wallets.

The announcement resulted in the surge of bitcoin price on Wednesday. The company said its customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021.

Under its cryptocurrency platform, US account holders will be able to buy, sell and hold cryptocurrencies in their Paypal wallets over the coming weeks. Consumers will be able to convert their selected cryptocurrency balance to fiat currency, with certainty of value and no incremental fees. The company said it plans to expand to Venmo and some countries in the first half of 2021.

“Paypal merchants will have no additional integrations or fees, as all transactions will be settled with fiat currency at their current Paypal rates. In effect, cryptocurrency simply becomes another funding source inside the Paypal digital wallet, adding utility to cryptocurrency holders,” the company said in a statement.

Paypal president and Chief Executive Dan Schulman said the company hopes the newly introduced service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations.

“We are working with central banks and thinking of all forms of digital currencies and how Paypal can play a role,” he said.

Many central banks around the world, including China, are planning to develop digital currencies alternative to their fiat currencies.

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” said Schulman.

Paypal has 346 million active users around the world and a record of $222 billion processed payment transactions in H1 of the year. The company believes its widely used platform will offer users around the world a chance to carry out cryptocurrency transactions as more countries embrace the national digital currency idea.

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange,” added Schulman.

Paypal plans to feature Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the Paypal digital wallet. The financial service provider plans to develop the new platform through a partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

To offer the digital currency services, Paypal secured a “first-of-its-kind” conditional Bitlicense from the New York State Department of Financial Services (NYSDFS). The Bitlicense means Paypal with commence cryptocurrency services in New York.

The company said it will provide account holders with educational content to help them understand the cryptocurrency ecosystem, the risks and opportunities related to investing in cryptocurrency, and information on Blockchain technology.

Paypal said the idea will be developed through partnership as it tries to explore the next generation of digital financial services infrastructure and enhancements to digital commerce through an internal blockchain-focused research team.

The company had in 2019, invested in TRM Labs, a company focused on helping financial institutions prevent cryptocurrency fraud and financial crime, and Cambridge Blockchain, a blockchain-based identity management and compliance software company. It was also a partner in Facebook’s Libra, though interference by US regulators forced it quit.

Meanwhile, bitcoin surged more than 5 percent to over $12,400, the highest level since July 2019, taking its total gain since last week above $1,000.

The leading cryptocoin has continued to gain since its halving in May. Analysts believe the growth is a result of economic uncertainties created by the coronavirus pandemic, which has pushed investors into search for a secure place to hide their money. Gold has proved to be a place of refuge for investors, and recently cryptocurrency, though analysts said investors should be wary of its volatility.

The Fault Lines in Nigerian Leadership

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Nigeria leaders

It is true that when one’s house is on fire, everybody gets to feel the impact. We can no longer remain at ease, when our house is ablaze.

For some weeks, there has been a rise in public outcry over SARS, a group created to fight against robbery, and which initially lived to its expectations. However, in recent times, it seems some members of the group have resorted to using force, and going extreme in the way they handle suspected individuals. Only a few who survive in the hands of these ones live to tell their stories, as some of these officers usually resort to cruel methods which often result in death. Thus, the emergence of different viral videos on this has led to the demand by youths to have this group disbanded. One of the scenarios that led to increase in the protest to end SARS was the killing of a young man in Delta State (one of the Nigerian states) by suspected officials of the SARS group, who left with the man’s Lexus vehicle.

It is so unfortunate indeed. Over the years, there has been a lot of outcry against brutality by security operatives in Nigeria. It seems once the operators are given guns, some of them see it as an opportunity to intimidate others, sometimes resulting in the death of the victims. Travelling by road to other states sometimes leads to fear because some of these operatives on the highways, sometimes harass those who fail to give them some money for protecting the road. Some even have their lives threatened coupled with the fact that most of the security checkpoints, especially of the Nigerian police, would demand for some form of monetary compensation or tips. Failing to comply would show that you are not grateful, and you may not want to be seen that way.

The SARS group is one of the most dreaded units in the Nigerian Police Force. There has been so many cases of harassment by officials of this group, as once you are seen with some dreadlocks, laptop, an iphone, or more than one expensive phone, you would become a potential suspect. It is worse as in some of the cases, these officials carry sophisticated guns in public, without wearing the SARS uniform, and also shoot at will, thus raising questions on whether they passed through the Police training or are thugs with government recognition.

The shooting of peaceful protesters at Lekki Toll Gate on October 20, 2020 has been widely condemned by many, both within the country and in the international scene. Witnesses said that the men who dressed as Nigerian Soldiers began shooting at protesters immediately the power supply in the arena went off. Some also claimed that some of those shot down were carried away by the soldiers, and essential services such as ambulance services providers prevented from accessing the victims. Although the protesters had defied the curfew placed by the Lagos State government, the unarmed protesters were still shut despite singing the national anthem, and holding the Nigerian flag, thus having the flag stained by blood.

The Army headquarters had denied having soldiers at the scene of the protests, even as the Lagos State Governor stated that the powers were beyond his direct control. This therefore raises questions as to the true personalities or cabals holding the country hostage. Before now, there has been some petition by different persons and groups such as IPOB, IMN, and others, on the brutality meted out on their members by security operatives.

The Leadership in Nigeria has so many fault lines. Some of those who are meant to fight corruption have been portrayed in recent times as the law breakers. Election in public offices is almost a do or die affair by some politicians, as they hire thugs to disrupt voters. These thugs are enticed with money to unleash mayhem on citizens. With the Boko Haram terrorists fighting ruthlessly in the North Eastern part of the country for almost a decade despite all the funding and officials deployed against the insurgency, there is also Banditry violence and attacks at the North Western part of the country. 

The North Central part of the country is not entirely peaceful as in recent times, it has become the center for an increase in violence arising from armed herdsmen (whom the Nigerian government had claimed were foreigners) and farmers. The South Eastern part of the country has seen renewed demonstrations for a referendum and a separatist state, even as the region has claimed a lot of favouritism for other regions over the region by the Nigerian government since the end of the Nigerian – Biafran civil war (in which millions of Biafran children and adults died due to starvation). This favouritism includes admission into public institutions, budgetary allocation for roads and other infrastructure, as well as in the appointment of key officers into strategic areas of government (such as the Military, etc).

The South Southern part of the country has remained relatively peaceful since the commencement of the amnesty program for the Niger Delta militants. And now, with the recent protests in majorly the South Western part of the country, the country may not be able to handle the complex issues it faces. More so, the disregard for human rights in the country could increase the rate of violence in the country (as seen from widespread killings in places such as Kaduna, Jos, Benue, Kogi, and others) and could make the Nigerian project unworkable in the nearest future if this persists. In recent years, the calls for structural reforms through restructuring and decentralization of power in the Nigerian state do not appear to have progressed especially due to the opinion divides among different elected representatives in the National Assembly.

The fault lines in the Nigerian leadership structure not only consist of endemic corruption in almost all the country’s institutions, but also includes varied opinions from different zones which have led to delays in implementing budgets and projects. The issue of human rights abuse is not to be overlooked as well, as people are kept in prisons for so long without being on trial, as the government even fails to comply with courts’ directives to free some of those in custody. There are also cases of the government negotiating with internationally certified terrorist groups like the Boko Haram, while IPOB – which is seen as a peaceful group is labelled as a Terrorist group by only the Nigerian government, and some of its members still in prison, while the members of Boko Haram are freed and rehabilitated. 

This has raised questions as to the sincerity of the Nigerian government. The Nigerian situation is quite peculiar as leaders sometimes deny some reports and only admit to a part of them when there are videos and concrete evidence that proves them otherwise. Sometimes, it is their words against those of the citizens, and vice versa. Another faultline in the Nigerian leadership is the inability of leaders to understand those they lead, and their failure to listen to them. There are also cabals or godfathers who lead at the background, telling some of these leaders what to do. These cabals do the devil’s bidding in secret, and have some of these leaders execute them in the open. Failure to listen to some of these cabals would be seen as rebellion, thus leading to a serious opposition against the leader which may eventually lead to the ousting of the leader or the political decline of the leader in question after that tenure.

As the giant of Africa, it seems its so-called lazy youths (as stated by their number one citizen) have risen to awaken the giant. The protest is a clamour by Nigerian youths to awaken the conscience of the leaders who value material gains over human lives. It is the country where its citizens earn among the least in the world, while its Senators earn among the highest in the world, even more than the most developed countries of the world. The leaders discourage medical tourism and academic tourism overseas, but are the ones who patronise foreign countries more than the Nigerian citizens (as their children and families reside in estates overseas while the hospitals and schools in their home towns are in a dilapidated state).