E-Business
12 African Startups Draw Full House as Techstars Hosts Demo Day in Lagos
Techstars, the most active startup investor in Africa, held its second pan-African Demo Day in partnership with Lagos-based innovation program, ARM Labs.
The ARM Labs Lagos Techstars Accelerator Demo Day was held on 20th February at Balmoral Convention Center, Federal Palace Hotel, Lagos.
The event featured presentations from Techstars’ stellar second cohort from across the continent, marking the end of an immersive three-month accelerator program.
The startups presented to Techstars’ vast network of investors, mentors, senior operators, and ecosystem leaders, unveiling achievements and future plans whilst vying for strategic partnerships and commercial collaboration.
In addition to the startups’ presentations, the event featured a lively panel discussion with key figures in the African tech and Venture Capital ecosystems, exploring the state of VC funding and innovation in Africa.
Panellists included Olumide Soyombo, Partner at Voltron Capital; Biola Alabi, Partner at Acasia Ventures; and Ovo Emorhokpor, Founding Partner at Beta.Ventures. The event also drew the attention of more than 480 industry leaders and investors, including Idris Bello, Founding Partner at LoftyInc Capital; Tosin Faniro-Dada, Partner at Breega; Eloho Omame, Partner at TLCom Capital, Victor Sada, Head of Ventures & M&A at Interswitch; Bode Abifarin, Ex-Chief Operating Officer at Flutterwave; and Olusegun Adeniyi, Chief Digital Officer at Wema Bank, who were in attendance. An additional 2,500 viewers joined online via Youtube and Linkedin.
The ARM Labs Lagos Techstars Accelerator second cohort, chosen from over a thousand applicants across Africa included 24Seven, Beauty Hut, Eight Medical, GetEquity, JumpnPass, One Plan, PBR Life Sciences, PressOne Africa, Rana, Surge Africa, Swoove and Veend.
Over the past 13 weeks, along with the $120,000 each in investment, the startups received comprehensive training and mentorship from leading industry experts in the form of workshops on Go-to-markets Strategies, Financial Modelling, Customer Acquisition, Investment Readiness, People and Leadership, Legal and Governance, and Product Management.
Additionally the select startups gained access to more than 300 perks, valued at over $4 million in savings, and will benefit from lifetime access to the Techstars worldwide network.
In her Demo Day welcome address, Oyin Solebo, Managing Director of ARM Labs Lagos Techstars Accelerator, stated, “At Techstars, we are committed to empowering entrepreneurs through our accelerators, venture funds, and network of investors, corporates, and mentors across various cities.
“We firmly believe that entrepreneurs are the driving force behind a better future for all, and our mandate is to ensure they succeed. As the world’s most active pre-seed investor, we are also proud to have become the most active startup investor in Africa.
“Teaming up with ARM, we’ve developed a program aimed at showcasing the remarkable innovation and talent on the continent. We’re excited about the 12 companies we’ve backed, each leveraging technology, data, and intelligence to serve a population growing in size, youth, income and digital access”.
The engaging event schedule also featured a keynote address by Adetayo Bamiduro, Co-founder of Max.ng, the first African startup selected for a Techstars program.
Adetayo emphasised the profound impact Techstars has had on his startup since selection in 2015, and also shared meaningful insights on the startup’s learnings, milestones and the growth opportunity that Africa offers.
Kenise Hill, U.S. Consulate Deputy Political and Economic Chief, also gave an address, highlighting the U.S’s commitment to trade with Africa, and their areas of focus – technology, healthcare, renewable energy and food security.
In the closing address by Sadiq Mohammed, Deputy Group CEO of ARM Holding Company, disclosed, “We are delighted to have partnered in this innovative program where our aim was to expand our horizons and improve our processes, introduce a new asset class to clients, and contribute to the ecosystem growth. We’re thrilled with how these objectives are being met based on the program’s success and the inherent impact of the selected startups.
Despite the market and challenging macroeconomic climate, we maintain a positive outlook knowing fully well that the best market-creating innovations thrive best when value-chains and markets are restructured. We believe this cohort is well-positioned for success.”
Oluwadunni Fanibe, Program Manager at ARM Labs Lagos Techstars Accelerator also commented on the progress attained by the founders over the past weeks.
She stated “Throughout the program, the cohort demonstrated genuine enthusiasm, passion and dedication, qualities highly valued by investors. They’ve mastered articulating and executing their business models, also honing their pitching skills along the way. The program has boosted their capabilities, propelling them into the next stage of their entrepreneurial journey and we wish them continued success.”
As founders showcased the product-market fit of their startups, track record and growth opportunity, it highlighted the ingenuity and opportunities abound in the African market. The event now sets the stage for follow-on investment and innovation in the months ahead for the cohort.
E-Business
NITDA Alerts Nigerians on Cybersecurity Risks Linked to Spotify
National Information Technology Development Agency (NITDA) has issued a public alert warning Nigerians about a cybersecurity threat involving the use of Spotify to promote malicious activities.
The agency, in a public notice issued on Tuesday, disclosed that threat actors are exploiting the popular music streaming platform to advertise game hacks, pirated software, and spam links that could expose users to cyber threats.
According to NITDA, cybercriminals embed malicious promotions in playlist names and podcast descriptions on Spotify, explaining that these promotions are used to advertise game hacks for popular video games such as Fortnite, GTA, Apex, and Roblox. Additionally.
They also promote pirated software (commonly referred to as ‘cracks’), spam links, and other malicious sites.
This abuse is said to leverage Spotify’s web player results to improve the search engine visibility of these harmful websites, putting unsuspecting users at risk of malware, scams, and other cyber threats.
NITDA warned that the exploitation of Spotify could lead to exposure to scams and phishing attacks, downloading of malware that can compromise user devices and Loss of personal and financial data through interactions with malicious websites.
To manage the risks, NITDA advised users to exercise Caution with suspicious playlists and podcasts and avoid engaging with playlists or podcasts that feature unusual or suspicious text in their descriptions.
It also warned users not to click Unknown Links, and also ensure the Spotify app is updated to the latest version to minimise vulnerabilities.
The agency further advised Spotify users in Nigeria to remain vigilant and adhere to cybersecurity best practices to safeguard their personal information and devices.
According to the agency, the websites posing as OpenAI’s popular AI, ChatGPT, are tricking users into downloading malicious files or software to their devices.
E-Business
Konga Yakata’s Last Week: Don’t Miss Out on Incredible Deals
Excitement is reaching a fever pitch among shoppers as the Konga Yakata Black Friday shopping fiesta enters its final week. Shoppers nationwide are gearing up for a rain of last-minute deals and irresistible offers, with the promotion set to end on Saturday, November 30, 2024.
The month-long Konga Yakata campaign, which kicked off on Friday, November 1, has delivered an unparalleled shopping experience, treating customers to incredible discounts, engaging promos, and unbeatable incentives.
In addition to massive price cuts across a wide range of products, Konga has thrilled shoppers with exciting events such as Treasure Hunts, Flash Sales, Bargain Bash, Brand Days, and specialized Black Friday packages like the Budget Store, Under 50k Store, and TGIF Epic Drop.
The highlight of the Yakata 2024 season will be this year’s Black Friday, which takes place on Friday, November 29. Thousands of customers will be able to score exclusive discounts on items including electronics, clothes, home appliances, computers, and groceries.
Reflecting on the experience so far, a satisfied anonymous shopper who snagged a TV at a discounted rate said, “Konga Yakata has been nothing short of amazing this year. The discounts are unbelievable but true, and the convenience of shopping online is unmatched.
“I’ve already made several purchases, and I’m excited to see what other deals are in store for the final week.”
Konga’s Black Friday sale has been a boon for consumers, offering respite from the economic challenges many Nigerians face. By providing access to affordable products and services, Konga has empowered shoppers to make the most of their money.
Despite the prevailing economic challenges, shoppers have embraced the Yakata season, targeting high-value deals and leveraging Konga’s tailored offerings to make significant savings. With the countdown underway, the excitement is expected to hit its peak on Friday as customers traditionally wait for that day to grab the most exclusive deals.
Speaking on the heightened anticipation, Kunle Ajani, Group Head of Marketing at Konga, stated, “We’re thrilled with the overwhelming response to Konga Yakata this year, and we’re committed to ensuring the final week delivers the biggest surprises yet.
“We are proud to offer a platform where shoppers can enjoy exceptional value, despite the economic realities.”
As the curtain closes on the 2024 Yakata season, shoppers can look forward to a flurry of last-minute deals, culminating at midnight on November 30. From tech enthusiasts to lovers of electronics and deal hunters, Konga Yakata continues to redefine the shopping experience, making it a season to remember for all Nigerians.
Take advantage of the final week of Konga Yakata. Visit Konga.com and experience the thrill of shopping at unbeatable prices.
E-Business
NITDA DG Harps on the Role of Innovation in Nigeria’s Sustainable Development
Kashifu Inuwa CCIE, the Director General, National Information Technology Development Agency (NITDA), has reiterated the critical role of innovation in driving Nigeria’s sustainable development, economic diversification, and global competitiveness.
Inuwa made this remark while delivering a keynote address at the 8th Annual Research Fair and Exhibition of Nasarawa State University, Keffi (NSUK), where he called on academia, industry leaders, and policymakers to embrace disruptive transformational innovation as a tool for addressing the nation’s challenges and unlocking its immense potential.
Speaking on the theme, “Disruptive Transformational Innovation; Shaping the Future,” Inuwa commended NSUK for organising an event that aligns with Nigeria’s pursuit of growth through knowledge-driven solutions.
Inuwa who was represented by the Deputy Director, eGovernment and Digital Economy Development Department, Engr Ya’u Garba, applauded the university’s increasing focus on transformation, noting that such initiatives reflect an understanding of the need for impactful innovations to address real-world issues.
Inuwa emphasised that while inventions remain a cornerstone of academic inquiry, their significance lies in their ability to move beyond theoretical exploration to become practical innovations. These innovations, he explained, have the power to reshape industries, tackle societal challenges, and accelerate national progress.
He urged institutions to prioritise creativity and bold thinking, ensuring that research outputs translate into tangible benefits for society.
Explaining the concept of disruptive transformational innovation, Inuwa described it as a profound force capable of altering established systems, processes, and products in ways that redefine societal functions. Unlike incremental innovations, which focus on improving existing frameworks, disruptive innovations introduce entirely new paradigms, addressing challenges in groundbreaking and previously unimaginable ways.
He cited historical examples such as the Printing Press, the Steam Engine, and Electricity, which have significantly transformed human existence and set the foundation for modern development.
Inuwa pointed out that Nigeria’s abundant human and natural resources present a unique opportunity to harness innovation for sustainable development. He called for a collaborative approach involving academia, industries, and government to build an environment that nurtures creativity, supports bold investments, and encourages inclusive growth. Such an ecosystem, he said, is vital for fostering homegrown innovations that can propel Nigeria to the forefront of global technological and economic advancements.
He further highlighted NITDA’s dedication to fostering innovation through various initiatives, including the National Adopted Village for Smart Agriculture (NAVSA) to digitally transform the agricultural sector, the National Blockchain Adoption Strategy to enhance digital trust and transparency, and the National Artificial Intelligence Strategy aimed at building a robust AI ecosystem in the country, among other impactful projects, which are part of the Federal Government broader strategy to position Nigeria as a leader in the global knowledge economy.
Inuwa also urged NSUK to deepen its commitment to innovation by establishing hubs that support facility-led startups, fostering collaborations with industry stakeholders, and equipping students with essential technological skills. He noted that such efforts would not only empower the university community but also contribute significantly to national development.
Inuwa expressed confidence in Nigeria’s ability to not only adopt global innovations but also create groundbreaking solutions that could influence the trajectory of Africa and the world.
He called on all stakeholders in the country to embrace the transformative power of innovation in order to drive sustainable development, economic diversification, and global relevance.
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