Prominent figures from Ethiopia’s public and private sectors have spoken out publicly to welcome the return to Addis Ababa of the Africa Hotel Investment Forum (AHIF) which is the premier tourism and hotel investment conference in Africa, and to encourage others to attend.
AHIF attracts many prominent international hotel owners, investors, financiers, management companies and their advisers. It will return to the Sheraton Hotel, Addis Ababa in the last week of September 23-25, 2019. AHIF was previously held in Ethiopia’s capital city in 2014 and 2015.
According to an independent study by Grant Thornton and the international tourism advisory expert, Martin Jansen van Vuuren, of Futureneer Advisors, the event is forecast to be worth $millions to Ethiopia’s economy and to facilitate the investment of $billions in hospitality projects across Africa.
In 2018, AHIF facilitated around $2.8 billion of investment in the hospitality sector and between 2011 and 2018, $6.2 billion. Abebe Abebayehu, Commissioner, Ethiopian Investment Commission, said: “We are glad to support this prestigious event.
AHIF attracts the highest caliber group of business leaders in the hospitality industry in Africa. By taking part, we will be able to get a much deeper understanding of what investors need. That is particularly important to us in the context of the government’s focus on tourism as a strategic pillar of the economy. By encouraging more investment in hospitality projects, we will create productive employment for our young population and earn valuable hard currency.”
One of the most important roles played by AHIF is to facilitate networking between delegates. Many investors and developers are keen to find new sources of finance, expert advisers and importantly, local partners.
One Ethiopian businessman, Neway Berhanu, Managing Director, Calibra Hospitality Group, has benefitted substantially from this. He says: “Calibra Hospitality Group’s success in becoming the leading consulting company in Ethiopia has been greatly helped by being an active participant in the Africa Hotel Investment Forum, since 2011.
Thanks to Bench Events, we are now well connected, having established very good relationships with all the major international hotel brands. That has enabled us to conclude close to 25 International transactions, bringing business to Ethiopia. I would encourage the business community and all stakeholders in the hospitality sector to attend.”
The promotion of tourism is another critical issue for many African countries. For Ethiopia, it is underlined by a report from the World Travel & Tourism Council (WTTC), which states that Travel & Tourism represents 61% of Ethiopia’s exports and it expects the industry to expand by a whopping 48.6% in 2019.
A rapidly growing national airline, a new hub airport, relaxed visa regulations, and the country being the political center of Africa, by virtue of hosting the headquarters of the African Union, are drivers of these impressive numbers. Ms. Lensa Mekonnen, CEO, Tourism Ethiopia said: “AHIF will provide an excellent opportunity to welcome the cream of the hotel industry to Ethiopia.
Our aim is to show them our assets and thereby attract more international-standard hotel and resort brands to establish themselves close to our historical, natural and cultural sites, in addition to the capital city. By promoting regionally balanced development, we will attract more tourists to Ethiopia and encourage them to stay longer.”
Matthew Weihs, Managing Director, Bench Events, concluded: “Ethiopia is a center for political meetings in Africa and a fast-growing transport hub. That already makes it attractive to hotel investors. The government’s declared interest in prioritizing tourism will further increase the attractiveness, along with its renewed enthusiasm for collaboration with the business community.
When AHIF first came to Ethiopia, there were three internationally-branded Hotels, the Hilton, the Radisson, and the Sheraton. Now there is a Best Western, a Golden Tulip, a Hyatt Regency, Marriott apartments and a Ramada; plus, another 27 hotels in the pipeline!”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
Kenyan agritech startup Taimba has joined the league of African startup fundraisers. US impact investor Gray Matters Capital is committing $100 000 in the Nairobi-based B2B agritech startup to help it scale its operations.
Here Is The Deal
The investment from Gray Matters Capital was made through its gender lens early-stage fund GMC coLabs.
The startup explained that the markets it wants to take on in Nairobi are Umoja, Kayole, Pipeline/Imara Daima, Kawagware/Waiyaki way, Kahawa west/Githurai, and Southlands/Langata.
Last year, Taimba was one of 15 startups selected to join the Make-IT accelerator.
The startup also emerged the winner of the inaugural Disrupt Africa Live Pitch Competition which was held in Nairobi last year. Taimba also won $10 000 at the 2018 Food+City Challenge Prize at SXSW.
The deal also marks GMC coLabs fourth investment in Africam with investment ticket sizes of up to $250 000. The impact investor’s other investees include Rwanda’s African Renewal Energy Distributor (ARED), Ghana’s Redbird Health Tech and Nigeria’s Sonocare.
In addition, the investor has also supported two other start-ups from the continent — Kenya’s parent advisory turned e-commerce start-up MumsVillageand Sierra Leone based Mosabi as part of its global digital accelerator program — GMC Calibrator earlier this year.
A Look At Taimba
Taimba is a mobile-based platform that connects rural small scale farmers to urban retailers, restaurants, hospitals, and schools in Nairobi.
The startup was founded in 2017 by Dominique Kavuisya and Joan Kavuisya
Taimba aims to remove middlemen, shrink the agricultural value chain, cut wastage and make products more affordable.
Gray Matters Capital said the startup currently works with 2000 farmers as well as 15 farmer savings and credit co-operatives that sell products that include potatoes, tomatoes, cabbages, and carrots.
Informal greengrocers make up the bulk of Taimba’s 310 customers at 85%, this while restaurants and cafes make up 10% of its customer list, with schools and hospitals located outside of Nairobi making up 5% of its clientele.
“The funding is a shot in the arm for us to strengthen our warehouse infrastructure by setting up cold storage facilities and also our delivery logistics so that we can cater to six new markets within Nairobi,” noted Taimba’s CEO Kavuisya.
Outside of Nairobi, Taimba is planning to launch a pilot in Mombasa and Kisumu City by next year. In addition, the startup is also looking to produce new products that include fruits, nuts, and eggs as part of its farm product catalogue.
The startup also has plans to replicate its model in Tanzania, Uganda, Ethiopia, and Rwanda over the next five years.
GMC coLabs portfolio manager Jennifer Soltis said Taimba has built a solution that can be replicated in other markets in East Africa “with minimal tweaks”.
The startup’s first deal which was signed last month marks Taimba’s first investment. The company currently employs a team of seven permanent staff and five part-time workers.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
A USD 2,500 cash prize, an all-expenses-paid trip to a prestigious International Women’s Forum, and online courses from one of the most respected international universities.
APO Group, the leading media relations consultancy, and press release distribution service in Africa and the Middle East presents the inaugural APO Group African Women in Media Award set to recognize, celebrate and empower African women journalists who support female entrepreneurship in Africa.
The Award will be bestowed to the winner at the 5th Africa Women Innovation and Entrepreneurship Forum’s (AWIEF) Conference, Exhibition and Awards hosted at the Cape Town International Convention Centre (CTICC), 29-30 October 2019, with the theme‘Enhancing impact: digitalization, investment, and intra-African trade’.
AWIEF’s prestigious annual event is a platform that sees global thought leaders, industry experts, policymakers, academics, development organizations, and investors gather to dialogue, connect, network, share, collaborate and transact in a combined effort to boost Africa’s entrepreneurship ecosystem for women.
Lionel Reina, CEO of APO Group said, “We are extremely excited for the opportunity to highlight the work of female journalists sharing the stories of women entrepreneurs in Africa. The APO Group African Women in Media Award is part of our commitment to supporting the development of journalism on the continent. We are delighted to present this award with AWIEF in Cape Town as we celebrate women in journalism and entrepreneurship.”
Entries for APO Group African Women in Media Award must offer valuable insights into African female entrepreneurs while appealing to a global audience.
The award is open to African woman journalists and bloggers, whether directly employed or freelancers, working in the continent of Africa who have produced a story that has been broadcast or published in English, French, Portuguese or Arabic in the form of a printed publication, a television feature, a radio story, a website or a blog whose primary audience is based in Africa.
Stories must have been broadcast or published between 1st January and 15th September 2019.
Stories are judged on content, writing, analysis, creativity, human interest, and community impact.
All stories must be submitted in electronic format:
– Print: upload the scan(s) of the published article; – Radio: upload the SoundCloud link; – Website: upload the URL; and/or – TV: upload the YouTube link.
TV material must first be uploaded to YouTube (www.YouTube.com) and radio material to SoundCloud(SoundCloud.com). If one is not a member of these sites, one will need to sign up in order to upload the video or radio material. Once one has obtained the link, one must enter it in this online entry form when inputting one’s story details.
The deadline for entries is 15th September 2019. The finalists will be announced on 1st October 2019 while the winner will be announced on Wednesday, 30 October 2019.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
5G is finally here. With the 5G infrastructure, it will become almost possible to download an HD movie in seven seconds — 40 times faster than 4G. This will be a big boost for countries like Equatorial Guinea where it will take over 22 hours to download a 5-gigabyte movie.
5G has now reached an advanced stage where it can be implemented on a wider scale after years of research. Countries like the US, the UK, South Korea, Japan, and the Scandinavian region are already positioning themselves for wide-scale adoption, first rolling out 5G services on a trial basis in select areas. For many, it would be fully operational by the end of 2019 or 2020. According to Ericsson, the new 5G technology has the business potential of $619 billion in revenue opportunity for telecom operators globally by 2026. Below, we consider how 5G technology will improve output volume of African startups.
Reduction in Cost
Among the potential advantages are high data rates, reduced latency, energy savings, cost reductions, and higher system capacity. Of course, you would expect an increase in cost by internet service providers for 5G services in order to cover the initial cost of installing 5G infrastructure, but all these would become inconsequential in the future as consumers can get more value for their services. The cost will include saving time and energy usage. A person with a 5G smartphone could download a 3-D movie in about 6 seconds. On 4G, it would take 6 minutes.
But note this: 5G is never really putting an end to the increasing cost of internet use. It is better to understand the implication of 5G technology from these contrasting sides of a coin. In 2013, you would require on average $76 a month for internet subscription according to the United States’ Bureau of Labor statistics. That figure is up 50% from the $51 a month consumers were paying in 2007, the year that the iPhone was launched. By 2019, Cisco (CSCO) forecasts that mobile data traffic to and from cell towers (not offloaded to Wi-Fi) will grow by 57%. With this forecast and should data plans stay the same four years down the road, the average user’s smartphone bill could grow by $43 a month to $119.
However, one key respite 5G is bringing to the table is in the quality of services.
‘‘Initially, 5G subscriptions might cost more than 4G, so that the telecom operators can differentiate the different services. My guess is that with time the operators will push the monthly cost for a 5G subscription to the same range as today’s subscriptions, since most people don’t want to pay more than they are already doing. Hence you will get a much better service for your money. Huge investments will definitely be needed for 5G. Spectrum will be expensive, irrespective of what kind of bands that will be used. Deployment of new base stations and backhaul infrastructure will also be expensive.’’
So with faster internet infrastructure, expect more volumes of output.
The World Bank identified broadband Internet connectivity as a key catalyst for economic growth with every 10 percent increase in connectivity enabling a 1.38 percent growth in Gross Domestic Product (GDP).
“For instance, the average Internet speed in Nigeria might be 3.9Mbps but, if you are in Lagos, you could choose to buy a 4G connection and experience 10 to 20Mbps. If faster speeds are available, you do not need to worry about the average speed, hence it should not be a cause for slowing down economic activity. However, if you live or work in an area without fast access, then, for certain types of business, this would be an impediment to growth. Note also that if you do not have a fast access available your average speed is likely to be considerably worse than the nation’s average, because that’s the way averages work. This is the ‘Digital Divide’,” noted the Chief Executive Officer, Spectranet, David Venn.
5G Will Unleash More New Disruptive Ideas and Innovations
No gainsaying the fact that 5G technology will lead to the explosion of new disruptive ideas.
‘‘Many of the benefits probably aren’t yet apparent to us. Wireless network operators initially resisted proposals to give their customers mobile access to the internet, questioning why they would want it. At the dawn of 4G’s adoption no one could have predicted the new business models that grew on the back of mobile broadband, like Uber, Spotify and Facebook,’’ the World Economic Forum noted in its World Economic Forum Annual Meeting.
Unarguably, 5G would be a great enabler for the explosion of more disruptive innovations. One such innovation which has already achieved momentum is the Internet of Things. Embedded with electronics, Internet connectivity, and other forms of hardware, these devices can communicate and interact with others over the Internet, and they can be remotely monitored and controlled. One commentator describes how bizarre the world of the internet could get:
‘‘When someone wants Rebecca dead, he can just instruct her car to drive off a cliff. Mad stuff.’’
This is what ideas such as the Internet of Things are bringing to the table. One clear example of this is already seen in self-driving cars by Google. 5G will make such things become as ubiquitous as ever.
Consider alone the potential impact of the Internet of Things alone. McKinsey & Company says the Internet of Things (IoT) has a potential economic impact of $2.7 to $6.2T until 2025.
A host of disruptive applications will be built around 5G’s ultra-fast networks and real-time responsiveness once the infrastructure is fully deployed. Particularly, immediate disruptions are expected in these areas:
massive Machine Type Communications (mMTC) such as solar-powered streetlights or other innovations to help citywide infrastructure
Device-to-device public safety communications that don’t need active cellular coverage
Real-time operations employing robotics to link surgeons with remote sites
Machina Research forecasts “IoT will account for one-quarter of the global 41 million 5G connections in 2024.” Approximately ¾ of these will be in the auto industry via embedded vehicle connections.
Although the report sees 5G deployment “highly concentrated” in Japan, Korea, Europe, China and North America (with Japan and Korea leading the charge), it will also help operators extend their opportunities in new markets.
‘‘5G use case is in web apps. While it’s true that it’s just as easy to download apps as it is to download any program, and 5G makes the whole experience seem instant, you can free up storage space and avoid installation steps by using a web-based app that’s already set up and ready for you to stream from a web browser.
In other words, 5G will bring a world where you need very little storage on your phone because everything, including your apps, are instantly available from the cloud,’’ noted Tim Fisher, a technology expert
So get ready. 5G is bound to create more disruptions, just like Facebook, fin-techs and other digitally-focused platforms. For African startups, they would definitely be in the value chain.
Upsurge In Internet Users. More Consumers Available Online
With 5G, expect a huge upsurge in the number of consumers available online. 5G will, therefore, provide network support for massive increases in data traffic. According to Cisco, by 2022, mobile will represent nearly 20 percent of all global IP traffic, fueled in part by the Internet of Things.
‘‘Mobile traffic will be on the verge of reaching an annual run rate of a zettabyte by the end of 2022. In that timeframe, mobile traffic will represent nearly 20 percent of global IP traffic and will reach 930 exabytes annually — nearly 113 times more than all mobile traffic generated globally in 2012. (An exabyte is 1,000,000,000 gigabytes and a zettabyte is 1,000 exabytes.),’’ noted Cisco in its annual Global Mobile Data Traffic Forecast Update (2017–2022)
5G will fuel more connectivity and internet penetration for consumers. Just take this fact for instance: although launched in 2014, in 2017, 4G already carried 72 percent of the total mobile traffic and represented the largest share of mobile data traffic by network type.
Cisco predicts that 4G will continue to grow faster than other networks, however, the percentage share will go down slightly to 71 percent of all mobile data traffic by 2022.
“The full value and transformational capabilities of 5G cannot simply be measured by performance improvements over 4G (higher bandwidth, broader coverage, and lower latency),” wrote Thomas Barnett, director of Cisco’s service-provider thought leadership in a blog about the report. “5G will also deliver enhanced power efficiency, cost optimization, massive IoT connection density and dynamic allocation of resources based on awareness of content, user, and location.”
Cisco’s study also noted that 5G growth will be driven by IoT applications — sensors and meters on the low end to autonomous cars on the high end. Awareness of content, user and location will determine how 5G resources are allocated. “This technology is expected to solve frequency licensing and spectrum management issues. Large scale commercial deployments are not expected until the latter years of the current forecast.
Interestingly, Cisco’s forecast also sees an opportunity for internet-based businesses, as more and more consumers will find online presence almost inescapable.
The study notes that:
By 2022, 5G connections will represent over three percent of total mobile connections and will account for nearly 12 percent of global mobile data traffic.
By 2022, the average 5G connection (22 GB/month) will generate nearly three times more traffic than the average 4G connection (8 GB/month).
By 2022, 4G connections will be 54.3 percent of total mobile connections, compared to 34.7 percent in 2017. The global mobile 4G connections will grow from 3 billion in 2017 to 6.7 billion by 2022 at a CAGR of 18 percent. 5G connections will appear on the scene in 2019 and will grow several thousand percents from under half a million in 2019 to over 400 million by 2022.
Indeed, 5G will create a whole new world of customer experience. 5G will also change Peer-to-Peer connections because instead of just servers having access to quick upload speeds, your phone and computer can do the same.
‘‘Every 5G cell has a minimum upload speed of 10 Gbps (1.25 gigabytes per second), meaning that in ideal conditions, users can transfer 1.25 GB of data every single second between devices. This is much faster than what’s currently widely available. Having such a fast upload speed on your end, and other people having access to 5G’s ultrafast download speeds, means that others can download data from you as fast as you can upload it,’’ Fisher noted.
‘‘P2P can be used in many forms, like when making phone calls, transferring files, relaying information between vehicles in a smart city, automating factory equipment, and interconnecting smart sensors in homes, cities, farms, etc.’’
Bottom Line
5G will definitely see a boom in the African startup ecosystem. It will not only make the mobile experience efficient but memorable. World Bank report estimates show that a 10% higher 3G penetration in 2012 resulted in an increase of 0.15 percentage points in the annual growth rate of GDP per capita. The study also estimated the impact of mobile data usage across 14 countries found that a doubling of mobile data consumption raised GDP by 0.5 percentage points. The study also noted that for every 10 percentage point increase in broadband penetration in China there was a 2.14% increase in GDP.
In contrast to other findings that broadband has the biggest economic impact of all ICTs, simple 2G mobile penetration was found to have a bigger and more significant impact than fixed broadband on the Senegalese economy. Each 10 percentage point increase in mobile penetration was found to raise GDP growth by 0.44% (at a 10% significance level).
So African startups should expect more from 5G! Such sectors that would see the immediate impact are Virtual and augmented reality, video, and music streaming services, among others.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
This is a major breakthrough for digital platforms across Africa. Less than 9 months after another technologically focused finance solution startup, Sarwa Capital, opened its shares for public subscription, Fawry, the Egyptian digital payment solution has announced it is ready to open itself to the public too by going on its First Public Offering (IPO )
Here Is What The IPO Is Going To Look Like
Although the IPO would come late August 2019 or early 2020, Fawry is only ready to list 36% or more of its stake in the company on the Egyptian Stock Exchange.
The company is eyeing proceeds between EGP 2 and 2.5 bn, which would make the offering the largest Egypt has seen since Emaar Misr raised EGP 2.28 bn in 2015.
It would also value Fawry at EGP 4.5–5.5 bn. The offering will consist of a substantial international component, with the roadshow is set to cover the GCC, European, US, and South African markets.
The offering will include a private placement for institutional investors and an initial public offering (IPO) for retail investors in Egypt at the same price, said investment bank EFG Hermes, which is managing the sale.
The offer price is not yet known as the bank did not give any indication on the expected offer price.
Fawry’s managing director this month told Reuters the company had begun preparing for the IPO on the Egyptian Exchange and that the process would be carried out in 2019 or early 2020.
Financial advisor FinCorp, which Fawry hired to conduct a fair value study, is due to submit its report to the Financial Regulatory Authority within two weeks, after which the book-building process will begin, the sources hinted.
Fawry’s expansion plans include increasing its points of sale, buying new payment machines, and developing Fawry Pay. Fawry also signed an agreement with Dubai Islamic Bank last month to launch a trial run of its services in the UAE this summer.
Here Is Why This IPO is Significant For African Technology Focused Startups
Fawry is owned by local and foreign investment banks and was founded in 2009. About 8% of its shares are in the hands of management and employees.
Fawry’s network processed 600.1 million transactions last year with a total value of 34.2 billion Egyptian pounds ($2.1 billion), EFG Hermes said in its statement.
Fawry made core profit of 152 million pounds in 2018, up 41.2% on the previous year, indicating the increasing viability of FinTech business model across Africa.
The last IPO by a private company on the Egyptian Exchange was financing solutions business Sarwa Capital last October.
Indeed, this IPO shows that Fintech in Africa has increasingly become more profitable as banks. The ability to pay dividends from profits is a major factor every business owner should have in mind before deciding to embark on IPO, and with Fawry which basically runs online with little or no physical presence doing so, this is a major announcement that digitally-focused businesses have finally come to stay.
This notwithstanding, so much credit has to go to the acquisition that happened as far back as 2015. In 2015, a consortium of international financial investors acquired a majority stake in Fawry, a deal that valued the company at EGP773 million (US$100 million) and saw the company adopting an expansion strategy outside of Egypt. The investors are the Egyptian-American Enterprise Fund (EAEF), pan-African private investment firm Helios Investment Partners, and the International Finance Corporation.
* $1 = 16.5600 Egyptian pounds
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
When Iddris Sandu was in high school, he developed mobile software that would later gain the attention of former U.S. president Barack Obama and land him at the White House, where he received the honorary presidential scholar award. He was only 16 years old. Now 21, the Los Angeles-based young man is the unconventional tech guru who has accomplished many incredible feats, including being responsible for algorithms that have made Uber, Instagram, and Snapchat what they are today.
The software engineer considers himself a “cultural architect” and said he aims to “level the playing field” between Silicon Valley and young communities of colour. Born and raised in Harbor City, California with parents from Ghana, Sandu would never forget a harrowing experience he had when he was eight – his father had wanted to take him on a trip to Ghana.
“But on the fourth day of the trip, he abandoned me in this village, took my passport and came back to the States,” Sandu told Oxford University’s Music and Style Magzine, adding that he was abandoned for almost nine months before getting into contact with an NGO which helped him travel back home.
He got back to the U.S. when the first-ever iPhone was unveiled, and this started his journey into the tech world. “I just got super inspired. I thought – this device is going to change the world.
The reason why the iPhone was so important was that it was the first time when regular consumers could develop for other regular consumers. Before, you really had to work at a tech company for multiple years to be able to offer any sort of input or to create an app. But Apple made it so mainstream. I knew it was the future,” he said.
Just 10 years old then, Sandu started learning to programme on his own for the next two years at a public library and this was where he got spotted by a designer from Google, who offered him an internship opportunity at the company’s headquarters. At age 13, he got his first experience with programming and worked on many projects such as the initial Google blogger, Google Plus, among others.
Yet, Sandu was determined to affect change; hence, at the age of 15, he designed an app for his high school that gave students turn by turn directions to navigate their classrooms. Being the only school in California that had an app made by a student, Sandu received wide acclaim that would later afford him a meeting with former President Obama.
During that same period, Sandu wrote an algorithm that he would go on to sell to Instagram and by the age of 18, he was already consulting for Snapchat before landing at Uber, where he created a software (Autonomous Collision Detection Interface) for its self-driving cars. With the passion to bridge the gap between the informed and uninformed, and to inculcate into young people like him the need for invention and creativity, he left major tech companies to bring that change.
“Information is one of the highest forms of class. And that is what keeps people divided. You should be able to think on a higher level, instead of being strictly consumers. And people of colour, in particular, are more likely to be consumers than creators. It’s really hard to get out of poverty or to change the structure of economic power if you’re always going to be a consumer rather than creating. Shifting that narrative is what I’ve been trying to do. And thus far, it’s worked, it’s successful.”
From encouraging the study of STEM subjects in schools and at higher levels, Sandu, in 2017, met rapper Nipsey Hussle at local Starbucks, and in three weeks, they had transformed an abandoned storefront in Los Angeles into the Marathon Clothing Store. The smart store offers exclusive music and other content to customers who have downloaded an app said The New York Times.
The store leveraged Iddris’ tech and design background and Nipsey’s cultural influences, sparking the interests of many journalists as well as hip hop and cultural icons like Russell Westbrook, Vegas Jones of Roc Nation, among others.
In an interview with the CNBC, Sandu said the store has helped him bridge the gap between culture and technology, and would love others to do same.“We are living in the digital revolution,” he said. Although “we are all constantly exposing ourselves to content in real-time.”
The tech wizard has since partnered with Kanye West and Jaden Smith on some future businesses, clothing lines and disaster relief projects that are set to launch in 2019, according to CNBC. Having created his own music, putting together the sonics and instrumentals in just 3 days to form a full album, the creative technologist is working on a book about recent initiators, including Kanye West; Robi Reed, a casting director; and Edward Enninful, the editor of British Vogue.
With the drive to use all his networks to empower young people in America to make a positive impact in their communities, the unconventional tech genius is already on his way to become a leader for the next generation of influencers and entrepreneurs.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
VC4A and ABAN are pleased to announce the 6th edition of the Africa Early Stage Investor Summit (#AESIS2019). The Summit will take place from 13-15 November at Workshop17 at the V&A Waterfront in Cape Town, South Africa. The conference brings together leading investors from Africa and beyond to network, exchange insights, create partnerships and make deals. This event is designed ‘for investors, by investors’.
What’s in store at #AESIS2019
The Summit’s speakers and guests hail from the leading angel networks, venture capital (VC) funds, impact investors, accelerators, corporate venture divisions, industry associations, and the public sector.
The number of Africa-focused angel investor networks and investment funds are rapidly growing and maturing, bringing both critical challenges and greater opportunities for venture capital funding on the continent. Summit delegates will explore developments in Africa’s early-stage investment space and will set the agenda for the coming years.
Day 1 on 13 November is ‘Academy Day’, which includes a series of interactive masterclasses and workshops, ending with a welcome cocktail reception. Day 2 on 14 November is the main Summit Day and will include inspiring keynote presentations by industry leaders and roundtable discussions, and it will end with an Investor Dinner.
Day 3 on 15 November is the optional Innovation Tour featuring insightful visits to key start-up hubs, accelerator programs and scaled up start-ups in the Cape Peninsula area. The detailed program is being finalized.
Announcing Naspers Foundry’s 2019 partnership
Naspers Foundry will be sponsoring the Summit’s main cocktail reception on 14 November and will be contributing to the Summit’s program development. Naspers Foundry is an R1.4 billion start-up funding initiative aimed at boosting the South African technology sector. As well as providing much-needed funding, Naspers Foundry helps talented and ambitious technology entrepreneurs develop and grow businesses that improve people’s daily lives.
“At Naspers, we believe in backing local entrepreneurs in growth markets and helping them by leveraging our global scale and experience. The Africa Early Stage Investor Summit provides a unique opportunity for Naspers to engage with like-minded investors and ecosystem partners from across the continent as we build out Naspers Foundry, and our broader investment ambitions”, said Phuthi Mahanyele-Dabengwa, CEO South Africa, Naspers.
Building on the success of 2018
The 2018 edition brought together over 300 investors from prominent African angel networks and VC funds to identify and address the critical gaps in the early-stage investment space going into 2019.
At the 2018 Summit, a number of successful partnerships were created, including a new partnership between South Africa’s Technology Innovation Agency (TIA), a public entity and the South African angel investor networks, Dazzle Angels and Jozi Angels. ABAN also signed an MoU with the African Union to deepen their collaboration to support entrepreneurship across the continent.
Additionally, L’Afrique Excelle, the Francophone edition of the World Bank Group’s XL Africa post-accelerator, formally launched at the 2018 Summit. The programme brought an unprecedented spotlight and momentum to French-speaking African growth stage start-ups. Over 30 VC funds including the IFC, ODV, Proparco, Outlierz Ventures and Compass VC formally signed up as investment partners for the program, with most of these partnerships formed over the two days of the Summit.
VC4A Venture Showcase – Series A
In 2017 and 2018, the Summit also featured a venture showcase of leading African digitally-enabled scale-ups from across the continent, resulting in a number of series A deals totaling over $15 million.
In the 6th edition, ten growth-stage companies that have been selected and vetted by Africa’s leading VCs will be introduced in the showcase. These companies represent a new class of investment opportunities across the continent.
The selected ventures have strong revenues, are well-positioned for regional and international expansion, and demonstrate important innovations that are disrupting industries like agriculture, healthcare, housing, transportation, and finance.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
More startups that are either Africa-based or Africa-focused are really having a good time raising funds to scale their businesses. Indeed, this funding goes to show that even startups with very remote niches can raise funds. VertoFX, the startup that focuses on currency trading and payment for African and emerging markets has just raised a $2.1 million seed round, led by Accelerated Digital Ventures.
Here Are The Funding Details And What This Means For Similar Startups With Remote Niches
The $2.1 million seed round of funding was led by Accelerated Digital Ventures.
The startup is simply a bureau de change for African and emerging market businesses.
The startup will use the round for platform development, expanding the currencies and gaining licenses in new countries. It will also use the round for hiring, primarily in compliance and regulator type roles. VertoFX already has a developer team in India and is looking at local developer talent for its Africa offices.
Although London-based company, with a subsidiary in Lagos, Nigeria, the startup’s platform allows businesses and banks to exchange and make payments in exotic foreign currencies that don’t often convert or trade conveniently across businesses or banks.
For example, South Africa’s Rand is Africa’s most convertible and traded currency — with lower spreads and transaction costs — while currencies of countries such as Ethiopia or Egypt may be difficult or expensive to trade or transact B2B payments.
All around the world, there are around 40 currencies that are considered exotic or illiquid, most of them in frontier markets in Asia, Africa, and the Middle-East, says Oyetayo, VertoFX founder.
“That’s the reason we are utilizing technology to create a marketplace model and price discovery to create liquidity for these currencies,” VertoFX founder Ola Oyetayo said in an interview.
And there’s a revenue opportunity to creating a convenient online marketplace for trading and payments in these currencies.
“Our research says there’s about $400 billion being done by small and medium-scale businesses in Africa alone in transactional volume on an annual basis. If we take 1% of that as a commission or transaction fee, that’s a $4 billion addressable market, just in the continent,” said Oyetayo.
A Look At VertoFX
VertoFX was founded in 2017 by Oyetayo and Anthony Oduwole — both ex-global bankers born in Nigeria. The company was part of Y Combinator’s 2019 winter cohort and processed around $7 million in transaction volume last month, according to Oyetayo.
VertoFX is registered as a payment services provider with the U.K.’s Financial Conduct Authority. Current clients include several undisclosed banks and San Francisco-based payment venture Flutterwave.
VertoFX doesn’t release revenue figures but confirmed it earns a commission, or spread, on each transaction processed on its platform. There are currently 19 currencies on the platform and the ability to settle in 120 countries, including China and the U.S.
VertoFX is also moving into offering market research — toward potential subscription services — on the currencies it trades, according to Oyetayo.
On the possibility of becoming acquired by a big bank, VertoFX isn’t so interested, according to Oyetayo.
“We both come from big banks and if we’d wanted to go down that route we’d have developed this more like a software as a service platform,” he said.
“We’re playing the long game here, and I don’t think the acquisition is the end game,” he said.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
Things Fall Apart, Chinua Achebe’s epic novel, is 60 years. Centered on the cultural conflict that developed in the mill of the colonial project in Africa, the novel’s content and essence remain very relevant in the “hopes and impediments” and in the totalizing dissonance that is at the heart of postcolonial realities in the continent.
Ridden with violence, corruption, war, hunger religious intolerance, and largely travestied democracies, postcolonial Africa approximates a fantasy land where anything can happen. The situation continues to evoke that uncertain note on which Achebe ends the novel, that frozen moment when authentic Africa yields to the glory and triumph of Empire, giving birth to a fleeting, but totalizing and conflicting hybridity that has no end.
While the situation calls for concern as it relates to the harsh realities of the human condition in these parts, it has also provided a creative resource for artists at various times and from different standpoints. To this extent, as Things Fall Apart attains 60, it is pertinent to pay homage to its continued relevance and the sagacity of its legendary author through this exhibition whose thematic visions draw from the novel and some of the social realities that resonate with its centralizing theme in postcolonial Africa.
Things Fall Apart, was perhaps written for a distinctive purpose, which is to tell a version of history that often tends to be ignored. His inspiration for penning down the story is summarized in his proverb: Until the lion tells his story, the tale of the hunt will always glorify the Chuu Krydz Ikwuemesi hunter.
And indeed, Achebe rightfully roared until the tale of the hunt was heard from the lion’s point of view. His ability to creatively portray the white men stripping the Africans of their agency is a metaphor of how the cultural agency of the modern African people is constricted by the ambitions of empire and colonialism.
This fact is captured in the decline of African culture in the face of colonialism, and the subtle prediction of the divided consciousness and dissonance that would ravage the continent in post-independence and beyond.
Okonkwo, the major character in the novel, personifies Africa because he possesses a combination of all traditional African values: he is strong, powerful, influential and hardworking, as vividly captured in the paintings of Okonkwo by TobennaOkwuosa and Olisa Nwadiogbu. His status, however, changes with the coming of the white man. And like Okonkwo’s influence, the autochthonous culture and tradition fade as the white man imposes more of his visions and worldview on the people.
Towards the end of the book, Okonkwo kills one of the white man’s court messengers, believing his people would unite and join him in fighting the outsiders. No one does, and in that instance, Okonkwo realizes just how much things have fallen apart. He hangs himself soon after and his death is the metaphorical death of the African spirit: political, religious, economic and otherwise.
Sadly, the politics of after the death of Africa’s authentic spirit is what plays out today as postcoloniality, with all its undying contradictions and conflicts.
Any wonder Achebe’s prophetic work continues to reverberate through generations, inspiring the creative instincts and talents of the gifted spirits. This year, Things Fall Apart attains 60, and to assert the continued relevance of the work, 15 artists from Africa have come together in this exhibition to pay homage to the novel and its illustrious author, with works inspired by moments from the novel and some social issues they allude to.
Titled And the Centre Refuses to Hold: Homage to Things Fall Apart @60, the exhibition comprises works by Chuu Krydz Ikwuemesi, TobennaOkwuosa, Ato Arinze, George Odoh, Tony Nsofor, Anthony Polo, Nathalie DjakouKassi, OlisaNwadiogbu, Akeem Muraina, Emma Mbanefoand ChinyereOdinukwe, Francis Ike, NnaemezieAsogwa, Benjamin Akachukwu, Obi Nwaegbe, IykeOkenyi, and Abigail Nnaji.
Reflecting the artists’ diverse background and experience, it is an eclectic collection including drawing, paintings in various media and technique, sculptures, installations, and mixed media.
The eclecticism is also vividly embodied in the thematic thrust of the works, as they address issues directly from iconic moments in the novel and from the African experience in the colonial and postcolonial periods. Thus social issues relating to religion, politics, intolerance, war, culture and (under)development are part of the creative resource in most of the works. The exhibition, therefore, is a celebration of postcoloniality in Africa, with Things Fall Apart as the centralizing spin-off.
For instance, works by Benjamin Akachukwu take a totalizing stand on conflict and dissonance as they harness the accidents of the tie-dye technique as a basis for paintings that literally reflect beautiful chaos in their forms. Holistically, they evoke the divided conscious that yawn at every interaction of our collective life and history.
The same metaphorical use of colour language is to be found in the works of some other artists like Chinyere Odinukwe, and Francis Ike where message depends more on colour than on the visuality of form. Beyond a general celebration of the contradictions of the postcolonial through their personal idiolects of colour, the artists explore diverse themes.
While Akachukwu visualizes conflicts, violence and divided consciousness in his Forms from My Skies series, Odinukwe’sOsondu and I Shall Wait Here present the dilemma of contemporary Africa where citizens are caught between the call for patriotism and the often overwhelming desire to run across the ocean in line with the counter-penetration of the West which now approximates and redefines slavery.
We find a corollary to this in Nwadiogbu’s Owners of the Land or Heavers of Wood, a work which refers to neo-colonization and the perpetuation of apartheid in other means and beyond its birthplace. That Africa and the black man are now subject of a twin-colonization is not in doubt.
While black Africa is still colonized by the West through the soft powers of culture and economics, on one hand, it is also a subject of colonization from inside through the exertions, caprices, and greed of corrupt leaders and politicians. Tobenna Okwuosa’s Black Man, in its content and iconography, captures this situation in its political, social and religious ramifications.
In another work, Okwuosa pays tribute to Achebe as a master storyteller through the imposition of the author’s portrait in the painting. Igbo uli traditional script is also explored and deployed at various locations in the work. It shares the same vision with the clay portrait by Ato Arinze which cleverly celebrates the person of Achebe and his great work.
Arinze also extends the essence of Achebe work in the overt and covert imageries in his other terracotta piece where the politics of (under)development is part of the centralizing interest. It is perhaps, this menace of underdevelopment that worries Nathalie Djakou in her work as it does Obi Nwaegbe in his concern with mundane realities in his impressionist and poetic paintings.
The Last Supper by Chuu Krydz Ikwuemesi and Tony Nsofor’s both reminds us of the hopes and impediments of the 20 century with all its tormenting and tormented characteristics. While Nsofor’s painting laments the failed aspirations and possibilities in the virtuosic orchestration of colour and form, Ikwuemesi captures the apocalyptic tendencies of the last years of that century and the beginning of this century through the symbolisms of The Last Supper. Comprising curious otherworldly faces, it is not the traditional last supper, but one in which the whole of humanity is at the table, a supper where the past and the future interrogate each other.
Besides these works, there are others which celebrate moments in the novel, not necessarily from the angle of illustration, but in a bid to inscribe the novel as a datum that enables us to come to terms with the past, present and future of Africa, as it relates to her religious, cultural and political aspirations and realities.
Nwadiogbu’sEzinne, Ikwuemesi’sMkpuluMma, George Odoh’sEzimma are all good examples. At the level of content, they provide interesting opposites to the visions of Iyke Okenyi, Francis Ike and Abigail Nnaji who seem to grapple with existential and historical issues in their works.
While Okenyi’s sculpture aspires to monumentality as a way of amplifying the meaning and evocative power, Ike and Nnaji’s paintings rely on subject matter and form as the roadmap to experience, as they straddle memory, desire and the conflicting grounds in-between.
In all, the epochal, historical traveling exhibition and the Art Talk planned to take place at SOAS, the University of London in 2019 all makeup one composite celebratory statement in honour of a novel whose relevance and influence continues to cut across generations.
Like the blind men and the elephant, the artists engage the novel as a creative resource from individual perspectives, employing media and techniques as the spirit moves them. What unites them in their finding and resulting works is, perhaps, the novel’s capacity as a source of metacreativity for artists and scholars and as a historical and anthropological reference to which we must all return now and again.
–Chuu Krydz Ikwuemesi is an Artist, Art Historian and Associate Professor of Fine Art, University of Nigeria, Nsukka.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
The African Development Bank (AfDB) and the African Institute for Mathematical Sciences (AIMS) signed a Memorandum of Understanding on Monday to strengthen education, training, and research in mathematical sciences in Africa.
Speaking at the signing, African Development Bank Vice President for Agriculture and Human Development, Jennifer Blanke stressed the strong partnership between the Bank and AIMS-NEI. “The MOU gives us a framework for the operationalization of the partnership,” she said.
The partnership sets the framework for collaboration between the two institutions on enhanced mathematical research and innovation in key areas of the continent’s development challenges. It will also facilitate the design and implementation of new projects and programs and further cooperation in events related to science and technology.
Thierry Zomahoun, President and CEO of AIMS said: “Africa must not sit on the sidelines as others create technology and we consume it.
If we want to leverage AI and other cutting edge technologies and compete globally, we must train researchers and engineers who create the equations and algorithms that create transformative technologies. That’s what we are doing at AIMS and we look forward to operationalizing this partnership with transformative projects to serve African countries and industries,” said Mr. Zomahoun.
Since its inception in 2003, AIMS has graduated close to 2000 students from 43 countries (32% women) from its six centres with a master’s in mathematical sciences. AIMS is unique in that 70% of alumni remain on the continent. Thirty-five percent of graduates are pursuing further studies with 253 having completed a doctorate (307 in progress).
Fifty percent of alumni are working in the ten critical fields of education, ICT, data science, engineering, finance and statistics, trade, commerce, energy, and entrepreneurship. In 2018, AIMS launched a one-of-its-kind masters in machine intelligence that gives students the foundational tools to create technology for today and tomorrow.
Founded in 2003, the African Institute for Mathematical Sciences (AIMS) is a Pan-African network of centres of excellence for post-graduate training, research and public engagement in mathematical sciences. The AIMS network has five centres of excellence teaching a Masters in Mathematical Sciences, including a co-operative option with a direct link to the industry in three centres.
Currently, the network has close to 2000 alumni from 43 African countries. The network also includes research centres and programs with 108 researchers including six prestigious Chairs currently across the network.
In Cameroon and Rwanda, AIMS is running a gender-responsive teacher training program. As well, AIMS created two critical initiatives: Quantum Leap Africa to prepare Africa for the coming quantum revolution, and the Next Einstein Forum to propel Africa on to the global scientific stage.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
