The Nation Newspaper

Category: Small Business and Entreprenuership

  • Sanwo-Olu seeks adoption of Blockchain technology

    Sanwo-Olu seeks adoption of Blockchain technology

    Lagos  State Governor Babajide Sanwo-Olu yesterday sought the adoption of Blockchain technology in financial and other transactions.

    He stated this at the 12th Annual Public Lecture organised by the Institute of Chartered Accountants of Nigeria (ICAN), Lagos State Public Service chapter.

    The governor, who was represented by the state Permanent Secretary/Accountant-General, Dr.  Abiodun Muritala, said from their experience during the outbreak of the COVID-19 pandemic in 2020 when businesses were conducted online, the use of Blockchain technology had become the ‘’new normal’.

    Sanwo-Olu said businesses were being faced by various ‘’turbulence, complexities and ambiquities’’ and that only technology could show them the way out.

    He said the plan should be how to  institutionalise Blockchain  in  businesses.

    Outgoing Chairman of the ICAN Chapter, Mr. Kayode Oyegunle, said they adopted the theme, “Exploring Benefits of Block Chain Technology to achieve the THEMES agenda of Lagos State’’ because of the importance they attach to the state administration.

    Noting that Sanwo-Olu had made ‘’remarkable achievements in critical sectors of the economy’’, Oyegunle said the integration of the technology into the government’s projects and programmes could even help him to achieve more.

    However, as an emergoing technology, which inlude Bitcoins and among others, the chairman said, there was the need fo educate the people on its  merits.

    “Blockchain is a method of recording information that makes it possible or difficult for the system to be changed, hacked or manipulated…,’’ he added.

    Guest speaker, Rasak Jaiyeola, listed the benefits of Blockchain technology to inlude integrity, transparency, and trust.

    Jaiyeola, a former President of ICAN, said since it was first used by Ecuador in 2015 as a national currency, Blockchain had been embraced by over 30 countries, including United States and China, attributing this quick spread to its key characteristics of validity, finality and security.

    Jaiyeola, who noted the importance of Blockchain to economic growth and development, advised accountants to ‘’pay special attention to the use of the technology’’.

    For public service accountants, Jaiyeola said the technology is even more usefulness as it would help to reduce corruption in budgeting and produrement, adding that for Customs workers, it would help them better.

  • Launch Africa Ventures investments grow

    Launch Africa Ventures investments grow

    Launch Africa, a leading Pan-African Venture Capital (VC) fund, has made huge multimillion investments in startups in Africa.

    Launch Africa, with over 238 retail and institutional investors from 40 countries, has invested over $24 million in its portfolio companies. The organisation said it has backed over 100 startups.

    In June, VC Fund announced closure of its $36.3 million fund, which it used to invest in B2B and B2B2C startups across Africa.

    They included nonbank Kudi, Kenyan B2B e-commerce retail platform, Market Force and Tunisian EdTech startup GOMYCODE. The company backs seed and pre-Series A startups with funding between $250,000 to $300,000. Some startups in these stages included Sudanese fintech Bloom, Botswana-based insurtech Alpha Direct and South African big data platform Carscan.

    Launch Africa helps Limited Partners (LP) with due diligence and waives fees when they invest alongside the fund’s lead checks. The LPs have deployed over $14 million in Launch Africa portfolio companies.

    The company supported Nigerian Fintech Startup Afriex, led by Tope Alabi and John Obirije to raise $10 million for its Blockchain money transfer platform. Other investors included the Blockchain Founders Fund, and Stellar Afriex.

    Afriex launched in 2019. It has started growing fast. The service  focused on Nigeria and has since expanded into Uganda, Kenya and Ghana. This month, the company supported Cape Town-based Skrmiish, a mobile “play-to-earn” app that enables gamers of every level to earn cash in every match they play across the AAA+ games they love, has raised a US$2.5 million seed round to speed its global growth.

    Launched last year, Skrmiish has developed a feature called Money Match that allows players to earn real cash in every match they play, without having to wait for a tournament or find a peer to challenge.

    The startup has already acquired over 100,000 players across more than a 100 jurisdictions around the globe, and is now closing its US$2.5 million seed round to help it build on that.

    The seed funding will enable Skrmiish to accelerate scalability by integrating additional game titles, grow monthly revenue, launch in North and Latin America, and issue its Skrmiish token. It will also look to bring on a few experienced key hires to bolster the already talented team and continue to drive the company forward.

    The Managing Partner, Launch Africa Ventures, Zachariah George, said startup – offered a huge opportunity to innovators in the content and gaming spaces. Launch Africa Ventures has supported Bloom, a Sudan-based fintech that offers a high-yield savings account and adjacent digital banking services, when it raised a $6.5 million seed round.

    This year, Launch Africa has invested in pan-African recruitment firm Homecoming Revolution’s new on-demand expertise platform Insights.

    Insights by Experts, is a platform that helps global investors and companies access independent talent on-demand, from a vetted community of experienced African experts across a range of African countries and sectors.  The platform offers an extensive repository of African experts curated by Homecoming Revolution, which has been in operation since 2003.

    The senior and experienced African experts listed on Insights by Experts offer up-to-date, on-the-ground insights, advice and opinions. These experts can be engaged for a range of needs including one-on-one chats, contracts or projects, coaching and mentoring, introductions and board positions.

    The platform can be accessed either through self-service or assistance from Launch Africa. The self-service is a six-step process that starts with a search across many countries, industries and disciplines.

     

     

  • Carving a niche in business

    Carving a niche in business

    A young entrepreneur, Babatope Damilare, is redefining business. Apart from being a farmer, he has veered into food distribution. TIMILEHIN BABATOPE reports.

    Mr Babatope Damilare, founder of Shawarma Snacks in Lagos, is a study in perseverance and entrepreneurship.

    He objective was how to establish own a theriving business. He succeeded as he now has shops in Lagos, Ogun and Oyo states.

    A forward-looking entrepreneur, he started his business with a clear goal – to bring the classic snacks closer and more affordable to customers.

    This desire, coupled with assertiveness, is his motivation to expand his business and put up stores in some of the key locations across the country. With success, he is focused on keeping up with orders. Since he established the business, the brand has grown with customers associating him with high-quality, in terms of on-the-go snack.

    Though the business will not be what it is without the help of his people, he takes pride in his contributions to its success: growth, innovation, and employment.

    Babatope he has not rested on his oars. He has branched into livestock and crop farming.

    He started with pig farming, from where he moved to fish farming, cucumber and watermelon.

    On challenges, funding has been a major one. Then, having to run an agro business in Ogun State, alongside his snacks business in Lagos. He said apart from the funding, it has been very hard monitoring the business from there. ”I am running an active business in Lagos”.

    He advised those who want to go into the farming to be patient and passionate; he also advised them to have an active business which they will withdraw money from “I will advise that you have an active business that can support your farming from one year with funds.  Farming is a serious cost centre.Trust me you must invest properly to get  the business running  well. Farming is a cash car, it will turn in cash for you”.

    He further advised those who want to start the farming business. He said: “Don’t start it you don’t have land. Get land outside Lagos. It is cheaper. Don’t procrastinate; be patient.”

    He advised other entrepreneurs to embrace the food business.

  • MEST Africa Challenge still open 

    MEST Africa Challenge still open 

    MEST Africa Challenge, a Pan-African training programme aimed to groom more tech entrepreneurs, is still opened.

    The group said entrepreneurs who developed solutions for local and global markets, would receive external follow-on funding from global investors, and gained admittance to top accelerator programmes such as Y-Combinator, 500 Startups and TechStars.

    Target countries include Côte d’Ivoire, Ghana, Kenya, Nigeria and South Africa.

    Founded in 2008 by the Meltwater Foundation, MEST Africa is a seed fund and incubator, with a goal of equipping the continent’s most promising tech entrepreneurs with the skills to launch and scale global successful software companies.

    Every year, aspiring entrepreneurs with a strong interest in technology and entrepreneurship from across Africa apply and compete for 60 open spots at the fully sponsored one-year training in Accra, Ghana, where they receive access to intensive training, expert mentorship and the largest network of tech startups on the continent.

    MEST Africa also runs 12-month programme.

  • Grooming youth agri startups

    Grooming youth agri startups

    The agricultural sector and rural livelihoods can be improved with appropriate interventions.To this end, the commodities exchange group, AFEX, has held its Code Cash Crop ag-hackathon to groom agri-tech start ups. DANIEL ESSIET reports.

    Nigeria’s leading commodities exchange, AFEX, has held its Code Cash Crop ag-hackathon to empower innovators to create solutions that integrate technology, finance, and agriculture for the development of the continent’s food and agriculture sector.

    As part of its capacity-building initiatives, the firm works with various partners to empower farmers and innovators to become future leaders in agribusiness.

    This year, the firm hosted entrepreneurs and leaders from agriculture and allied sectors in three panels and discussions on the optimisation of trade infrastructure for agriculture on the continent.

    AFEX Chief Technology Officer, Yusuf Oguntola, said the Code Cash Crop ag-hackathon  programme is assisting startups access markets, build partnerships between them  and agricultural companies and contribute to increasing agricultural productivity in target countries while ensuring better management of natural resources.

    According to him, this year’s event built on the success of the previous events in 2018 and 2019.

    Applicants, he noted, were competing for the N2.5 million prize to develop their ideas, coaching and bonus resources to help them scale their innovations.

    Six finalists were chosen from100 applicants. These included Maaji Noma, Tarkin,Agricede, GreenerAgro, PalmFarmsand Credence. During the demo ceremony, the startups showcased their technologies to support farm livelihoods.

    The technologies showcased covered market place, digital learning and extension services, agribusiness convergence platforms, post-harvest and financial services.

    It also involved business development and funding, and rural development project partnerships.

    Discussions took place to cement collaborations and deploy technology solutions in the field.

    During the demo and final selection, tech entrepreneur and founder, Maaji Noma, a platform that integrates financial services for farmers in rural communities, won the first prize.

    The second place winner was Folasewa Abdulsalam, a 500 level Computer Science student of the Obafemi Awolowo University (OAU) and founder, Palm Farms. She got N1.5 million and AFEX’s mentorship.

    The third place winner was the founder, Credence, Samuel Akame, who won N1 million. His platform links small and medium enterprise commodity traders focusing on grains and commodities to a market place.

    The others were beneficiaries of AFEX mentorship – founder, Tarkin, Abdulazeez Abubakar, a platform which link farmers with storage solutions; founder, Agricede, Oluwasanmi Giwa, a platform that spotlights agric investment opportunities and Chief Executive, Greener Agro,   Chibueze Opata, driving access to finance for farmers in the rural areas by commoditising their credit worthiness.

    Keynote speaker,  Olatomiwa Williams, spoke about the evolution of the start-up ecosystem in Nigeria and and how the commitment of innovators is helping to solve problems in agriculture and other sectors.

    Williams, who is also the Country Manager, Microsoft Nigeria and Ghana, reiterated the determination of her organisation to encourage innovation, and the implementation of funding mechanisms that better meet the needs of start-ups and support structures to nurture entrepreneurship in high-tech sectors.

    She called for solutions that would   assist agro businesses answer crucial problems logically and timely.

    The Chief Executive, Graeme Blaque Group, Zeal Akaraiwe, noted that technology is key to promoting a platform model for agriculture trade that can focus on providing access to logistics, access to advisory services, access to input, and access to the market.

    Chief Executive Officer, Releaf, Ikenna Nzewi, stressed the significance of more investors exploring opportunities to enhance food security.

    He highlighted the factors that should be considered if investors must achieve success in food production.

    Head, Clearing and Settlement, AFEX, Nancy Olisakwe said the organisation was ready to support farmers to adopt the much-needed innovation to foster excellence in agricultural businesses.

    Through training and development, she said the organisation has contributed to better and more industry centered solutions for improved food security and nutrition.

    According to her, having created solutions that have been integrated into the agriculture sector, AFEX was advancing in its plans to drive prosperity alongside the value chains.

    The firm operates a supply chain infrastructure of over 100 warehouses and digital trading platforms that link investors with producers and processors.

    Co-founder and Chief Technology Officer, Thrive Agric, Ago Arikawe, said the firm has taken the initiatives for aggregating agricultural produce from farmers.

    One of the key concerns faced by small farmers, according to him, is constraints of marketing.

    As a model, he said they don’t only aggregate agricultural produce but assure the farmers that the produce would be bought.

    Startup Lead, Microsoft West Africa, Mrs EduAbasi Chukwunweike, urged startups to get involved in providing solutions to contribute to food security and Sustainable Development Goals (SDGs).

    She noted that what could help the industry grow were best practices, innovative solutions and technologies which could be applied throughout Nigeria.

  • Seedstars announces $30m fund

    Seedstars announces $30m fund

    Seedstars launched its second emerging market seed stage fund, Seedstars International Ventures II.

    The firm announced the first close of the fund with $20 million committed by notable investors including the International Finance Corporation (IFC), Visa Foundation, The Rockefeller Foundation, and Symbiotics.

    Since 2013, Seedstars has supported over 90 emerging market venture ecosystems, seeing how the founder talent pool has matured with 2,070 VC-backed startups in 2021 in their core markets versus just over 560 in 2017 (Source: GPCA).

    Seedstars will leverage this progress and invest in 100 pre-seed and seed stage companies across Asia, Africa, MENA, and LATAM in the next three years. Investments will be focused on companies building for the future of finance, commerce, health, work and education, with follow-on investments up to Series A.

    The predecessor fund invested in 81 companies in over 30 countries, with category-leading investments in all regions, Dastgyr (Pakistan, backers include Veon and SOSV), Foodics (MENA, include Sequoia and Prosus), MyRobin (Indonesia, backers include Accion Venture Lab and Antler), OlaClick (LATAM, backers include Meta and Google/Gradient) and Omnibiz (Nigeria, backers include Musha Ventures and LoftyInc Capital), among others.

    Charlie Graham-Brown, Seedstars Partner, comments, “I have no doubt about the abundance of talented founders or the market opportunities, but the challenges can’t be ignored. Our strategy innovates on so many levels to mitigate risk, be it through our country diversification, portfolio construction strategy, value creation platform, or the blended finance structure. We have a unique recipe, an incredible team, and backers in place to build on the success of the first fund and level the playing field for tech entrepreneurs around the world.”

    Seedstars’ focus on supporting scalable technology companies in emerging markets, solving major societal challenges like access to finance, health, or education, and working closely with entrepreneurs to scale their businesses means that the impact thesis is embedded in the investment thesis. The fund also includes a blended finance component with a first-loss tranche that provides downside protection for investments in the lowest-income markets.

    Seedstars Partner Patricia Sosrodjojo comments, “Investing and impact don’t have to be mutually exclusive. Our strategy combines these two critical objectives in one and we believe that is what both founders and investors are searching for.”

    Venture capital flows in emerging markets have been growing at a 40% rate year-on-year, yet remain just 4% of global volumes. However, cash is only one of the ingredients for venture success and Seedstars distinguishes itself through its Value Creation Platform, built to help portfolio companies scale up rapidly.

    The primary component of the Value Creation Platform is the Growth Track, a 3-month mentor-led sprint, where portfolio companies are equipped with the tools and methodologies to run a professional growth team. The Growth Track is led by the fund’s Growth Entrepreneur in Residence, Jon Attwell (ex-Naspers/Prosus) with support from growth practitioners with experience in high-growth firms (e.g. Careem, SkyScanner). The Value Creation Platform also provides companies with access to a vast network of 1,300 mentors, support with fundraising, a group of peers, and various other benefits.

    “Seedstars is a true outlier and they have proved that ever since they invested in our pre-seed round”, Co-founder & CEO of Dastgyr Zohaib Ali shared, “On fundraising, they were the most well-connected investors and helped us close the region’s largest Series A. On growth, they manufactured with us an organic ordering system which made Dastgyr a cost-effective B2B marketplace.”

    Seedstars International Ventures is a seed-stage venture fund dedicated to emerging and frontier markets. The fund invests across Asia, Africa, CEE, MENA, and LATAM with a focus on backing ventures that are solving key societal challenges such as access to financial services, healthcare, education, or commerce. Seedstars International Ventures is part of the Seedstars Capital Fund Platform.

  • Carving a niche in crop farming, livestock

    Carving a niche in crop farming, livestock

    For Damilare Babatope, an Ogun-based agro entrepreneur, involvement in farming has been a mixed bag, with the attendant opportunities and challenges associated with the value chain.

    However, he has made a success in pig, fish farming, cucumber and watermelon growing, which are pointing the way to profit making.

    Making a success in agricultural business is not easy. It is beyond blending different aspects of the business in the agricultural value chain.

    To Babatope, much more is involved in driving livestock and crop farming. He started in March 2014. He went into livestock farming, with focus on pig farming. He then gravitated into fish farming.

    Today, the business is large. He is very successful. From livestock, he explored fortune in growing cucumbers. He tried watermelon, raising cultivated land to five hectares. For him, that was one of the most effective ways to improve his life and make a triumph over poverty.

    He is happy he has been able to use agriculture to create jobs, raise incomes and reduce malnutrition. But the inspiration to venture into the business came from a friend.

    He said: “A friend of mine encouraged me. He told me there was money in farming as long as you are ready to get dirty.  I was inspired by the money I could make from it. Eventually, passion took over. it was not about the money again. it was about passion.”

    Babatope spoke about the  challenges.”It is very hard  to monitor  the business  since I run a side business in Lagos. Also, I had to raise money to build the pig pens,  dig bore holes and it was  a lot of  expenditure,” he said.

    He advised those who want to go into the farming to be patient and passionate. “I advise beginners to have a pool of funds to use in the  first one year until they break even. Trust me after you have passed that you will still reaping money.”

  • Celebrating SMEs’ innovation

    Celebrating SMEs’ innovation

    Small businesses and start-ups are the engine of innovation. They help to invigorate private investment. Recently, they were celebrated at a ceremony in Abuja. DANIEL ESSIET reports

    The fifth National MSME Awards Dinner, which held at the State House Banquet Hall, Abuja, showcased entrepreneurship in the country.

    The award was introduced to reward outstanding Micro, Small and Medium Enterprises (MSMEs).

    Vice President Yemi Osinbajo lauded the Bank of Agriculture (BoA), Federal Inland Revenue Service, the Corporate Affairs Commission, the Standards Organisation of Nigeria (SON), among others, for promoting MSMEs.

    He commended the various intervention programmes being implemented by the Bank of Industry (BoI) to support the MSMEs sector.

    The awards were introduced in 2018 by the Vice President to complement the National MSME Clinics.

    The VP said the creativity of young Nigerians indicate that the country would prosper and provide jobs and opportunities for youths

    Praising the contributions of young entrepreneurs who won prizes, the vice president noted: “These MSMEs tell the story of our country’s great economic future. We are set to manufacture our vehicles, clean energy trucks and cars, and we are on course to manufacturing our weapons, armoured mobile platforms and aircraft. We have all it takes.”

    Referring to the prospects in the manufacturing and technology sectors, the vice president expressed that optimism that MSMEs in technology and manufacturing, especially in the clean energy or green economy, deserve special mention.

    He said: “I am convinced that this sector will be crucial in global industrial development in the coming years and will leapfrog Nigeria to economic prosperity.”

    The vice president commended some of the winners. “The third is the Clintonel Advanced Engineering Centre, Access Bank MSME of the Year Award winner, founded by Tochukwu Clinton Chukwueke. The company builds high precision parts, moulds, medical equipment, and auto engine parts,” he added.

    He described the company’s work as “The building block for a true industrial revolution in Nigeria”. Clintonel Innovation Centre, Nigeria’s first makerspace (Engineering-focused Tech Hub), started in 2017 in Aba, Abia State, as a passion to support indigenous innovations and technology development.

    The vice president reiterated the commitment of the Federal Government to support small businesses by providing the enabling environment for them to thrive.

    He said the improvement in the value of prizes given to the winners from an initial one car star prize in 2018 for the winner to 10 cars to winners was to underscore the significant improvement that had been built between the private sector and the Federal Government over the years.

    Osinbajo announced that arrangements had been made for the establishment of an MSME Shared Facility projects comprising the Kaduna State Tomato Paste Production Hub and the Ogun State refurbished Adire market.

    “Other facilities are being established in Gombe, Bauchi, Kebbi, Ebonyi, Delta, Nasarawa, Ekiti, Abia and Kano states,” he added.

    Prizes were presented to winners in the various categories, including states, namely: the Best State in Shared Facility Award for Edo; Best State in Fashion Award for Imo; Best Emerging State in Innovation Award for Borno and Best State in MSME Policy Award for Ogun.

  • Startupsouth introduces career acceleration platform

    Startupsouth introduces career acceleration platform

    StartupSouth and Technology Companies has introduced TLNTPlus, a career acceleration and upskilling programme for fresh graduates and young professionals.

      It said TLNTPlus is for those interested in building a career in non-technical roles at Startups and Technology companies.

      Convener of StartupSouth, Uche Aniche, said: “Often times, founders in our network (and beyond) would reach out to ask for recommendations to fill certain non-developer roles in their business. We realised, through these requests, the importance of experienced non-technical talents in the success of Startups.

      “Challenges of poaching from established organisations include highburn rate, which, ultimately, leads to failure.”

       Aniche said TLNTPlus will focus on exceptional young professionals and avail them access to top level business leaders to accelerate their careers.

      “We will also place them in companies offering them first-hand experience of what it takes to build, run or work in a fast growing business. At the end, they should be ready and equipped to build their business or get a head start in their career by getting hired in any of the well-funded and established businesses in our network,’’ he added.

      The programme is by remote means and will target only 20 talents for this first cohort.

      “The first cohort will focus on three areas namely, products (core product management, growth, digital marketing), business development (communication, sales, email marketing) and operations (project management, community management, offline and virtual event management, customer service, administration)

      ”If you’re a young professional or fresh graduate and looking for a way to accelerate your career with relevant experience in the Innovation ecosystem this programme is for you,’’ he added.

  • Consumers advocate healthy edible oil

    Consumers advocate healthy edible oil

    Consumers are making case for people to use healthy edible oil with 5x Polyunsaturated Fatty Acid (PUFA) for the cooking.

    PUFA is produced from edible oil.

    Findings showed that consumers believe that the race to keep the heart healthy actually starts from a consciousness of what one consumes.

    Besides, the heart knows what it wants. For it to keep one alive and well, the heart must get whatever it requires to function as healthily and vibrantly as any other organ of the body.

    A Lagos-based house wife, Mrs. Nelly Okon, said when she goes shopping for her food, including edible oil, she looks for healthy index.

    She is one of the persons raising awareness on the need for consumers to use healthy edible oil. She said many edible oils on the market shelf contain a mix of fats, including monounsaturated, polyunsaturated, and saturated fats in varying proportions.

    Okon advised consumers to check the amount of saturated fat in edible oil.

    “In buying healthy cooking oil, there are a few things she checks on its label to know if it is actually best for her and her family. The most important thing to check is the amount of saturated fat,” she said.

    According to her, saturated fat is a type of dietary fat, regarded as “bad” or unhealthy fat. Along with trans-fat, eating lots of saturated fat can raise your cholesterol level and increase your risk of heart disease.

    So, the proportion of saturated fat in your edible oil must be very limited to achieve a healthy heart.

     An Abuja-based nutritionist, Michael Obi, explained that Polyunsaturated fats are “good” or healthy fats which help lower the bad cholesterol level and risk for heart disease. Polyunsaturated fats include omega-3 and omega-6 fats.