Ugandan startup, Emata raises $2.4 million in seed round
Emata, a Uganda based startup that offers affordable loans to farmers has raised a $2.4 million seed round which it will use to expand its agri-loan offering across East Africa. Emata, a Uganda based startup that offers affordable loans to farmers has raised a $2.4 million seed round. The seed round was a mix of $1.6 million debt and $800,000 equity funding. Emata will use the funding to fund its offerings in Uganda and expand into Tanzania. The round was backed by African Renaissance Partners, Norrsken Accelerator Draper Richards Kaplan Foundation, with participation from angel investors Marcus Boström, Zephyr Acorn. In June 2022, Emata was among the nine African startups selected for Norrsken Impact Accelerator. Agriculture constitutes 23% of the GDP in sub-saharan Africa, and these contributions could be more if smallholder farmers in the region have more. The agricultural finance gap on the continent is pegged at $240 billion and many farmers rely on expensive bank loans.Emata addresses this funding gap by offering no collateral loans to small holder farmers. By working with cooperatives and farmer-based organizations, Emata offers automated loans to farmers. These partners also help Emata with the recollection of loans from farmers. Speaking on the fund round Bram van den Bosch, Founder & CEO of Emata, “We are thrilled to complete our $2.4 million seed fund raise, backed by high-profile, impact-oriented investors who recognize the huge potential of digital agri-loans in East Africa, and beyond. Emata dares farmers to dream big and eliminates traditional obstacles that have made agricultural finance unavailable for the vast majority. Our solution turns a lifelong struggle into a five minute process, and is already tangibly impacting thousands of East African farmers.”
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Exclusive: Nigerian web hosting company, WhoGoHost acquires SendChamp
WhoGoHost has acquired cloud-based communication startup SendChamp in what it says is a move to deepen its value offering for its customer base. WhoGoHost, a Nigerian cloud infrastructure company, has fully acquired SendChamp, a cloud communications startup that powers online messaging for African businesses. The acquisition combines cash and equity, but the companies declined to disclose the transaction cost to TechCabal. The acquisition is part of WhoGoHost’s strategic plans to deepen its value offering for its customer base. Founded by Goodness Kayode and Damilola Olotu in 2021, SendChamp allows businesses to send and receive customer messages across different channels, including SMS, WhatsApp, email, and voice. “Our vision and theirs align,” said SendChamp CEO Kayode. “WhoGoHost is ensuring that entrepreneurs and businesses go online and that businesses can communicate effectively.” SendChamp leadership to join WhoGoHost SendChamp’s CEO and CTO will assume new roles at WhoGoHost as part of the acquisition. Goodness Kayode will be Chief Product Officer, while Damilola Olotu will serve as the Chief Technology Officer of WhoGoHost. SendChamp will continue to operate as an independent product for a few months, and then its services will become accessible via the Whogohost integrated platform. “SendChamp will essentially become SendChamp by WhoGoHost,” said Kayode. Subsequently, as SendChamp seamlessly integrates with WhoGoHost’s offerings, it will adopt the WhoGoHost company name. A mutually beneficial partnership “It is a symbiotic relationship. Our customers can access WhoGoHost’s services, from domains to backups to security to hosting. WhoGoHost’s customer base will also be able to access products from SendChamp, down from SMS, emails, WhatsApp, Facebook, Instagram, and customer support solutions. Because we have the same type of customers, WhoGoHost’s products can be used by SendChamp customers, and vice-versa,” Kayode explained the benefits of the partnership on a call with TechCabal. Opeyemi Awoyemi, the founder of WhoGoHost, said the acquisition of SendChamp presents the startup with a unique opportunity to expand its offerings beyond being a “domain-hosting to a one-stop shop for digital services for entrepreneurs and businesses in Africa.” In 2016, the company also acquired TheExpertHost and iHost Africa. Have you got your tickets to TechCabal’s Moonshot Conference?Click here to do so now!
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👨🏿🚀TechCabal Daily-It’s Ghana be alright
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday! There has been one bad news after the over in the crypto-verse. Last week, hacker’s took over the X account of Vitalik Buterin, Ethereum co-founder, and stole about $700,000 from followers by sending them malicious links through his account. Now, Crypto exchange CoinEx has disabled deposits and withdrawals after losing over $27 million to hackers. In today’s edition Ghana’s inflation drops to 40.1% Eskom warns against more loadshedding Africa Union to create it’s own credit ratings agency Nigeria delists 28 illegal loan apps The World Wide Web3 Event: Moonshot Conference Opportunities Economy Ghana’s inflation down to 40.1% in August 2023 Image source: BBC Data from Ghana Statistical Services show that the country’s headline inflation rate dropped to 40.1%. August inflation’s rate was the slowest rate of change observed in the country since October, according to government statistician Samuel Kobina Annim. Ghana’s inflation rate for July was pegged at 43.1%. What is driving the Inflation? Like in previous months, food prices were the biggest drivers of inflation. However, food inflation for August was at 51.9%, a little shy of 55% in the previous month. ICYMI: In May, the International Monetary Fund (IMF) approved a $3 billion, three-year extended loan for Ghana. The loan was disbursed to help with the country’s economic recovery after the impact of the pandemic. Since the country won this bailout, The cedi became fairly stable, trading against the dollar at 11.45. Zoom out: Ghana’s recent economic developments reflect a mixed picture. While the headline inflation rate has shown a decrease, the figure still indicates a high level of inflation. Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. Download the app. Electricity Eskom warns of Higher load-shedding risk beyond Stage 6 Gif source: Tenor The cold weather in South Africa is putting a strain on Eskom’s power grid. South Africa’s main electricity provider, Eskom, has warned that the country could face higher stages of load-shedding due to cold weather. The country is currently in continuous stage 6 load-shedding, the highest level implemented so far this year. Save energy to avoid loadshedding: Due to the cold weather, there is a surge in electricity demand and Eskom is urging South Africans to reduce their electricity demand between 5:00 PM and 9:00 PM, when demand is highest. The reduction in demand will help ease the strain on the system and hopefully prevent even higher stages of load-shedding. Eskom tweeted that the evening peak forecast for Yesterday was 29,609MW, and Tuesday’s demand at the evening peak was 33,423MW, higher than the forecast demand. Zoom out: In May this year, Eskom warned that it may need to implement high stages of load shedding in order to meet surging demand during the winter months. Fintech African Union to create its own credit rating agency The African Union (AU) wants to launch its own credit rating agency next year. Why? The AU is launching the credit rating agency as an alternative to the “big three” international rating agencies—Moody’s, Fitch, and S&P Global Ratings—which it believes doesn’t fairly capture the risk of lending of countries on the continent. The agency would be self funded and private-sector driven with AU oversight, according to Misheck Mutize, AU’s lead expert for country support on rating agencies. Zoom out: While several African leaders allege that credit ratings from Moody’s, Fitch, and S&P Global Ratings do not do justice to lending assessment on the continent, the new development by the AU offers a consolation. The AU credit rating agency, when established, will provide more context for the data that investors look at when considering whether to purchase African bonds or make a private loan to a nation. Fintech FCCPC delists 28 illegal digital money-lending apps Nigeria is taking action to clean up the digital money-lending sector. The Federal Competition and Consumer Protection Commission (FCCPC), the agency responsible for regulating competition and protecting consumers in Nigeria, has delisted 28 illegal digital money-lending apps in a bid to sanitise the sector. Gif source: Tenor The FCCPC disclosed this in its latest report on approved digital money lender apps. The report shows that the number of delisted apps has increased from 9 to 37, while the number of approved apps has increased from 154 to 164. The Commission has also identified 54 apps that are currently on their watchlist. The delisted apps: Some of the apps delisted include; Hen Credit Loan App, Cash Door App, SwiftKash App, and Eaglecash App. The full list of delisted apps can be found on the FCCPC website. Zoom out: The FCCPC has been keeping a close eye on digital money lending in Nigeria. In August, the FCCPC ordered Google to delist 18 more loan apps/digital lending companies from its PlayStore and platforms immediately for invading customers’ privacy in the course of loan recovery. Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $26,254 + 1.06% – 10.40% Ether $1,607 + 0.64% – 12.53% BNB $212 + 0.50% – 11.36% Cardano $0.25 + 0.95% – 13.72% * Data as of 12:10 AM WAT, September 14, 2023. Events The Moonshot Conference Tickets are still selling out fast for the gathering of the most audacious players in Africa’s tech ecosystem. You and your friends can get an exclusive discount to secure your seats if you haven’t yet. Get your tickets today. Opportuinities Applications are open for the Fast Forward Accelerator 2024. The accelerator provides training and resources applicable to the challenges only a tech non-profit entrepreneur knows. Through the Accelerator, you will receive a $25,000 philanthropic grant, build community among your cohort, meet dozens of mentors from the tech and social sector, and connect with people who can help you scale. Apply by September 30. Calling all emerging conservation photographers and storytellers!
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Ghana’s inflation drops to 40% in August driven by food prices
Driven by food prices, Ghana’s inflation rate dropped to 40.1% in August from 43.1% in July—a 10-month low. Data from Ghana’s Statistical Services (GSS) showed that headline inflation for August dropped to 40.1%. It is a 10-month low after July’s inflation figure reached a four-month high of 43.1%. According to Bloomberg, Ghanaian statistician Samuel Kobina Annim said it was the slowest rate recorded since last October. Just like July’s uptick, the slowdown in August was again driven primarily by food prices. Per the data from the GSS, food inflation fell from 55% in July to 51.9% in August. This drop is tied to the difference in the inflation for locally produced items and inflation for imported items. On the other hand, non-food inflation grew from 30.9% in July to 33.8% in August. Ghana’s Central Bank has so far focused on keeping inflation under control. In July, the central bank raised the key lending rate to 30% to combat surging inflation which stood at 42.5% at the time. Central Bank governor Ernest Addison had said the bank will continue to raise the lending rates policy until the desired inflation level is achieved. Bloomberg reports that the monetary policy committee will announce a new rate on September 25. Ghana grapples with a disturbing financial crisis. The Financial Times reported that the country’s public debt is almost as large as its gross domestic product (GDP). In May, Ghana secured a $3 billion bailout from the International Monetary Fund (IMF). According to a World Bank report, Ghana’s economic growth is projected to slow down to 1.5% this year and remain depressed in 2024 at 2.8% but the economy is expected to recover to its potential growth by 2025. The report recommended that the Ghanaian government in addition to managing the immediate macroeconomic crisis, implement structural reforms including collecting more domestic revenue, implementing tighter expenditure controls, and addressing the energy sector shortfalls. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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2023 KRA PIN checker: verifying, retrieving and more
The Kenya Revenue Authority (KRA) Personal Identification Number (PIN) is a crucial requirement for individuals and businesses in Kenya. It is essential for various financial and tax-related transactions, including filing tax returns, opening bank accounts, and securing government tenders. This article will guide you through three essential aspects of KRA PIN: the PIN checker, obtaining KRA PIN, and retrieving a forgotten PIN. How to go about the KRA PIN checking or verification The KRA PIN checker is a valuable tool for verifying the authenticity of a KRA PIN. It allows you to confirm if a PIN provided to you is valid and associated with the correct individual or business entity. Here’s how to use it: 1. Visit the KRA PIN checker website Go to the official Kenya Revenue Authority (KRA) checker website https://itax.kra.go.ke/KRA-Portal/pinChecker.htm. Then enter the KRA PIN checker you want to verify. 2. Security code Complete the security code prompt to prove you’re not a robot. 3. Click ‘Submit’ After confirming the security code, click the “Submit” button. 4. Verification result The system will display the verification result, indicating whether the provided KRA PIN is valid or not. Using the KRA PIN checker is crucial to ensure that you are dealing with legitimate tax-related matters and preventing potential fraud. Obtaining a KRA PIN If you don’t already have a KRA PIN, obtaining one is a straightforward process: 1. Visit the KRA website Again, start by visiting the official KRA website. 2. Navigate to ”Online Services” Look for the “Online Services” section on the website’s homepage. 3. Click “Apply for a KRA PIN” Follow the prompts and fill out the necessary information accurately. 4. Submit the application Review your application details and submit it. You will receive a notification confirming your successful application. Retrieving a forgotten KRA PIN If you’ve forgotten your KRA PIN, don’t worry; you can retrieve it using the following steps: 1. Visit the KRA website Start by visiting the KRA website as before. 2. Access iTax services Go to the “Online Services” section and click on “iTax Services.” 3. Login to iTax Log in to your iTax account using your credentials. 4. Click ‘Forgot Password/Unlock Account’ Inside your iTax account, you will find an option to reset your password or unlock your account. Click on it. 5. Follow the instructions You will be guided through a series of steps to verify your identity and reset your PIN. Final thoughts on KRA PIN checker The KRA PIN is a vital document for Kenyan taxpayers. It’s essential to know how to use the KRA PIN checker, how to obtain a PIN if you don’t have one, and how to retrieve it if you forget it. By following these steps and staying informed, you can navigate the world of taxes and financial transactions in Kenya more effectively.
Read MoreWhy InDrive has become popular among riders and drivers in Gaborone
In the absence of Uber and Bolt, InDrive has become a popular way to access public transport services in Gaborone, Botswana. For *Botshelo, a 23-year-old unemployed accounting graduate, InDrive has become so valuable for him as a driver that he is no longer interested in job-hunting. Having initially launched in Botswana in December 2019, InDrive is now a hit with both drivers and passengers in the capital city of Botswana. inDrive lets drivers and passengers determine their fares rather than using prices determined by algorithms. Passengers can suggest a fare, while drivers may accept, decline, or make a counteroffer without any penalties. The decision on whether to proceed with a ride can be made by considering the fare amount, car type, estimated arrival time, and driver ratings. Drivers can select profitable and convenient requests. “On a good month, I can clock about P6,000 (~$440) net pay without even having to work like twelve hours a day,” Botshelo told TechCabal. “With that, why would I go look for a job where I will most probably be getting paid P2,000 (~$147) for 25 days of almost 12-hour shifts?” Despite launching in the country almost four years ago, InDrive still does not charge its drivers in Botswana a commission. The initiative, which is meant to be an introductory offer to entice drivers, usually lasts for six months but in Botswana, InDrive has continued with it indefinitely. InDrive states that the reason why the introductory offer has gone on for so long is that the company’s launch strategy in new markets unfolds through several active stages. The team conducts market research and if a positive assessment is given they transition to the second stage which is establishing a local community of users through elevating brand awareness and expanding the user base. “Once we have successfully navigated the initial phases and garnered a substantial understanding and recommendation readiness from the community regarding our business model, we initiate the third phase,” Vincent Lilane, business development representative at inDrive, Southern Africa told TechCabal. “The final step is the monetisation stage, which we will commence when we ascertain that people are sufficiently familiar with our brand and are prepared to endorse our service to their acquaintances.” According to Lilane, in order to “[promote] inclusivity in the mobility sector” in Botswana, the commission will be introduced with a maximum limit of 10%.Prior to the arrival of InDrive in Botswana, for transportation, most commuters in Gaborone had the option of using “taxi specials” which operated as private cab services. According to some of these commuters who spoke to TechCabal, InDrive has proven to be a much more financially sensible and convenient service. “The issue with cabs in this city is that they are unreliable and they take advantage of desperate commuters,” one commuter told TechCabal. “They can charge you whatever amount they want especially at night because you have no other option. At least with InDrive I can negotiate and pick the most affordable driver.” Challenges in Botswana For Botshelo, the main challenge he had when he started with InDrive with a lack of experience in how to harness the most value from the service. For starters, according to him, one has to be smart with which rides they accept so they do not eat too much into their margin. “When I started, I would just accept rides because the offered money was high. But if the clients are far when you do the math, you find out that those rides are actually eating on your margins mainly because of the fuel expense associated,” he said. Since learning the tricks of the trade, Botshelo adds that he usually focuses on a radius which would give him the most margins. There is also the security issue where sometimes, drivers can get robbed by passengers. To address that issue, some drivers have resorted to having what they refer to as “bodyguards” who travel around with them for night rides. One of those is *Otsile, who says that it is a small price to pay for not just one’s car and valuables, but their life. “You have to be careful about who you pick up, especially on weekend nights and early mornings. Although I have yet to experience it myself, there are cases where drivers have been robbed, especially by male passengers. It’s just the nature of the business and it’s better to be safe than sorry,” he told TechCabal. The other challenge is Gaborone’s relatively small ride-hailing market which makes business hard to come by especially on weekdays and in the middle of the month. To deal with that, some drivers, instead of just relying on InDrive for business, use it as an avenue to procure customers for their “taxi special” business. According to them, this saves them time of having to always negotiate with new customers and also hedges against poor business days. “When you provide a good ride, sometimes customers would ask you to be their permanent cab service provider for going to work or dropping their children at school,” one driver told TechCabal. “These are more valuable clients especially when business is slow on InDrive.” The future of InDrive in Botswana InDrive is currently only available in the capital city of Gaborone. According to Lilane, the expansion will only be pursued as the company’s brand gets more engrained in the psyches of Batswana. “Currently, our primary objective is to firmly establish our presence in Gaborone. While we continually foster ambitions to expand our reach beyond this area, it is crucial that we focus wholeheartedly on Gaborone to ensure our foundation there is strong and sustainable,” Lilane said. “By doing so, we lay down a robust groundwork that will not only benefit our current endeavours but will also facilitate future expansions effectively when the right time comes.” For drivers like Botshelo, the ride-hailing service is an earnest way to earn a living in a country where most young people are either underemployed or unemployed. Additionally, it is also a
Read MoreStitch launches WigWag, a social commerce payments platform for SMEs
Stitch has launched a payments product called WigWag which will allow South African merchants to accept payments from local and international cards via a unique link sent by email/SMS. South African fintech startup Stitch has launched WigWag, a social commerce payment platform which would enable small businesses to accept digital payments via a unique payment link. “With WigWag, small and growing businesses can begin accepting local and international card payments in minutes, without the need for a website or developer resources. They simply need to send a unique payment link to customers in any chat or email,” the company said in a statement. While Stitch offers scalable custom payment solutions to large enterprises, WigWag will be focused more on small businesses. After registering for the services, merchants will generate a link for a customer with the amount to be paid and the expiry time of the link. The link can then be sent via email, SMS, WhatsApp or social media chat where the customer will click on it to make a payment. “We created WigWag specifically with these small business clients in mind. Now anyone can have access to reliable payments, powered by the Stitch API, and offer their customers a truly seamless experience,” said Danielle Laity, WigWag product manager at Stitch. Responding to a question from TechCabal on the charges associated with the product, Laity stated that WigWag will charge 2.95% of the amount that merchants get paid. For customers paying you with a non-South African card, WigWag will charge 3.4% of the purchase amount to supposedly cover the foreign exchange. Additionally, each payout will garner an R2 charge, all fees excluding VAT. According to data by Deloitte, 51% of surveyed SMEs indicated they had encountered strong interest from customers in making payments with a card, showing the potential of a solution like WigWag in facilitating such payments. SMEs make up 29% of all businesses in South Africa. Stitch emerged from stealth in February 2021 and expanded into Nigeria in October 2021. The firm raised $21 million in Series A funding in February 2022 to expand its payments API product.
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2023 Hustler Fund application full details
The Kenyan government introduced an innovative digital financial inclusion program known as the Biashara loan. This initiative is designed to empower micro-SMEs by granting them access to loans with remarkably low-interest rates. Here we outline the divisions of the Hustler Fund loan and how to go about your application. The Hustler fund Biashara loan application The Biashara loan is a key component of the larger Hustler Fund Personal Loan Product. It acts as a revolving fund, extending credit to both small businesses and individuals who lack collateral or a formal banking pedigree. The Biashara loan is divided into two segments: individual and group. The newly launched individual micro-enterprise loan product will provide loans ranging from KES 10,000 to KES 200,000 at an interest rate of 7%, calculated on a pro-rata or daily basis. Repayment terms for the loan are highly flexible, with options of 1, 3, 6, or 9 months, and a maximum term of one year. How to register for the Hustler Fund Biashara loan To register for the Biashara loan, prospective beneficiaries should dial *254# on their mobile phones. They will then need to select their business category (options include agriculture, trade, manufacturing, and service providers). Additionally, they must input their business registration number and the KRA pin associated with their business. Eligibility criteria for the Hustler Fund application To qualify for the Hustler Fund application for the Biashara loan, applicants must meet the following requirements: 1. Possess a valid Kenyan National ID. 2. Be a Kenyan citizen aged 18 years or older. 3. Maintain an active SIM card from any mobile network operator. 4. Hold a business number for a business that is registered with the Business Registration Service (BRS). 5. Possess a KRA pin linked to the registered business on the BRS. Final thoughts The Biashara loan provides adaptable loan limits and repayment durations tailored to each customer’s specific needs and capacity. Customers even have the option to increase their existing loans, provided they meet certain criteria. The introduction of the Biashara loan is expected to stimulate economic growth and generate job opportunities for countless Kenyan micro-SMEs operating across diverse markets.
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🚀Entering Tech #40 – Sorry, but marketers are out of stock
Here’s the skill you need to succeed in the AI age. 13 || September || 2023 View in Browser Brought to you by Issue #40 Should marketers wear many hats? Share this newsletter Greetings ET people We’re back with new episodes of Entering Tech Shorts. In this week’s edition, Uchechukwu Azubuko, frontend engineer at OneLiquidity tells you what you need to know about getting started with frontend engineering. If you missed the last season, take a peek here. by Timi Odueso & Faith Omoniyi. Tech trivia Some tech trivia to get the brain juices flowing. What is the recommended character limit for a meta description tag in search engine optimization (SEO)? According to the Pareto Principle, what percentage of a company’s customers typically generate 80% of its revenue? A “marketer” of all trades In August, Milton Tutu, Chief Marketing Officer at Selar sparked conversations about how marketing talents take on multiple roles in tech startups and were often undercompensated. As expected, responses began to flood in under Tutu’s tweet, and the discussion rapidly spun into a debate between startup founders and marketing talents. While some argued that a startup’s budget might be a limiting factor to hiring sufficient marketing talents, others argued that marketing talents were not as important as product builders like software engineers—because you know, all products sell themselves. “I think people should learn how to stick to their budget. If your budget can only hire a social media manager then stick to that,” Tutu tweeted. “Milton, have you seen the economy?” tweeted Jude Dike, CEO of GetEquity. While Dike’s counter comment might blame the country’s stringent economy as a cover for not employing sufficient marketing talents, Tutu argues that it is not an adequate excuse. “Chief, is it only with marketing talents we look at the economy? What about engineers and product designers (technical talents)? Why don’t we hire one technical talent to do 3–4 different roles? “Stick to your budget and hire what you can afford. If it’s only a social media manager you can afford as a start, hire that and don’t try to give you a social media manager.” Reading through the comments under Tutu’s thread, another tweet popped up: It appears as though people are conflating different social media roles. So let’s get into it. What are the different roles under marketing and who should be responsible for what? The many hats of marketing What marketers think While the conversation on twitter took several turns, with several founders arguing against the motion, today’s #EnteringTech edition looks at the dynamics from the lens of content marketing leads. They give their best advice on what should be the norm and best practices in the marketing space. “Many early stage startup founders do not understand that content and marketing are different skills,” said Ama Udofa, content marketing lead at Vendease. “They are focused on sales. They don’t really understand that they are different skills. A lot of them don’t understand that building a content engine is long-term play; it’s about building the foundations, it’s about building the community, it’s about building an infrastructure for information so that as you grow and scale, your new users have a bank of information. Many of them are just focused on sales.” Image source: Zikoko Memes Damilare Fakorede, partner and brand and marketing at GrowthMax Africa is of the opinion that startups should have two marketing talents: a head of marketing and a community manager. The Head of Marketing would oversee a startup’s overall marketing strategy and direction, coordinate with other departments to align marketing efforts with business goals, and handle high-level decision-making for marketing campaigns. While the community manager on the other end should be someone skilled at building an engaged customer community deploying content that resonates with the startup’s core audience. This unique combo will drive a startup’s growth efficiently in the short and medium term. Mibiola Ifeoluwa, content lead at BrandEye, is of the opinion that handling multiple roles makes a startup’s marketing less efficient and overwhelms the talent. “One person should not handle more than three roles, especially based on expertise and based on the person’s strength,” she said. Micheal Inioluwa, marketing lead at Cowrywise agrees with this sentiment, “While starting small and working within their budget is understandable, startups should manage talent expectations and know that there’s a limit to how much deep work a marketer can do if they have to juggle five roles at the same time.” Image source: YungNollywood While Ama acknowledges that a startups budget might be an hindering factor to employee multiple marketing talents, he says that a startup should hire a generalists who can handle multiple tasks and be compensated duly. “If you’re going to hire one person to do three people’s jobs, I think you should pay three people’s salary,” he said. Damilare believes that there is talent for every budget and that the goal of every startup will be to find the best talent that matches the startup’s budget. In the next edition of #EnteringTech, we will bring you perspective from startup’s CEOs to understand how they are thinking about the subject matter. Tell us how we’re doing We’re always telling you what to do. It’s time to return the favour and teach us instead. Fill our survey and let us know what you think Ask a techie Q. I am a UX designer and a product designer. I recently started a UX course on Coursera and currently. When is the right time to start applying for internships and how should I position myself? I am already working on my portfolio and would love to know how best to put myself out to hiring managers for internship roles. Here are some tips on how to position yourself effectively for an internship: Start early. The timing for applying for internships can vary, but it’s generally a good idea to start thinking about them early, especially if you’re still in the early stages of your course. Develop a strong
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Veteran investor Olumide Soyombo launches memoir “Vantage”
One of Nigeria’s most prolific investors, Olumide Soyombo on Tuesday launched “Vantage”, a memoir of his early beginnings, foray into entrepreneurship and investing as well as key lessons from his business journey. In August, TechCabal reported that Olumide Soyombo, the co-founder of Bluechip Technologies and founder of Voltron Capital, announced his business memoir, “Vantage,” and on Tuesday, the book was formally launched at an event in Lagos. The memoir—divided into three parts—captures Soyombo’s early beginnings, his foray into entrepreneurship and investing, and lessons from his experience as a veteran in Africa’s tech ecosystem. Soyombo’s book follows an uncommon culture of Nigerian business leaders sharing the untold stories of their industry. In the book, Soyombo—one of Nigeria’s most prolific investors and earliest backers of some of the country’s notable startups, including Paystack and PiggyVest—answers questions about his business journey and pioneering role in the evolution of Nigeria’s tech ecosystem. Herbert Wigwe, Group CEO, The Access Corporation, in the foreword of the book, described “Vantage” as “the most important book so far written on the burgeoning tech space in Nigeria.” One key takeaway from Soyombo’s business journey is the role of mentorship in the success of businesses and their owners. In the book, he referenced a scathing email he received from his dad—and first investor—on the 11th of February, 2013, after he and his partner, Kazeem Tewogbade (Kaz) splurged on two Mercedes Benz E-Class cars. Two years later, Olumide sent a similar mail to the co-founders of PushCV—the company that later transitioned into PiggyVest—questioning their spending of the last $50k he invested in the company. “The idea is not to harvest your rewards in the beginning, especially when you know that with the prospects of your startup, the reward will come in droves,” Soyombo wrote in the book. At the book launch event, the Olumide Soyombo Education and Entrepreneurship Foundation was launched to place one million copies of “Vantage” in the hands of one million young Africans. The thinking with this knowledge-sharing is to nurture the next generation of business leaders and tech entrepreneurs on the continent. Soyombo said, “I am very optimistic about the future for investing in Africa. I believe that the best place to build is in Africa and in Nigeria.” Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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