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Developers Seek N500m for Blind People’s App

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  • Developers Seek N500m for Blind People’s App

App developers at the Co-creation Hub in Yaba, Lagos, are seeking funding of about N500m to recreate Aipoly in Nigeria, a smartphone app that helps visually impaired persons identify people and things in their environment.

Should the recreation come through, they told our correspondent that they would be able to download and administer it on smartphones of interested Nigerians from a central system.

Those behind the project, who spoke on condition of anonymity, said plans had been concluded to meet the two entrepreneurs and Australian engineers who created the app – Alberto Rizzoli and Simon Edwardsson.

“We decided to do this because we realised that more Nigerians are getting blind by the day and except MTN, through its blind foundation project, no other telecommunications firm or smartphone manufacturer has come up with innovations that could help blind Nigerians, other than just making profits. The Nigerian Communications Commission is completely out of it,” said one of the app developers.

He said, “The whole idea is to give blind Nigerians a sense of belonging in the world of global communication that is fast evolving. For the fact that they are blind doesn’t mean they should be excluded from leveraging modern technology with ease and not bothering anyone for assistance.”

According to him, four Nigerians are investing in the project, saying, “We are still seeking more funding because we will need about N500m to make this reality.”

He added, “Two of us would be off to Australia anytime soon to meet with Rizzoli and Simon (Edwardsson) and conclude discussions with them. We drew inspiration from Cobhams Asuquo, the Nigerian musician and producer, who despite being blind for many years, has written and produced many songs for Nigerian artistes. He has led a normal life like every other person, unnoticed.”

Another app developer, who simply called himself Smart, said, “Aipoly was originally created in 2015, and it uses Artificial Intelligence to scan an item’s shape and patterns – after which it relays the information to the user.”

Smart said, “It recognises 1,000 everyday things without an Internet connection, including objects, animals and colours.

“Aipoly Vision is an object and colour recogniser that helps the blind, visually impaired, and colour blind understand their surroundings. Simply point your phone at the object of interest and press any of the recognition buttons at the bottom of the screen to turn on the artificial intelligence.”

He added, “Now that Artificial Intelligence and robotics is gaining so much grounds here, we are definitely going to maximise the opportunities. Aipoly speaks out loud what it sees; and recognises thousands of things in real time.”

Meanwhile, MTN recently said it was building “a robust distribution platform to enable the vast majority of Nigerians to access locally-relevant mobile software applications at a zero data cost.”

A former Chief Marketing Officer at MTN, Mr. Adebayo Adekanmbi, had said the rationale behind the initiative was to get more apps in the hands of Nigerians.

“We have organised all Nigerian-centric apps in a portal and through our special gateway Nigerians can access digital content at no cost. We are making it open for all developers in the country to join MTN by bringing the APK for their apps so that we can put it in the hands of Nigerians,” he said.

Market observers said that Nigerians had indeed succeeded in building problem-solving and life-enhancing mobile apps.

Some of the prevailing concerns being addressed by these apps are traffic, healthcare, education, transportation, e-commerce, tourism and hospitality related issues.

According to them, the huge strides being recorded in mobile applications development is going unnoticed because Nigerians are unable to quickly find relevant apps, without the distractions of applications that are only useful to people in North America and Europe.

“Every Nigerian can now download any app relevant to them free of charge for the next month,” Adekanmbi added.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Startups

Madica Empowers African Startups with $200,000 Investments Each

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Madica, a structured investment program dedicated to nurturing pre-seed stage startups in Africa, has announced its inaugural investments in three innovative ventures.

Each of these startups is set to receive up to $200,000 in funding from Madica and will participate in the program’s comprehensive 18-month company-building support initiative.

The investment program provides a personalized curriculum, hands-on mentorship, founder immersion trips, executive coaching, and access to Madica’s extensive global network of investors for follow-on funding.

The primary objective of this support is to drive growth and ensure the long-term success of the startups.

Emmanuel Adegboye, Head of Madica, expressed his excitement regarding the investments, highlighting the abundant talent and innovation present in the African tech ecosystem.

He said Madica is committed to supporting African founders who often face challenges in accessing necessary support due to perceptions of risk among global investors.

Madica employs an open application process, collaborating closely with local ecosystem players such as incubators, accelerators, and angel networks to identify and support promising entrepreneurs.

The selection process remains rigorous, with investments made on a rolling basis throughout the year.

With plans to invest in up to 10 additional startups this year, Madica aims to expand the reach of venture capital and founder mentorship across Africa, addressing the existing imbalances in funding availability.

The announcement of these investments marks a significant milestone for the selected startups, providing them with vital financial support as well as access to invaluable resources and networks to propel their growth and success in the competitive landscape of the African startup ecosystem.

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Meta’s Revenue Woes Shake Tech Industry Confidence

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The tech industry faced a wave of uncertainty as Meta Platforms Inc., formerly known as Facebook, delivered a disappointing earnings report that sent shockwaves through the market and dented investor confidence.

Meta’s forecast of weaker-than-expected sales for the current quarter, coupled with plans for higher capital expenditures, rattled investors who were eagerly anticipating robust results.

Shares of Meta plummeted by as much as 19% in after-hours trading to trigger a cascade effect across the tech sector.

The tech-heavy Nasdaq 100 Index experienced a decline of up to 1%, reflecting broader concerns about the health of the industry.

Analysts and investors alike expressed dismay at Meta’s inability to meet revenue expectations, citing uncertainties surrounding the company’s adoption and monetization of artificial intelligence (AI) technologies.

Jack Ablin, Chief Investment Officer at Cresset Wealth Advisors, highlighted the disappointment on the revenue front, overshadowing any optimism about AI adoption.

Questions lingered regarding the efficacy of AI investments and their potential benefits to users, leading to increased skepticism among stakeholders.

The repercussions of Meta’s earnings miss extended beyond its own stock, impacting other tech giants slated to report earnings in the coming days.

Alphabet Inc., Amazon.com Inc., and social media companies like Snap Inc. and Pinterest Inc. all witnessed notable declines, signaling a broader sentiment shift within the industry.

The fallout from Meta’s revenue woes reverberated across the tech landscape, affecting chipmakers, server manufacturers, and software firms. Nvidia Corp., Micron Technology Inc., and International Business Machines Corp. were among the companies affected, as investor concerns over AI investment and revenue growth cast a shadow over the sector’s outlook.

As the tech industry grapples with Meta’s disappointing results, stakeholders are left to ponder the implications for future investments and strategic decisions.

The episode serves as a stark reminder of the inherent volatility and uncertainty within the tech sector, underscoring the importance of diligent risk management and strategic foresight in navigating turbulent markets.

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TikTok Vows Legal Battle Amid Threat of US Ban

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As the specter of a US ban looms large over TikTok, the popular social media platform has declared its intention to wage a legal battle against potential legislation that could force its Chinese-owned parent company, ByteDance Ltd., to divest its ownership stake in the app.

In what amounts to a fight for its very existence in one of its most crucial markets, TikTok is gearing up for a high-stakes showdown in the courts.

The alarm bells were sounded within TikTok’s ranks as Michael Beckerman, the company’s head of public policy for the Americas, issued a rallying cry to its US staff.

In a memo obtained by Bloomberg News, Beckerman characterized the proposed legislation as an “unprecedented deal” brokered between Republican Speaker and President Biden, signaling TikTok’s readiness to challenge it legally once signed into law.

“This is an unprecedented deal worked out between the Republican Speaker and President Biden,” Beckerman stated in the memo. “At the stage that the bill is signed, we will move to the courts for a legal challenge.”

The urgency of TikTok’s response stems from recent developments in the US Congress, where lawmakers have fast-tracked legislation mandating ByteDance’s divestment from TikTok.

The bill, intricately linked to a vital aid package for Ukraine and Israel, has garnered significant bipartisan support and is expected to swiftly pass through the Senate before landing on President Biden’s desk.

Beckerman minced no words in his critique of the proposed legislation, labeling it a “clear violation” of TikTok users’ First Amendment rights and warning of “devastating consequences” for the millions of small businesses that rely on the platform for their livelihoods.

TikTok’s defiant stance reflects the gravity of the situation facing the tech giant, which has spent years grappling with concerns from US officials regarding potential national security risks associated with its Chinese ownership.

Despite extensive lobbying efforts led by TikTok CEO Shou Chew to allay these fears, the company now finds itself at a critical juncture, where legal action appears to be its last line of defense.

ByteDance, TikTok’s Beijing-based parent company, has also signaled its intent to challenge any US ban in court, signaling a united front in the face of mounting pressure.

However, navigating the legal landscape will not be without its challenges, as ByteDance must contend with both US legislative measures and potential obstacles posed by the Chinese government, which has reiterated its opposition to a forced sale of TikTok.

As TikTok prepares to embark on what promises to be a protracted legal battle, the outcome remains uncertain.

For the millions of users and businesses that call TikTok home, the stakes have never been higher, as the platform fights to preserve its presence in the fiercely competitive landscape of social media.

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