Chili Nwaogu Moves to Boost Innovation in Africa
On the journey to impact over 10,000 professionals within ten years, serial tech entrepreneur and software developer, Chidi Nwaogu, launches a global fellowship program for those passionate about solving some of Africa’s most pressing problems through innovation.
Savvy Fellowship is built for those who want to build their own impact-driven business but don’t know how to, or for those who own an early-stage business and want to grow and scale their impact into new markets or verticals.
It is a 12 weeks e-learning, assessment, and mentorship program, where individuals learn everything from ideation to venture-scaling. After going through the 12-week program, Fellows receive a Certificate of Completion to proudly share with their professional network.
“Due to the COVID-19 pandemic, many have lost their jobs and are now living in an uncertain world. I have decided to start the Savvy Fellowship, to equip passionate individuals with the necessary knowledge and skill they need to start their own impact-driven business and succeed as entrepreneurs,” says Chidi Nwaogu, Co-founder at Savvy, multi-award-winning serial entrepreneur, and author of the ‘Dear Entrepreneur’ book series. So far, the Fellowship program has received nearly 17,000 applications, and have selected over 1,800 Global Fellows from 91 countries from around the world.
“It’s no news that every day, I love sharing with others what I’ve learned from my experience as an entrepreneur, and Savvy is just an extension of that personal journey of sharing for me. Savvy is a 12-week-long virtual fellowship program that runs throughout the year. Some of the things Savvy Fellows learn include fundraising for their business, building the right team to execute their business strategies, building buzz around their product or service, achieving product-market fit, scaling into new markets and verticals, and building customer loyalty and retention.”
Chidi Nwaogu is also the co-founder of Publiseer, a digital publisher for African Creatives, described by Konbini as “one of the largest digital publishers in Africa” and identified by IFC as one of the startups “that could speed up innovation in Africa”. Chidi has won the Migration Entrepreneurship Prize by the Swiss Government, the Africa 35.35 Award for Entrepreneurship, the Young Leaders Award for Media & Entertainment, and the Bizz Business Excellence Award.
Savvy Fellowship kicks off with a rigorous 12-weeks e-learning experience. Savvy Fellows get to learn how to start, build, and scale an impact venture. Using visual presentations, they get to answer all the relevant questions they need to kickstart their impact venture, gain early traction, achieve product-market fit, and scale into newer markets. Some of the things they learn during the program are ‘understanding their customer’, ‘building a product or service that effectively solves their key challenges’, and ‘effectively positioning their solution in the market.’ Savvy is for every impact entrepreneur, no matter what stage their venture is.
During the 12 weeks of learning, unlearning, and relearning, Fellows can test their understanding by taking weekly multiple-choice quizzes. Fellows use the weekly assessments to identify their strengths and weaknesses and work on improving their areas of weaknesses. While learning, Fellows are offered mentorship as well, from entrepreneurs who have built post-revenue businesses in diverse sectors, which is a great way to have a better understanding of their industry. The Savvy mentorship team includes over 60 changemakers from 20 countries, with a combined experience of over 250 years. Savvy also runs a peer-to-peer mentorship program that helps Fellows learn from each other, as they ask questions, and have other Fellows help answer them.
Interswitch is the Most Valuable African Startup
Interswitch, the leading payment processing company headquartered in Lagos, Nigeria, is Africa’s most valuable start-up at a US$ 1 billion valuation.
Founded in 2002, Interswitch uses switching infrastructure to connect different banks in Nigeria and powered banks’ ATM cards. Presently, the company has over 11,000 ATMs on its network.
In 2010, Helios Investment Partners bought two-thirds of the company and in the following year, Interswitch bought a 60 percent stake in Bankom in Uganda.
Interswitch owns Verve, Nigeria’s most used payment card, and accounted for 18 million of 25 million cards in circulation in Nigeria. The company also owns Quickteller and recently purchased VANSO, a mobile-focused technology provider to banks.
Like Interswitch, Stripe, the company that acquired Nigeria’s Paystack for over US$200 million, is the most valuable startup in the USA at over US$70 billion valuation.
Klarna, Nubank, Paytm and Grab leads in Europe, Latin America, India and Southeast Asia with valuations of US$10.65 billion, US$10 billion, US$16 billion and US$14 billion, respectively.
E-commerce Black Friday Sales Estimated to Surge by 40% to 10.2 Billion
The 2020 holiday shopping season will be unique, as the pandemic shifted consumer behavior from retail stores to online shopping. In response, many retailers moved their services online to not miss out on this year’s profits. Atlas VPN team decided to look into how e-commerce sales are set to perform in the upcoming long weekend.
Researchers predict that the US e-commerce revenue will exceed last year’s earnings by 49.5% on Thanksgiving day, totaling $6.18 billion in revenue. Black Friday is calculated to reach $10.2 billion in sales, exceeding last years numbers by 39.4%
Rachel Welch, COO of Atlas VPN, shares her tips on how to stay safe when shopping online during the holiday season:
“Watch out for too-good-to-be-true deals from unknown sellers, as cybercriminals will also expect to turn a profit during the holiday season, even though they are not selling anything, except maybe a bag full of disappointment.”
Finally, analysis shows that on the last day of the long and full of special offers Thanksgiving weekend, consumers will go all out to bring record sales for e-commerce businesses, adding up to $12.89 billion.
To look at these five days from a wider perspective, e-commerce companies can expect to earn around 39.72% more than they did last year.
Alibaba Merchants Sell $40B in First Half Hour of Singles Day 2020, More than 2019 Event Full Sales
Singles Day 2020 was a roaring success, cementing its position as the world’s biggest shopping holiday. Sales across Alibaba’s platforms during the event totaled $74.1 billion, up from $38 billion in 2019.
According to the research data analyzed and published by Stock Apps, within the first 30 minutes of the event, the gross merchandise volume (GMV) surpassed 2019’s full-event sales, reaching $40.87 billion.
Moreover, instead of live events, Alibaba had 400 company executives and 30 celebrities hosting livestreams. Based on a study by Coresight, the Chinese livestream market is set to rack in sales worth $125 billion in 2020, compared to $63 billion in 2019. The US livestream market is a small fraction of that, valued at $5 billion.
China’s Tech Heavyweights Lose $280 Billion in Market Cap
Alibaba Singles Day 2020 dwarfed other major shopping holidays as has been the trend in previous years.
According to Practical eCommerce, Amazon Prime Day 2020 sales totaled $10.4 billion up from $7.16 billion in 2019. Cyber Monday sales in the US amounted to $7.9 billion in 2020 according to Statista. Black Friday and Thanksgiving added $9.7 billion to the figure to make $17.6 billion for the weekend.
Similarly, in 2018, Singles Day sold $30.8 billion while Prime Day sold $4.19 billion and Thanksgiving weekend got $14.2 billion.
However, the 2020 Singles Day event came in the wake of Ant Group’s suspension of a $37 billion listing. The suspension resulted in a $76 billion drop in Alibaba’s market cap, as the tech giant owns a two-thirds stake in Ant Group. Moreover, China’s regulators released anti-trust draft rules prior to the event, aimed at controlling monopolistic behavior.
Following the release, Alibaba shares plunged by 9.8%, as JD.com shed off 9.2%. Tencent similarly saw a 7.39% drop and Xiaomi fell by 8.18%. For the five companies, there was a combined loss of $280 billion in market capitalization.
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