Nigerian President, Muhammadu Buhari signed the Startup Bill into law on Wednesday.
The executive bill which was initiated by the Office of the Chief of Staff and the Office of the Minister of Communication and Digital Economy will provide a legal and strategic framework for the establishment, development and operation of startups in Nigeria.
It will be recalled that in July 2022, the Senate passed the Nigerian startup bill 2022, after a report by its committee on ICT and cyber security.
According to the document “Nigeria Start-Up Act 2022”, startups will be able to access a special seed fund created under the law. The fund will provide labelled startups with finance and also provide relief to technology laboratories, accelerators, incubators and hubs.
The law also requires companies to obtain a certificate known as the ‘startup label’, before they can be regarded as a startup entity.
Similarly, the act provides for the establishment of the National Council for Digital Innovation and Entrepreneurship with the Nigerian President as the Chairman of the Council and the Vice President as the Vice Chairman of the Council.
The council will also draw membership from the government and private sectors as well as representatives from academia.
While commenting on the law, the Minister of Communication and Digital Economy, Prof Isa Pantami noted that while drafting the bill, the ministry sought the input of young innovators from the six geo-political zones of the country.
Investors King understands that several startups in Nigeria have been breaking new boundaries and raising funding for operations. In 2021, Nigerian startups raised more than $1 billion.
Similarly, out of the seven Unicorns in Africa, five are Nigerian-owned. A Unicorn is a privately held startup company valued at over $1 billion. The five unicorns in Nigeria include Flutterwave, Andela, Opay, Interswitch and Jumia.
The MOU which was signed at the recently concluded GITEX Global 2022 in the United Arab Emirates is aimed to make more Nigerians fit into the digital marketplace.
5000 Startups From Nigeria, Kenya and South Africa Completed Google Training Programme
No less than 5000 startups from Nigeria, Kenya and South Africa have completed the Google Hustle Academy training programme.
No less than 5000 startups from Nigeria, Kenya and South Africa have completed the Google Hustle Academy training programme. The programme was designed to help business owners learn soft skills that complement their hard talents.
Investors King learnt that Google received more than 10,000 applications for this year’s edition.
It could be recalled that earlier this year, Google announced a plan to train 5,000 African Small and Medium Enterprises (SMEs) with participants coming from Nigeria, Kenya and South Africa.
Google noted that participants will go through a training academy where they will undergo five days of hands-on training and receive 3,000 hours of training on fundamental aspects of business to help them navigate the challenges faced by SMEs in Africa.
According to the press statement released by Google Head of Brand & Reputation, Sub Sahara Africa, Mojolaoluwa Aderemi-Makinde after the completion of the training, participants attended a five-day virtual boot camp where they learned how to define their business strategy, increase sales, and how to pitch for investor funding.
While dividing them into 23 cohorts, they were also trained in digital marketing and effective financial planning.
This is in addition to the one-on-one mentoring sessions received by each participant. The mentoring session was handled by a network of trained mentors and coaches.
Meanwhile, Aderemi-Makinde further revealed that Google has launched a new speaker series in which successful African entrepreneurs share lessons and advice.
He added that Google will continue to do more to help African entrepreneurs and small businesses thrive.
“(The) speaker series will allow Small and Medium Businesses to get insight from business owners from an array of sectors, focusing on the issues, themes and subjects they face on a regular basis,” he said.
He stated that Small and medium-sized businesses are the backbone of the global economy while noting that in Africa, they account for an estimated 80 per cent of jobs.
Nigeria Startup Act to Boost Youth Empowerment – SSA to Buhari
Nigeria Startup Act to advance technology innovation and increase youths empowerment
The Senior Special Assistant to President Muhammadu Buhari has said that the Nigeria Startup Act will increase youth empowerment and advance the country’s technological landscape.
Oswald Guobadia, the Senior Special Assistant to the President on Digital Transformation and the Lead Startup Act, pushed for the states to adopt and apply the law.
Guobadia noted in a statement that each state’s adoption of the Act would increase youth empowerment and advance the tech ecosystem.
“The youth are key players for the country’s growth, and it is important that they contribute to the impact of the Act by supporting, raising awareness of it, and promoting its adoption in their various states because the law is intended to unlock the potential of the digital and promote ecosystem growth,” he said.
Guobadia recalled that states like Yobe, Ekiti, Anambra, Lagos, Zamfara, Edo, and Kaduna had expressed interest in and taken action to adopt the Act in order to benefit from it.
Investors King understands that the Nigerian president signed the bill on October 19, 2022, to stimulate activity in the technology sector and bring about the long-term development of the ecosystem.
The presidential aide went on to say that the Act gives every state the chance to create a thriving startup ecosystem and maintain its competitiveness. Some of the Act’s provisions include fostering the development and growth of technology-related talent and providing an enabling environment for the establishment, development and operation of startups in Nigeria.
He added that the act would help close the gap between Nigeria’s regulators and startups, which would then ensure that the laws were clear.
He says that “The Act will also bridge the gap between startups and regulators in order to ensure that the laws are clear and beneficial to those in the technology ecosystem. With state adoption, one can anticipate a thriving tech ecosystem, the emergence of new startups, and clearer regulations in the near future.”
American Theranos Founder Imprisoned for more than 11 Years
Elizabeth Holmes has been sentenced to 11 years and three months in imprisonment for fraud
Elizabeth Holmes, the founder of Theranos, America’s privately held corporation, has been sentenced on three counts on charges bothering on investor fraud and one count of conspiracy.
The California judge who sentenced Theranos founder Elizabeth Holmes to 11 years and three months in prison for defrauding investors in a defunct blood-testing startup confirmed the scandal valued around $9bn, Investors King reports.
United States District Judge Edward Davila in San Jose, California, sentenced Holmes on three counts of investor fraud and one count of conspiracy. A jury convicted Holmes, 38, in January following a trial that spanned three months.
The judge set Holmes’s surrender date for April. Her lawyers are expected to ask the judge to allow her to remain free on bail during her appeal.
Assistant US Attorney Jeff Schenk told the judge before he handed down the sentence that a 15-year sentence would be “making a statement that the ends don’t justify the means”.
However, Holmes’s lawyer Kevin Downey pleaded leniency for Holmes at the hearing, attempting to convince that unlike someone who committed a “great crime,” she was not motivated by greed.
Holmes had asked in court papers for a more lenient sentence of 18 months of home confinement, followed by community service, urging the judge not to make her a “martyr to public passion.”
Prosecutors said at trial that Holmes misrepresented Theranos’s technology and finances, including by claiming that its miniaturised blood testing machine was able to run an array of tests from a few drops of blood. The company secretly relied on conventional machines from other companies to run patients’ tests, prosecutors said.
Ahead of her sentencing, prosecutors had said a 15-year sentence was necessary to deter Holmes and others from fraud. Although, divergent opinions emerged thereafter.
Her crimes according to the authority “damaged the trust and integrity” on which Silicon Valley’s startup economy relies.
Federal probation office had recommended a nine-year prison sentence, according to court papers, only for Davila to adjudicate 11 years.
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