FirstCheck: Paving Way As Africa’s Premier Female-first Fund

This week’s tech luminary is Eloho Omame, recognised as the cofounder of FirstCheck Africa. FirstCheck, an innovative venture capital fund in Africa, is paving the way as the continent’s premier female-first fund, dedicated to investing in technology ventures spearheaded by women and diverse founders. 

Their mission focuses on empowering Africa’s vibrant community of underestimated and ambitious women in the tech realm, reshaping narratives, advocating for representation, and fostering inclusivity among startup founders, operators, and investors.

FirstCheck Africa was established to create a robust network, empowering female angel investors and women entrepreneurs throughout Africa, including tech executives and venture capitalists. The angel investors within the network possess diverse professional backgrounds and span various industries.

Omame, an early-stage investor and a passionate advocate for gender equality and inclusion within the African tech and entrepreneurship sphere, takes pride in co-founding FirstCheck Africa in 2021. She has always been a fervent believer in the untapped potential of Africa’s emerging female founders.

In 2018, Omame initiated Endeavor Nigeria, an entrepreneurship network tailored for high-impact founders leading high-growth technology companies in the scaling-up stage. In collaboration with the Lagos State Employment Trust Fund in 2017, she conceptualised, built, and launched Lagos Innovates, a distinctive portfolio of startup support programmes—a groundbreaking endeavour by a sub-national African government.

With a solid background of over 15 years in finance roles spanning investment banking and growth private equity across the UK, European, and African markets, Omame boasts expertise in capital structuring and fundraising for companies at all stages, including startups.

Google Launches ₦75m Hustle Academy Fund to Boost Nigerian SMBs

In a bid to bolster the entrepreneurial spirit and ambitions of Nigerian small and medium-sized businesses (SMBs), Google has officially announced the opening of applications for the Hustle Academy SMB Fund. This dedicated equity-free fund amounts to ₦75 million and aims to boost Nigerian SMBs financially.

Small and medium-sized businesses are vital contributors to Nigeria’s economy; however, they often face considerable challenges, with funding being a significant obstacle. According to the World Bank, African SMBs encounter a staggering financial gap of $330 billion. In Africa, only 25 per cent of SMBs have access to bank loans, a figure lower than the 50 per cent observed in developed economies.

The Hustle Academy, introduced by Google in 2022, offers SMEs business and management education, mentorship, and networking opportunities. The focus is on preparing these businesses to effectively present their ventures and secure the necessary capital for growth. The program has already graduated over 4,000 SMBs in Nigeria, with an impressive 74 per cent reporting significant business growth within the first year.

Expanding on the success of the Hustle Academy, the Hustle Academy Fund allocates ₦75 million exclusively for Nigeria to support 15 investor-ready SMBs through non-dilutive funding. This financial commitment is accompanied by personalized mentorship, ensuring these businesses are well-prepared for success.

Mojolaoluwa Aderemi-Makinde, Head of Brand and Reputation, sub-Saharan Africa at Google, emphasized the resilience and innovation of Nigerian small businesses, stating that the Hustle Academy Fund is a testament to their role as the backbone of the nation’s economy. Aderemi-Makinde hoped the fund would empower these businesses, driving economic growth and generating employment opportunities for all Nigerians.

Echoing this sentiment, Product Marketing Manager and the Hustle Academy Program Lead at Google, Sinmisola Nojimu-Yusuf, highlighted that the fund provides SMBs with essential resources and support to thrive. With equity-free funding, mentorship, and enhanced visibility and networking opportunities, Google is committed to fostering the growth and prosperity of Nigerian SMBs. The application window for the Hustle Academy Fund is open from September 28 to October 12, 2023, allowing eligible businesses to apply for this transformative initiative.

NITDA Launches Mission to Enhance Digital Literacy, Equality

In a significant stride towards advancing digital literacy and promoting equitable access to technology, the National Information Technology Development Agency (NITDA) has embarked on a mission to empower all Nigerians through digitalisation.

The Director-General of NITDA, Kashifu Abdulahi, reaffirmed this commitment during a recent Stakeholders Engagement and Ecosystem Development Programme.

Represented by Babajide Ajayi, Kashifu Abdulahi underscored the significance of inclusivity in the digitalisation journey, emphasising that the true measure of digital success is the progress achieved by all segments of society.

He reiterated NITDA’s mandate, stating, “NITDA is committed to bridging the digital divide, enhancing digital literacy, and ensuring equitable access to technology.”

Abdullahi also highlighted specific initiatives NITDA is actively pursuing to achieve these goals. Among them, the agency is drafting the National Digital Equality Strategy for Women (NDESW) to ensure equitable access and opportunities in the digital environment, focusing on empowering women to participate fully in the digital economy.

Furthermore, NITDA is developing the National Digital Skills Strategy (NDSS), a strategic roadmap to promote digital literacy and talent development in Nigeria.

Abdullahi emphasised that digitalisation is transforming the way businesses operate and how people live their lives. He invited partnerships to bring this vision to fruition, recognising that collaborative efforts drive digital progress.

As part of the programme’s objectives, NITDA aims to create a platform for stakeholders in the state ICT ecosystem to voice their views and opinions on matters related to the agency’s mandate.

NITDA’s mission to enhance digital literacy and bridge the digital divide is poised to bring about transformative changes in Nigeria’s digital landscape, fostering inclusivity and equal opportunities for all citizens in the digital era.

ChatGPT Equipped with Real-time Internet Access for Subscribers

ChatGPT, the versatile chatbot renowned for aiding users in various tasks, from writing and coding to vacation planning, has overcome significant limitations since its inception. The long-standing flaw has been rectified, albeit for a price.

In a recent announcement via X, OpenAI unveiled a game-changing update: ChatGPT now possesses the capability to access the internet in real time, furnishing direct links to its sources. This enhanced functionality will exclusively be available to ChatGPT Plus and Enterprise subscribers.

This monumental development signifies that paying customers will no longer encounter the previous limitation of ChatGPT being confined to pre-2021 information. This breakthrough widens the possibilities and significantly augments the chatbot’s reliability.

Powered by Microsoft’s Bing web browser, ChatGPT can seamlessly tap into the vast expanse of the internet, broadening its horizons and staying up-to-date with the latest information. Previously, ChatGPT’s training data only extended up to September 2021.

With this update, premium users can now pose questions to ChatGPT concerning current affairs and gain access to real-time news—a remarkable enhancement to the chatbot’s capabilities.

OpenAI has assured that this feature will soon extend to all users, democratizing access to real-time information through ChatGPT. Additionally, OpenAI teased another forthcoming advancement: the chatbot’s ability to engage in voice conversations with users, further underlining its continuous evolution and innovation.

AWS Study Predicts N30.2tn Economic Boost in Cloud Adoption

A recent study by Amazon Web Services (AWS) has shed light on the immense potential of cloud computing adoption for Nigeria, projecting an additional economic value of N30.2 trillion by 2033.

AWS General Manager for Sub-Saharan Africa, Amrote Abdella, revealed the study’s findings, which analysed the potential impact of cloud adoption in Nigeria over the next decade, from 2023 to 2033.

Commissioned by AWS, the study sought to quantify the correlation between adopting public cloud computing, national productivity, and economic growth in Nigeria. It underscored the remarkable potential cloud adoption carries for Nigeria and the broader SSA region.

Abdella emphasised that the projected economic yield of N30.2 trillion represents around 0.36 per cent of Nigeria’s cumulative gross domestic product (GDP). This staggering figure could be achieved through a strategic acceleration in adopting cloud technologies.

As outlined by Abdella, cloud adoption offers enterprises an opportunity to enhance the scalability of internet-based database capabilities while concurrently reducing operational costs and mitigating risks. It involves utilising remote servers hosted on the internet to store, manage, and process critical data, presenting businesses with enhanced flexibility and operational efficiency.

Amrote Abdella further elaborated on the substantial potential for economic growth through harnessing cloud computing. She suggested that by augmenting the current average cloud penetration rates, the region could unlock even more economic value, paving the way for a significant transformation in Nigeria’s economic landscape and beyond.

Nigeria’s Data Centre Market to Surge, Exceed $288.8m by 2027

According to a report titled ‘Nigeria Data Centre Market Outlook to 2027’ by Research and Markets, the data centre market in Nigeria is projected to reach a valuation of $288.8 million by 2027. This indicates a remarkable growth of approximately 220 per cent from its estimated value of $131.6 million in 2022.

The findings suggest a significant expansion for the Nigerian data centre market. Notably, major data companies are proactively establishing their presence in the country in anticipation of this surge. The report attributes this substantial growth to several factors, including the advent of 5G technology in Nigeria. The continuous emergence of new technologies and the implementation of 5G are expected to fuel increased data consumption, digital output, and productivity, consequently driving up the demand for data centres.

Another notable factor contributing to this surge in demand for data centres is the rising internet penetration in Nigeria. The report underlines that the burgeoning fintech sector and the overall startup ecosystem greatly influence the impressive growth of the Nigerian data centre market. It acknowledges a shift in the trend, as many Nigerian companies are now inclined towards hosting their data within the country.

Nigeria’s thriving fintech and startup ecosystem are instrumental in fuelling the demand for dynamic data centres. Previously, reliability and scalability concerns led many companies to host their data offshore. However, with international data centre operators focusing on Nigeria, the sector has witnessed increased resilience and reliance on local hosting, as highlighted in the report.