Leading the AI revolution: An interview with Arnold Agure-Dam, founder of Greydot AI

Arnold Agure-Dam is the CEO/Founder, Greydot Al. He is an authority in the Financial Technology sector. In this chat, he talks about the tech business and Al project unveiling taking place at Eko Hotel & Suites on June 5, 2024.

What prompted you to go into tech business?

From the early days of Web 1.0, I have been a firm believer in the transformative potential of technology to enhance daily life in the digital age. As web technologies evolved into the more interactive and user-centric Web 2.0 era around the year 2000, I began actively exploring how to turn this vision into reality. A decade ago, I coined the term “Quotidian Apps” to represent a new wave of mobile applications designed to assist with everyday tasks, thereby increasing efficiency for individuals living in a mobile and cosmopolitan world.

You are unveiling a new Al project on June 5, what makes it special?

Aligned with my vision, this project is designed to elevate and enhance the lives of Nigerians in the digital, information, and knowledge era. By leveraging responsible AI, we aim to deliver a solution that augments various sectors of Nigeria’s socio-economic landscape. Furthermore, it is crucial for Nigeria to participate in the AI race alongside other advanced nations, ensuring we grow and advance together. This initiative will help us improve on our current capabilities, ensuring we are not left behind in the rapidly evolving technological landscape.

What are you aiming to achieve with this event?

With this event, our primary goal is to showcase how our new AI project can significantly improve the lives of Nigerians by enhancing various socio-economic sectors through responsible AI applications. We aim to demonstrate the tangible benefits and practical uses of our AI solutions, highlighting their potential to drive innovation and efficiency in industries such as healthcare, agriculture, finance, and education. Ultimately, we aspire to foster a collaborative environment where we can collectively improve our current capabilities and create a brighter future for all Nigerians.

What are the challenges facing tech business in Nigeria?

Tech businesses in Nigeria face significant challenges that hinder their growth and sustainability. Key issues include inadequate infrastructure, particularly unreliable electricity and limited high-speed internet, which disrupt productivity and increase operational costs. The regulatory environment is also problematic, with bureaucratic red tape and compliance requirements posing hurdles for both startups and established companies. Additionally, accessing funding remains a major obstacle, as many tech ventures struggle to secure the necessary financial support to scale their operations.Talent acquisition and retention are further complicated by the brain drain phenomenon, where skilled professionals seek opportunities abroad, exacerbating the talent shortage. Market penetration is challenging due to varying levels of digital literacy and trust in technology among local consumers and businesses. Also, cybersecurity concerns are on the rise as technology adoption increases, necessitating substantial resources to ensure robust security measures. Addressing these challenges requires coordinated efforts from the government, private sector, and international partners to create a more conducive environment for tech innovation and growth in Nigeria.

Do you think a lot of Nigerian companies are embracing internet-based technologies?

Yes, many Nigerian companies are increasingly embracing internet-based technologies, recognizing their potential to drive efficiency, innovation, and competitive advantage. The digital transformation in Nigeria is evident across various sectors, from banking and finance to retail and telecommunications. Fintech companies, for example, have revolutionized financial services by offering mobile banking, online payment solutions, and digital wallets, thereby increasing financial inclusion and accessibility for a large portion of the population. E-commerce platforms have also seen significant growth, with businesses leveraging the internet to reach broader markets and streamline their operations. Moreover, the COVID-19 pandemic accelerated the adoption of internet-based technologies, as companies were compelled to adopt remote work solutions, digital collaboration tools, and online customer service platforms to maintain business continuity. This shift has highlighted the importance of digital literacy and infrastructure, prompting further investment in technological advancements. While challenges such as inadequate infrastructure and cybersecurity concerns persist, the trend towards embracing internet-based technologies is clear, and many Nigerian companies are proactively navigating these challenges to harness the benefits of digital transformation.

What do you think needs to be done in Nigeria in order to unleash the next wave of innovation?

To unleash the next wave of innovation in Nigeria, several critical actions need to be taken. Firstly, there must be a substantial investment in infrastructure, particularly in reliable electricity and high-speed internet connectivity, which are fundamental to supporting tech-driven initiatives and businesses. Enhancing the power grid and expanding broadband access will create a more conducive environment for startups and established companies alike to innovate and operate efficiently.Furthermore, the regulatory framework needs to be streamlined to encourage entrepreneurship and innovation. Simplifying business registration processes, offering tax incentives, and providing a clear and supportive regulatory environment will attract more investments into the tech sector. Additionally, fostering a culture of innovation through educational reforms is essential. Integrating STEM (Science, Technology, Engineering, and Mathematics) education from early stages and encouraging practical, hands-on learning experiences will prepare the next generation of Nigerian innovators.Access to funding is another crucial factor. Establishing more venture capital firms and facilitating easier access to grants and loans for tech startups can significantly boost the innovation ecosystem. The government and private sector should collaborate to create funding opportunities and mentorship programs that support budding entrepreneurs.

What is your advice to young ones looking to be tech entrepreneur like you?

My advice to young aspiring tech entrepreneurs is to be relentless in their pursuit of knowledge and innovation. The tech industry is constantly evolving, so staying updated with the latest trends and technologies is crucial. Embrace a mindset of continuous learning and be open to experimenting with new ideas, even if they initially seem daunting or unconventional. Build a strong foundation in coding, data analytics, and other technical skills that are essential for developing innovative solutions.Networking is another critical aspect. Surround yourself with like-minded individuals who share your passion for technology and entrepreneurship. Join tech communities, attend industry conferences, and seek out mentors who can provide guidance and support. Collaboration and knowledge sharing can lead to valuable insights and opportunities that you might not discover on your own.Additionally, focus on solving real-world problems. The most successful tech entrepreneurs are those who create products or services that address genuine needs and pain points. Conduct thorough market research to understand your target audience and refine your ideas based on their feedback. Finally, don’t be afraid of failure. Every setback is a learning opportunity, and resilience is key to long-term success in the tech industry. Stay determined, keep iterating on your ideas, and remember that every successful entrepreneur started somewhere.