Connect with us

Tech

African startups invited to pitch for $1m “Future of Capitalism” challenge

Published

on

Organizers of the annual “Future of Capitalism” competition have invited African startups to pitch for the 2024 edition which carries a $1m prize tag.

In a press release issued by the competition’s founder, Leo Lion, the “Future of Capitalism” competition “allows founders to accelerate their startups with an investment of up to $1 million.”

The global startup competition is looking for innovative tech that will help businesses work smarter, the release said.

The release said the Leo Lion Foundation is committed to using business success and commercial acumen as a platform to support social projects across the world.

A statement posted on the website of the Leo Lion Foundation said:

“Do you want to realise your ambitions and use your business success to make a difference? The Future of Capitalism Tech Startup Competition is the right choice for you.

“The competition aims to invest in tech startups that want to make both a commercial and a social impact.

“Either by using business profits to support social causes or through providing a technology that could positively impact the people’s lives.

“​The “Future of Capitalism” competition is on the lookout for tech startups that will transform how businesses operate, and founders who want to improve the world we live in.

“If your technology can transform how businesses operate – from improving productivity, security, logistics or sustainability to streamlining financial processes and enhancing customer experience, or perhaps something else – then this is the competition for you.”

Applications for the competition are now open and will close on Monday, September 30, 2024.

Eight shortlisted finalists will be invited to London for the chance to pitch their innovation in front of a prestigious panel of judges, including tech investment professionals, experienced entrepreneurs and angel investors, the statement said.

Tech

Bolt invests $107m in Nigeria to boost safety standards

Published

on

Ride-hailing platform, Bolt, has announced an investment of $107 million in its bid to boost safety and service quality in Nigeria’s ride-hailing sector, with a special technology enhancing safety standards for both drivers and passengers.

Lola Masha, Bolt’s Regional Manager for North and West Africa, who made the announcement in a statement, said the “investment will fund new safety technologies, accident prevention measures, customer support upgrades, and public safety awareness campaigns, underscoring Bolt’s commitment to providing a secure and reliable platform.”

She revealed that as part of its quality check, the company had removed more than 5,000 drivers from its platform in 2023 so as to cleanup its database cleanup effort and will continue to implementing a driver score system to maintain quality standards.

“The driver score evaluates performance by monitoring how frequently drivers accept ride requests, successfully complete trips, and respond to passenger feedback. Essentially, it rates drivers based on their performance over their last 100 trips,” she noted.

Masha emphasized that the move came as a result of complains by the Amalgamated Union of App-based Transporters of Nigeria (AUTON) which raised concerns about the potential downsides experienced by users and the psychological stress on drivers, which could negatively affect their performance.

According to her, among the upcoming features are a four-digit trip pickup code and a trip counter, both aimed at making rides more secure and dependable for all users.

Continue Reading

Tech

Egyptian VC Flat6Labs partners ITIDA to launch programme for tech startups

Published

on

Egyptian Venture Capital firm, Flat6Labs, has partnered with Egypt’s Information Technology Industry Development Agency (ITIDA) to launch an InvestIT programme which will offer tech startups in the country, particularly at the seed or pre-Series A stages, access to consultancy, tools, and investor connections to help them scale operations and enhance global competitiveness.

The programme, according to Egypt’s Minister of Communications and Information Technology, Dr Amr Talaat, will be run by the Technology Innovation and Entrepreneurship Center (TIEC), a subsidiary of ITIDA, and will support startups across various governorates, encouraging innovation and growth in Egypt’s digital economy.

“Through two phases, it will prepare startups for investment with tailored training sessions and workshops, followed by connecting them with local and international investors,” Talaat said in a statement.

“The Egyptian government remains steadfast in its dedication to cultivating a thriving tech startup ecosystem. We are rolling out diverse initiatives to equip entrepreneurs with essential skills, attract global incubators, and facilitate connections between startups and investors.

“By establishing Digital Egypt innovation hubs nationwide, we empower innovators to transform their ideas into successful ventures.

“Alongside this, we are streamlining processes and investing in advanced digital infrastructure, positioning Egypt among the top three countries in the Middle East and Africa for tech startup investments,” the Minister said.

Flat6Labs founder and chairman Hany El Sonbaty, who also spoke on the initiative, said the launch of the InvestIT programme has further expanded his company’s support for Egyptian entrepreneurs.

“This programme is not just about preparing startups for investment; it’s about equipping them with the tools and connections to scale their impact.

“Through our collaboration with ITIDA and TIEC, we’re committed to building a strong, vibrant ecosystem where startups can make a real impact on the tech landscape in Egypt,” he said.

The programme, he said, will support 12 startups over six-to-eight months with each startup receiving tailored consultancy services to enhance their investment readiness and assist with setting up data rooms and preparing for investor engagements.

Continue Reading

EDITOR’S PICK

Sports4 minutes ago

Kenyan marathon legend Kipchoge advises young athletes to prioritize success over money

Kenyan marathon legend, Eliud Kipchoge, has advised young athletes to place success ahead of quick money and riches. The former...

Culture9 minutes ago

Tyla set to drop new single ‘Tears’ on November 20

South African “Ampiona” crooner, Tyla, is set to thrill her fans to her new single titled, “Tears’, which is set...

Uncategorized9 hours ago

1,172 Nigerians killed, over 1,000 kidnapped in nine months— NHRC

The National Human Rights Commission (NHRC) has put the figures of Nigerians killed and kidnapped by non-state actors from January...

Tech11 hours ago

Bolt invests $107m in Nigeria to boost safety standards

Ride-hailing platform, Bolt, has announced an investment of $107 million in its bid to boost safety and service quality in...

Sports22 hours ago

South Africa’s FA president Danny Jordaan arrested on fraud, theft allegations

The President of South African Football Association (SAFA), Danny Jordaan, has been arrested on allegations of fraud and theft. Jordaan,...

Metro22 hours ago

Chinese mining giant CNMC set for $1.6 billion investment in Zambia

A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia,...

Metro1 day ago

Mpox immunisation scarcity slows Kinshasa’s epidemic fight

A lack of mpox vaccine doses has prevented the Democratic Republic of the Congo from starting a campaign in the...

VenturesNow1 day ago

After decades of imports, Nigeria ends oil importation

The Nigerian National Petroleum Company Limited (NNPC) has declared that it has finally stopped the long-standing practice of importing petroleum...

Politics1 day ago

Ghana’s Supreme Court reinstates ruling party’s majority

The ruling New Patriotic Party regained its majority in the legislature ahead of the Dec. 7 election after Ghana’s Supreme...

Politics1 day ago

Senegal: PM Sonko urges followers to avenge campaign violence

Senegal’s Prime Minister, Ousmane Sonko, has advised Pastef party followers to exact retribution for claimed violence against them during the...

Trending