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Web 3.0: More power to the people!

Web 3.0. Metaverse. Artificial Intelligence. Machine Learning. NFTs. Cryptocurrency. Internet of Things… – you have to have heard about one of these buzz words, let us break it down In 1989, the internet came into existence. It was called Web 1.0 or the Static Web and provided access to information with absolutely no interaction but importantly it was a decentralized platform where development, ownership, and operation were not controlled by a few. Web 1.0 was the dominant and more reliable form of the internet till 2005 when Web 2.0 was introduced. Web 2.0 is the internet as we know it today. It is also known as the social web, it is very interactive and led to the formation of big tech companies that created interactive web platforms such as Twitter, Facebook, Google, iTunes, YouTube, and so on. On Web 2.0, platforms and apps are developed, owned, and operated by big tech companies. These big tech companies created centralized platforms whilst making it easier to connect, browse and transact. In Web 2.0, these platforms and apps collect data from users and the owners of the apps use the data for what they please. The biggest challenges are that they use users’ data for their financial gain and that they decide what should be on the internet and when it should be on the internet. But Web 3.0 is shifting things, by giving power back to the people (decentralized like Web 1.0) whilst creating open-sourced interactive web platforms (Web 2.0). Web 3.0 is the creation, operation, and governance of the internet by users, creators, and practically anything online. Ownership is defined by digital tokens and cryptocurrency; the more you have over a network, the more control you have over its operations and governance. This leads to the number one criticism of Web 3.0 whereby early adopters and venture capitalists are more likely to own more tokens and cryptos leading to more ownership of the web. Web 3.0 is focused on decentralization and ownership. Web 3.0 processes information and data in a human way and interprets the information using artificial intelligence mainly machine learning. This data is generated from various sources; this is where the internet of things comes in. Any device that can be connected to the internet will generate data that you can choose to sell so it can be used to offer more personalized solutions to you. This is bad for big tech companies as the selling of our data to advertisers is where their revenue comes from. As such many of them are moving to the Metaverse – a digital world where digital assets can be purchased and sold by anyone. These big tech companies are creating digital assets that can be sold. Although Web 3.0 has not been fully nor officially launched, there are a few early-stage platforms that have already started rolling out Web 3.0 such as Siri and Alexa, which are platforms that collect data from ios or android devices connected to the internet whilst using artificial intelligence to decode the information and understand it in a human way. Contact Versa Research your trusted data, research & consulting partner! https://seekingalpha.com/amp/article/4480677-what-is-web3?source=acquisition_campaign_google_premium&utm_source=google&utm_medium=cpc&utm_campaign=14926960698&utm_term=128319903825^dsa-1455561509464^^555659366580^^^g&external=true&gclid=Cj0KCQiA95aRBhCsARIsAC2xvfx-IlWBWYeMtKmlyWnCA25LMQSiOn-5j7avDJSiap80Q64P2qLwuWAaAstWEALw_wcB https://www.investopedia.com/web-20-web-30-5208698

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How to Bridge the Skill Gap in Nigeria

What is Skill Gap? Skills Gap Analysis is a method of determining which skills and knowledge gaps exist between the workforce system in Nigeria and its students of higher learning. On a general note, the disparity in skills of a job candidate and what employers demand takes its root from primary through the secondary and higher education system. It is obvious that students are not armed with the skills for real-life experiences but are made to focus on a memorization learning technique which most times is disappointing as they seem to be taken unawares when plunged into the workforce. Such a technique is insufficient as oftentimes they seek to memorize excellently in order to get desired grades rather than getting armed with the knowledge for practical application. It is obvious that from this technique, hands-on activities, brainstorming and other real experiences are obstructed. There is no doubt that this divergence has been in existence for years but it is becoming alarming, Hence, the pressure on employers to do more with the little they can get from employees. Higher education, according to data, is not effectively preparing students for work situations. Therefore, research has proven the need for an upskill in educational contents, concepts and curricular activities. Why is there a Skill Gap? It is understandable that the school system is a primary determinant of the skills gap in Nigeria by expensive fees, discrepancies in curriculum and deficiency in skills acquired in relation to what is required – other systems contribute to this gap such as the government, immediate society and direction of the economy. Advancement is inevitable, therefore, new fields have been created, technology has advanced in the society meanwhile, learning paths have not been upgraded. The administrative economy has a role to play in the increased rate of unemployment due to lack of jobs created in relevant fields. Increase in skilled jobs has also contributed to the skill gap in Nigeria where a high skill is required for a role not necessarily requiring the qualifications and abilities demanded for. How to bridge the Skill Gap? Skills commonly lacking include verbal communication, writing, problem solving, critical thinking, human relation, and time management, teamwork, good judgment, financial management, leadership, decision making and intelligence quotient. In bridging skill gaps in higher institutions in Nigeria, the above skills will need to be integrated in the system. It is important this be done to bring the realness of the workforce system even while still in school. Other ways of bridging skill gap include: Training on general and specific fields. Skill prediction and workforce insights through job fairs and exhibitions. Redesigning outdated curriculums to flow with advancement in the workforce system. Goodness of bridging Skill Gap Projected insight into the job markets. Increased chances of excelling in employment Individual development for a greater good and beyond job environments. Innovation

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Why You Need to Invest in Women-Owned Startups

Irrespective of the industry, establishing a new business is not an easy feat as it comes with a lot of challenges ranging from hiring the right team to maintaining the right customer base. Forming the right team is critical in business, especially for start-ups. Over the years, most businesses have been prejudiced in their workforce selection as they fit only men in management and relegate women to menial and insignificant roles. However, in recent times women have risen to occupy managerial roles and they have been very effective at it. We now have women-owned start-ups rising except for some constraints which affect their growth. Most times, these constraints depend on the region of the start-up, hence, its is advisable to set up women owned businesses in environments favorable to it. In 2020, during the covid-19 outbreak, several firms incurred losses, the female owned businesses were hit hard and consequently there was a significant drop in financing. Though not everyone’s firm suffered equally, the share of “dollar to women founders” fell drastically by 0.5% from 2019 to 2020. Investors generally have more faith in men-owned businesses than women because they believe men have been in the business of managing enterprises and so they are skilled. Also, there’s an unfounded belief that women are prone to exaggerate their estimates when given opportunity to start a business. But we believe that female financing would get better if there is an increase in female investors. Entrepreneurs typically do not start a business until they are in their late 20s, about the same time as women begin their families, and combining both responsibilities can be a challenging feat. Regardless of the possible constraints to supporting women, there are still tangible reasons to invest in women-owned start-ups and they include: Start-ups are delicate, they need vigour fuelled into the business to keep through the growing stage which is usually not an easy one. By nature, the emotional IQ of women is such that it is resilient. Women are meticulous beings and have the ability to multitask. These qualities keep businesses going and productive; investors are usually drawn to progressive start-ups. As the business progresses, operations begin to level up, ideas start to take root, some even take a new turn. This calls for flexibility and women are wired to be adaptable. Apparently, it fits the gender personality and such business would thrive in their Women are good at yielding returns for a business as researches have proved it that female founding businesses turn in more revenue than male founding businesses. According to research, women have better understanding of unmet needs and so know how to channel the products and services to the right target of a business opening up huge business prospects. Other researches back this up that women-owned businesses return twice as much as the dollar invested, companies with female leadership have a nearly 3% greater return on equity. On the argument of balancing work and family life, most women entrepreneurs have found solutions to balancing the responsibilities from these ends. And they tend to give their best to ensure a great return on investment. In conclusion, gender disparity should not be a barrier to harnessing the best a business can while in operation because when a business thrives, it contributes to the development of the economy.

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Nigerian Startup Bill

Legalize it: When legislation is introduced an enabling sustainable environment for disruption is created Startup Bills are meant to serve as a legalized framework that enables the development of startups and provides added value at a national as well as international level. It encourages the creation, development, management, and operation of startups through monetary and non-monetary means. Tunisia led the way in the introduction of the Startup Act in 2018 where a legal framework was created to establish and encourage a culture of innovative thinking and entrepreneurship. In Tunisia, the bill stipulates that the salary of founders will be provided by the government so that they can focus on new startups. The goal in other words is to create an enabling, incentivized but regulated environment. In Nigeria, a collaboration between the tech startup ecosystem as well as the presidency has drafted the Nigerian Startup Bill. The Bill which is stipulated to be the highest-ranking in Africa (based on depth) was approved by the Nigerian Federal Executive Council in 2021 and will be submitted to the National Assembly by the President this 2022. Although there is no publicly available copy of the drafted bill, there is information that is publicly available. The Nigerian Startup Bill will apply to all companies that are registered as Innovation Driven Entrepreneurship (also known as Startups) in Nigeria. The Federal Ministry of Communications and Digital Economy will be the regulator in charge of ensuring the legislation is implemented. There will also be a committee set up; the National Council for Digital Innovation and Entrepreneurship, for the review of policies and directives from ministers, departments, and agencies within the country. This committee will consist of the President, Vice President, select Ministers, the Central Bank Governor, the Director-General of the National Information Technology Development Agency (NITDA) as well as representatives of the Startup Consultant Forum. For example, the ban of motorcycles in February 2020 in Lagos state which affected motorcycle hailing platforms will have to be reviewed by this committee before the Governor takes action. The Bill will also allow for incentives such as tax rebates, it will protect intellectual property and create a platform for interaction and communication between the government, incubators, and stakeholders. The tech community is holding their breath and hoping for the same results in the National Assembly as seen in Senegal with 90% voting in favor of their startup bill and they are hoping that in Nigeria as early as Q2 2022, the bill takes effect. Contact Versa Research your trusted data, research & consulting partner! https://techhiveadvisory.org.ng/wp-content/uploads/2022/01/Start-Up-LAws.pdf https://techpoint.africa/newsletter/techpoint-digest-234/?utm_source=mailster&utm_medium=email&utm_term&utm_content&utm_campaign=techpoint%20africa%20digest https://techpoint.africa/2021/10/01/nigerias-proposed-startup-bill/?utm_source=mailster&utm_medium=email&utm_term&utm_content&utm_campaign=techpoint%20africa%20digest https://startupbill.ng/#timeline

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How to Curb Mass Migration of Tech Talents from Africa

The search for commensurate rewards is one that drives the human pursuit in different sectors, from medicine, to tech, to artisanship and entrepreneurship. This is why tech talents have been leaving the African continent in search of greener pastures. Due to the ongoing trend where the immediate environment does not facilitate the growth and expansion of talents, people are forced to new locations. Places like Silicon Valley encourages tech enthusiasts to build more and develop already existing technologies in order to improve the quality of lives. The impact of human capital in developing a region cannot be overlooked as it is a key factor. Through human capital development, values gained from experiences and skills are transferred as solutions to organizations, companies and establishments which in turn develops the country or regional economy. Not only are tech employees migrating, start-ups are also migrating. It is no doubt the 4 M’s of business which are money, machine, manpower and material are key factors to sustaining business growth and achieving success in an industry. In a scenario where there is money and material but no manpower to coordinate the working process or utilize available resources, productivity is hampered. Therefore, the constant migration of proactive minds to other climes will have a long reaching effect in the development of the African continent if not checked. Hence, if you set up the industries and put up the infrastructure with no requisite man-power you have already set yourself up for failure. Common problems which cause tech migration: The issues can majorly be classified into 4 M’s which are lacking as seen in Africa. They include: Method The nature of tech jobs differs amongst the various arms of technology and usually requires flexibility. Most tech jobs can be done remotely and so disrupts the conventional mode of technical jobs. In Africa, not many countries have companies that accept working remotely as it is believed, distance might affect productivity. Machine Infrastructure is a great component in getting jobs done in the tech space. A tech operator would need his tech tools like computers and other gadgets to get his job done. These tools do not power themselves and obviously need power supply, internet connection, network configurations and the likes. Not having electricity or power supply elements can be highly discouraging. Industries and organizations come under infrastructure as there are fewer companies to create opportunities, provide the suitable workspace and meet the needs of employees. Money Money is a big factor in brain drain in Africa where most tech employees are overworked and under-paid which is why they look to work with the western world where they get paid according to the value they offer and duration of tasks. The salary of tech employees outside Africa can sum up $200,000+ per annum and those in Africa can’t earn up to that following the unfavorable conditions of the environment. Manpower The master of it all. With the numerous unfavorable situations, skilled individuals migrate, families move along, friends inspire skilled friends to leave also because everyone wants to make it. Africa is left to worsen with already existing problems and more to come. In years to come, only few inhabitants would be skilled and Africa would be forced to invite home its people to provide solutions with their expertise. Solutions to retaining tech abilities in Africa Amidst the whole situations, possible solutions to minimize or stop brain drain in Africa include: Good Working conditions for employees. Favorable rules and regulations set up for start-ups. Up-skilling staff through job training and workshops. Start-up support in every aspect e.g. funding, advisory, mentoring and networking. Building the tech sector as a separate industry to be budgeted for. Increasing the remuneration of tech employees and modus operandi according to work functions. Healthy start-up competitions. Setting up Tech regulatory bodies to monitor and evaluate technological progress in the country/region. Inculcating tech in educational curriculum.

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Tips and Tricks of Choosing a Business Name

Your Business name will be associated with you for a long time. So, it’s critical to think about it thoroughly before forming a company, developing a website, or making signage and other promotional items. To help you started, here are a few pointers. How important is a name? Apple. Google. Yahoo. History is replete with examples of industry giants who had names that were at best, nondescript, and at worst, irrelevant. So, should you invest time and energy in choosing a ‘good’ name for your company? And how do you go about achieving this? Choosing a Name The following criteria should be taken into consideration in choosing a good business name: It should be available as a domain name It should evoke the thing it names It should be easy to pronounce It should be inoffensive globally (or at least in your target markets) It should have positive associations It should be easy to say It should have unambiguous spelling It should be memorable It should not be too long You can also create polls, surveys and leverage communities on social media (e.g. Facebook, Instagram and LinkedIn) to get input from the larger world and your target customers when choosing a company name. Registering a Domain Name When choosing a domain name, you are advised to have full dot-com availability. If you can help it, you should ideally endeavor to stay away from the following: Hyphens Special characters Dot-net Dot-org Other top-level domains Country domains Changing Your Name Ideally, the name you choose should reflect: Who you are What you do How you do it It’s not the end of the world if you decide after a year or so that your business name is not quite right. However, you would have largely wasted any earlier marketing effort in building up awareness. Action Steps Brainstorm 5 potential names for your business Use social media to determine the most popular version Check hosting websites such as Godaddy and Bluehost to confirm the availability of your chosen name Read Also: Converting your Business Name to a Limited Liability Company For more posts from this author, visit: www.gloryenyinnaya.com

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How to Leverage Data for Business Growth

Many organizations are seeking ways to offer their products and services to customers in an efficient way in order to save time, ease their processes and provide the highest quality of delivery as at the expected time. One major opportunity that most start-ups are not taking advantage of in their quest for efficiency is the availability of data in the public domain as well as the internal data they are gathering to make business intelligent decisions. When is mined correctly, it helps you act with precision and less assumption and it reduces the margin for error and ultimately makes your business thrive. How To Gain Actionable Insights From Data Data gathering Gathering of data is the most rigorous step as without data, the ability to make decision is hampered. Assumptions would thrive and there would be much gap in the margin of errors. Before collecting data, the scope of the project in terms of questions to be asked in the survey, the duration of the project and field enumerators to be used as well as medium for gathering the data should be known. These tools are for gathering data Surveymonkey, Google forms, Microsoft forms, Hubspot and Google analytics. Data Cleansing Data cleansing or wrangling is the art of removing unwanted items not needed in working with the data collected such as symbols, extra spacing, grammatical error etc. Data Analysis To analyze any form of data that has been collected, these tools are the most comprehensive tools in the marketplace, they include Microsoft Excel, SPSS, STATA, Python, R programming, MATLAB, E-views. Data Visualization Data visualization is the art of representing data in the form of charts in order for comprehension by stakeholders. Examples of tools for data visualization are Power BI, Tableau etc. Business Intelligence The action taken having seen the feedback hidden in the data collected is called business intelligence (BI). This is the most important aspect in order to act with precision. What is Predictive Analytics? Predictive Analytics is a form of using records from past data collected over a period of time to determine what the future holds in the form of forecasts. Predictive Analytics is a branch of data analysis that helps to make decisions in the business world. Tools for Predictive Analytics There are free and paid tools for predictive analytics and they are numerous in the form of software applications. They can be utilized by anyone who has competence in gathering data from customers through surveys or from a database and knowledge of which tool is applicable to best analyze certain data. Non-coding tools Microsoft Excel SPSS STATA 2. Coding tools Python R Programming Application of Predictive Analytics Stock Control Staff Utility Price fixing Managing of Peak Times Determining call rates The future of business will be driven by African start-ups that can use the data gathered to study behavioral tendencies of customers and how to serve their needs with a greater level of efficiency. Read Also: Thriving Through Disruptions – Tips for Startups

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How to Develop a Financial Plan

A critical component of your business plan is a strategy for managing your company’s operations. A comprehensive financial plan needs to answer the following questions: Strategy Describe how you will fund and grow your company Financial projections Income for 3-5 years Balance sheet Cash flow Breakeven analysis Sensitivity analysis Assumptions – revenue forecast, cost of revenue, margins, expenses Funding Equity Debt Non-traditional – customers, suppliers, partners Risks Describe the risks associated with the implementation of your plans. Market – size, sales cycles, price consumer will pay Competitor’s pricing – predatory pricing Strategic – volatile industry, establishing agreements Operational – managing components, costs, quality Technology – will it work, scalability, time to develop Financial – exchange rates, interest rates Macroeconomic – state of the economy, regulatory laws, government approvals In summary, a financial plan should describe the process for capturing the value from the delivery of your product/service and is a critical element of your business planning exercise. For more posts from this author, visit: www.gloryenyinnaya.com

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Non-Monetary Compensation of Employees

Running a business requires both the entrepreneur’s effort as well as the support of other team members who contribute their quota towards positioning the business for growth and sustainability. These team members who are referred to as employees, are often compensated for the role they play in the daily affair of the business. As a startup, you may want to attract the best talents as employee but may not have enough funds to compensate them. The economic depression and inflation on goods and products have also reduced the value of salaries in the hands of current employees. The following are non-monetary compensations you can consider giving to your employees: Equity Compensation (“Pay Me in Equity”): One of the most common forms of non-cash compensation of employee is allotting a portion of shares to such key employees. This builds a sense of ownership and belonging in the company. An employee who is a shareholder or a potential shareholder is more likely to be loyal to the company. Companies must however ensure that the shares are not given outright, rather the shares should vest over a period and certain restrictions must be placed on the shares in the interest of the company. Flexi work: Since the incidence of the covid-19, the world of work has changed. Many organizations have come to realize that productivity can still be achieved even when employees are not in a brick-and-mortar office 9a.m to 5 p.m. Employers should infuse flexi work in the schedules of employees because it can reduce stress and increase productivity. Hours spent commuting can be better utilized. Concerns about the dedication of the employee to work can be addressed by the use of technology which will enable employees log in hours spent on daily tasks and this can be monitored from the back end to measure employees’ performance. Happy Ambassadors: Employers should pay attention to the wellness and health of their employees and must show their genuine concern for creating a healthy balance of work and personal life. Employers should also be interested in the career growth of employees. Whilst it is important for your employees to be driven by profitability goals of your business, employees should not feel like a means to an end only. They should be able to envision their relevance, growth and the fulfillment of their career goals within the context of the larger goals of the business. Freebies – Employers may consider providing or subsidizing breakfast and lunch to its employees. Allowances such as transportation allowance, mobile phone credit top-ups and data allowances are also good ways to incentivize an employee. Personal and Professional Development: Employers may consider paying for trainings and certifications that would enhance the skills of its employees. This will not only make the employee happy, it will most likely have a positive impact on the productivity of the employee and ultimately the company. There are also some good online certifications you can encourage your employees to sign up for. The genuine interest of an employer in the professional development of an employee is always palpable. Recognition: Recognize the efforts of your employees so that they feel valued and are motivated to do more. You will be surprised how far a simple “Thank You” note would go! The year is rounding down and this may also be a good time to pay bonuses or give personalized gifts or have a social end of year event to reward your employees and let them know you appreciate them. Read Also: How to Ensure Employee Satisfaction

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Investor (as well as Startups) Beware

The bright red flags most people miss Here are red flags investors should be aware of when investing in a startup and red flags startups should be aware of when accepting investors’ funding. For Investors beware of Startups that have many members on the founding team. This implies that there are a lot of people who already have equity in the startup and too many voices Startups that have high overhead and low-profit margins because it is an indication of a lack of sustainability and scalability Founders that have full-time jobs outside of the Startup because the startup might be a hobby or an entity not receiving attention. At the same time, beware of founders who have no other source of income apart from the Startup because your investment could be used to bankroll their lifestyle Startups whose early investors have not or are not participating in additional investment rounds because it implies the Startup did not deliver on its promises or the early investors do not see a future for the Startup For Startups beware of Investors who offer smaller ticket sizes but want larger equity. In addition to you receiving less funding, these investors devalue your Startup which will affect you in all your other funding rounds Investors who have over 1x liquidation multiplier in their term sheets. When a Startup’s exit is lower than the valuation, the investor gets their full initial investment back if you have a 1x liquidation multiplier, above 1x implies the investor wants more than their full investment back which leaves the Startup at a greater loss Investors who want Participating Preferred Stocks. When a Startup’s exit is higher than their valuation, shareholders will receive additional cash (in addition to their initial investment) which is based on the equity they have in the Startup. This means for example if the investor invests 5Million for 50% equity, and the Startup’s exit was 25Million, the investor will their 5Million back in addition to 10Million (50% of the balance from exit fund) leaving the Startup with 10Million only Investors who are non-responsive; who go AWOL during the process and come back with heightened interest. Sounds too good to be true! This ends our Investor and Investment series, you can go to our profile for more related articles www.msmehub.org/author/busola-boyle-komolafe/. Contact Versa Research your trusted data, research & consulting partner! References https://carta.com/blog/how-to-choose-investors-for-your-startup/ https://carta.com/blog/watch-out-for-these-terms/ https://techpoint.africa/2019/11/05/red-flag-nigerian-investor/ https://www.forbes.com/sites/georgedeeb/2017/01/03/16-red-flags-for-startup-investors/?sh=2606c1e1390a

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