TECHDIGEST –  Chido Nwangwu writes that Nigerian born US based IyinAboyeji is listed as one of the 62 global business founders that have established two unicorns

One of the better business news items and empowerment reports that happened a few hours ago as we are moving into 2023 is the listing/naming of a corporate savvy and technologically adroit 31-year-old Nigerian, Iyin Aboyeji, among 62 business founders in the world that have established two unicorns.

A unicorn in techno-language means a privately held startup company with a value of over US$1 billion. Those achievements have earned him global recognition, for the right reasons.

Aboyeji is driving on billionaires’ lane with Elon Musk, and a few others.

Aboyeji’s story is truely inspirational and worthy of recognition. He has a good sense of the local Nigerian environments as well as an effective method to engage the captains of technology in today’s world. Especially the Silicon Valley and that zone!

I have been consistent in spotlighting the rising profile of Nigerian and African immigrants in the U.S for 30 years through USAfrica, I will underscore the fact that Aboyeji’s rise is unique and very remarkable.

READ ALSO: Trends that will shape Nigeria’s ICT sector in 2023

He was recognized in the latest report on outstanding entrepreneurs by the Venture Capital Initiative of the Stanford University Graduate School of Business.

For context, let me note that the Founder and Director of the Initiative, IlyaStrebulaev, stated that while there are 3,025 business founders/execs in the unicorn category in the world, Richard Klausner, is the only person who has founded 4 unicorns! At the next level, only 3 persons have founded 3 unicorns, 62 persons have founded 2 unicorns each.

It is equally interesting and revealing to read Aboyeji’s vision of the elements of his successful drive. In a world where millions of people do not believe in the instrumentality of divine grace and intervention, the young co-founder of Flutterwave, significantly stated in his reaction to the announcementt: “At 31 years old, by the grace of God, I am one of 62 people in the whole world and very likely the only African to have co-founded two unicorns – Andela and Flutterwave.

“I am grateful to my country, Nigeria.

“I have repeatedly said that in no other country on earth would my story have been possible. I am not a caucasian male. I’m just barely 30 years old. I wasn’t born into old money. My parents are humble clergy – the son of a butcher and the daughter of clergy who worked their way up. It is only through prayers, hard work and the favour of God we have come this far. Can anything good come out of Nigeria? Well yes – this is our testimony. We produce unicorns.”

He has a sense of collaboration to achieve successful entrepreneurship. He appreciates team-work and sacrifice for the success.

“They believed when no sane person would. They worked and sacrificed everything to build the future on the continent and I’m so happy for how God has blessed the work of their hands in return.”

At another level and arena, I have reported and analyzed the, equally, the gradual but successful movement of Nigerians and African immigrants towards the mainstream of American politics.

The diasporan communities here in the United States, particularly the younger generation, Nigerian Americans and recent immigrant Africans understand what I refer to as the possibilities dynamic zone since Barack Obama was elected President of the United States.

You will recall victories of eight Nigerian-Americans in the November 8, 2022 mid-term elections in the United States.

Permit me to reiterate that point that for me and for millions of other recent immigrants, we awaken daily with a choice of realistic, productive and equitable, even if imperfect engagement with a society, a country which offers people more opportunities to all without regard to race, religion and pre-existing conditions.

In fact, one of the greatest Presidents of these United States, Theodore Roosevelt (1858-1919), underscored it with these timeless words: “Americanism is a question of principle, of purpose, of idealism, of character. It is not a matter of birthplace or creed or line of descent.”

I believe Iyin Aboyeji! reflects the opportunities empowerment America offers as well as the genius of Nigerians, Africans and other immigrants.

Our best is yet to come; and will come!

-Nwangwu, is Founder & Publisher of the first African-owned, U.S-based newspaper on the internet, USAfricaonline.com

The post 31-Year-old Nigerian Iyin Aboyeji on Billionaires’ Lane with Elon Musk, Others appeared first on Tech Digest News.

TECHDIGEST – The Senate last Thursday passed the Nigeria Start-up Bill, NSB after four months of going through the contents.

The Bill drafted between June and September 2021 by over 30 tech leaders aims at providing enablement to some of the teething problems in the start-up ecosystem.

Since the 2000 when Nigeria began to assume a high flying status in technology development, some of the problems that have bedeviled the sector are mainly infrastructural decay, poor access to funding and near-harmful regulations.

There is probably no other aspect of the sector that has been as hard hit by these inadequacies than the start-up sub sector. Start-ups are companies in the first stage of their operations, often being financed by the entrepreneurial founders during the initial starting period. Most of them graduate mainly from the informal sector, which has remained the mainstay of the Nigerian economy and deserved all the support they can get.

However, the Nigerian business sector appears skewed and mainly supports politicians rather than entrepreneurs that need the supports to boost economic prosperity.

After over two decades of suffering in silence, about 30 start-ups including Ventures Platform founder Kola Aina and Future Africa founder Iyin Aboyeji, and some government officials like National Information Technology Development Agency, NITDA officials, and the Minister of Digital Economy, prof. Isa Pantami, decided to put heads together to salvage the situation.

Their efforts resulted in the Nigeria Start-up Bill, NSB, which was submitted to the Presidency and the Federal Executive Council, FEC in October 2021 and got approved in December of that year.

READ ALSO: Senate Passes Nigeria Start-up Bill

After reading through the bill, President Muhammadu Buhari, passed it to the National Assembly in February 2022 and the National Assembly began the processes of reading in March 2022.

In June 2022, the bill attracted the interest of Lagos State government who announced plans to domesticate it at state level.

Interestingly, last Thursday, Senate approved the bill and is looking up to the House of Representatives for harmonisation.

If finally passed into law, the Act will bridge the engagement gap between start-ups and regulators and ensure that harmful regulations are shut down. Among other things, the bill also seeks to provide incentives, such as tax breaks, government loans and credit guarantee schemes for the establishment, development and operation of start-ups in the country.

It will also ensure that start-ups that require licensing from regulators such as the CBN and Securities and Exchange Commission, SEC will enjoy accelerated processes.

This is in addition to the protection of intellectual property for start-ups and for those that want to exit and raise money through the stock exchange to be free to do so.

Reacting to the passing of the bill by the Senate, a co-founder of a start-up, BipEDGE platform, Mr Ubong Ibanga, said: “The passing of the bill by the house of assembly is certainly a step in the right direction. It’s a bill that is very long overdue, and if fully and correctly implemented after it gets the nod of the Federal Government, will greatly improve starting and growing a business in Nigeria. So, as a matter of urgency, the President should just sign it into law immediately”

Also, the Partner and Head of technology, innovation and intellectual property at the law firm of AELEX, Mr. Davidson Oturu, said he considered the passage as a huge milestone.
He said: “Hopefully, the House would pass it within the next few weeks and then it proceeds to the President for his assent.

“There are many gaps we consider the Bill will fill. Firstly, there is the issue around regulatory certainty. A lot of start-ups consider that government policies and regulations spring up suddenly which can affect their business models. Some examples readily come to mind include the cryptocurrency restrictions and banning of motorcycles that affected Gokada’s business model.

“What the Bill seeks to do is to harmonise laws and regulations so that start-ups will be aware of the different matters that will affect them.

“Furthermore, there is a National Council for Digital Innovation and Entrepreneurship that is being set up under the law. This Council will comprise relevant government officials as well as start-ups. The implication of this is that start-ups will have the opportunity to determine the laws and policies that will affect them.

“Due to the challenges faced by taxation of start-ups before they have even begun to scale, the Bill provides tax incentives for start-ups and they also have the opportunity to enjoy some of the incentives under the pioneer status scheme.

“With respect to funding, which is also another problem for start-ups; a seed investment fund will also be set up. The seed investment fund will provide funding for qualified early stage start-ups.

“There are also incentives for other participants that contribute to the growth of the ecosystem such as angel investors; private equity funds/venture capitalists, accelerators and incubators.

“For start-ups that require space and opportunities to build their innovative products and services, technology parks will be set up to meet their needs and provide a conducive environment for them to grow their business ideas. All these are why the bill should receive Mr President’s immediate assent” he added.

The post Start-up Bill: Why  Buhari Must Assent appeared first on Tech Digest News.