GITEX (“Gulf Information Technology Exhibition”) is an annual consumer computer and electronics trade show, exhibition, and conference that takes place in Dubai, United Arab Emirates at the Dubai World Trade Centre.
Theme for this year is: Synergising the Mind and Technology Economy.
Are you a Nigerian Startup residing in the country or abroad? Do you have a startup with a functional product with traction?
NITDA, through its subsidiary Office for ICT Innovation and Entrepreneurship (OIIE) is calling on interested startups to apply for an opportunity to be fully sponsored to GITEX 2020.
Check out this LINK for better understanding what is required and how to apply.
Startups wishing to apply should have solutions addressing any of these problems’ areas: 1. 5G 2. AI & Augmented Analytics. 3. Future Mobility (Transportation) 4. Digital Economies 5. Cyber Security and Resilience 6. Cloud and Edge Computing 7. Blockchain Technology
Expectations from applicants:
Applications will be considered and scored by a panel of judges from within the Nigerian technology startup ecosystem based on startup solution addressing any of the problems listed above.
According toFortune,90% of startups fail. But unlike more established ecosystems like the US, Africa’s startup ecosystem is riddled with a plethora of challenges that make it easier for startups here to fail.
Often, entrepreneurs know this before launching their businesses. And as discouraging as this stat is, it allows them to work smart and hard; this is why hundreds of startups have sprung forth on the continent in the past decade, with each trying to solve the problems of other businesses.
But while there’s a sense of caution mixed with working smart and hard, the bleak truth is that the stat still holds true. Albeit for some group of West African startups, this stat seems to be more in their favour.
According to Techpoint Africa’sWest African Startup Decade Report, Millionaire West African Startups (MWAS) are startups that have raised at least a million dollars cumulatively within the last ten years.
Only 5.9% of MWAS have failed in the last 10 years
The report revealed that 51 startups from 6 of the region’s most active tech scenes achieved this feat in the past decade. And of that number, only three have closed shop.
That means that for every Paystack, Rensource Energy, Andela, and 14 other active startups with $1 million or more in funding, there is a DealDey.
Founded by Sim Shagaya in 2011, DealDey was one of the earliest startups in Nigeria and the West African region.
Shagaya, ex-Konga Founder and CEO, and current Founder of edtech startup, uLesson, led the daily deals platform to become one of the biggest commerce platforms in the country when it raised $5 million from Kinnevik in 2015.
However, the country’s harsh market conditions forced the company to lay off 60% of its staff later that year before Ringier Africa Deals Group (RADG) acquired it for an undisclosed amount. Under a new company, DealDey was operational until it officially shut down in January 2019.
Cumulatively, DealDey and two other defunct startups raised $18m and accounted for 5.9% of MWAS in the last decade. When compared to what US-based startups managed in the first half of 2020, where 14 similar startups went under, West Africa’s 3-out-of-51 stat can be described as commendable.
For a company that raised $5 million, DealDey is one of the region’s high profile shutdowns. However, from our report, a startup that raised a higher amount also closed shop in less than two years.
Hi everyone - Shola here (Paystack co-founder and CEO) with an important community update.
I'm thankful to share that Paystack is joining the Stripe family. We’ll be acquired by Stripe to accelerate online commerce across Africa, pending standard closing conditions including regulatory approvals.
About Paystack
Paystack is a technology company powering growth for businesses in Africa through our collection of secure payment tools.
Over 60,000 businesses of all sizes use our suite of Collections, Disbursements, Identity Verification, Reporting, and Commerce tools to grow their business across the continent, including FedEx, UPS, MTN, the Lagos Internal Revenue Service, and AXA Mansard. Merchants already use our technology to process hundreds of millions of dollars each month, and joining forces with Stripe will supercharge our ability to serve our community of makers and help more businesses across the continent.
We're PCI DSS Level 1 Certified, the most stringent level of certification in the global payments industry, enabling companies to transact across Africa safely and securely.
We're doubling down on Paystack's mission
Paystack will continue to operate independently, and there will be no disruption of service as a result of this acquisition. If you’re using Paystack today, there’s no need to change anything about your technical integrations.
Paystack merchants and partners can look forward to more payment channels, more tools, accelerated geographic expansion, and deeper integrations with global platforms. We will continue to execute against an ambitious roadmap with the support of Stripe's resources and deep expertise.
About Stripe
Stripe is a technology company that builds economic infrastructure for the internet. Companies of all sizes - including Amazon, Google, Shopify, and Zoom - use Stripe's software to accept payments and scale their online businesses. Each year, more than 80% of American adults complete a purchase using Stripe.
We also share a strong cultural DNA. We value voracious curiosity and transparency, we're inspired by hard challenges, and we're profoundly optimistic about the future.
Stripes and Paystack crew meeting up in Lagos last year
As we continued to work with and learn from each other, we realized that we could accomplish a lot more, faster, by joining forces. Stripe's mission is to increase the GDP of the internet, and Paystack will spearhead this effort in Africa.
What happens next
Paystack today is 114 friends of 12 nationalities, currently working remotely across 9 countries. What happens next is that we go right back to work, because there is so much that we can fix and improve in Africa’s financial infrastructure.
There is a lot more we want to share about Paystack’s journey to this point, but this isn't the time for it. We don't want to draw attention away from the very serious conversations happening at all levels about police violence in Nigeria, especially against young makers. As a maker myself, and member of the tech community (a frequent target of the attacks) this matters deeply to me and to everyone at Paystack.
In mid-July last year, we hosted a joint meetup with Stripe where several entrepreneurs came together to share with each other what they were working on. It was a powerful reminder of the potential and the promise of our community.
July 2019 - One of the presentations at the Paystack Stripe Meetup
These makers deserve an enabling environment that allows them to dare more, and build beautiful, useful things with friends, safe in the knowledge that they will be able to enjoy the fruit of their labour.
They, and millions of other African creators like them, deserve more.
In the near future, we will share a lot more behind-the-scenes details about our journey. Until then, I would like to thank the entire Paystack team, investors, and above all, our merchants, for your support and belief in us over the last five years.
In partnership with Stripe, we're excited to continue to help build a new generation of transformative businesses across Africa.
