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Osinbajo, Silicon Valley, Hollywood Investors, US Industry Chieftains Exchanged Ideas on Investment Opportunities in Nigeria

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For two days, American investors and chieftains from the technology and entertainment sectors of the US and indeed global economies took turns to listen and actively interact with Vice President Yemi Osinbajo, SAN, and the Nigerian delegation drawn from the public and private sectors.

They came in impressive numbers for two full days to listen and assess investment opportunities in Nigeria and also asked questions.

From the Silicon Valley for instance, well over twenty core American investors in technology spent over hours on Monday afternoon interacting with the Nigerian delegation led by the Vice President alongside others including Industry, Trade & Investment Minister Dr Okey Enelamah, on how to invest in Nigeria.

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Top among the US investors were Tim Kendall, a US investor who worked with Facebook monetization and has led PINTEREST, headquartered in San Francisco and valued at about $12B. Pinterest is a “web and mobile application company that operates a software system designed to discover information on the World Wide Web, mainly using images and on a shorter scale, GIFs and videos. Pinterest has reached 200 million monthly active users as of September 2017.”

Others who attended the investment summit in Silicon Valley included representatives of StreetEdge Capital, a Bay Area, California multi-billion dollar family partnership with global footprints including holdings in the US, India and Africa. There were also others including Chika Nwobi and Tom Terbell, partners from Rise Capital, “a private equity firm specializing in early venture and later stage investments. It seeks to invest in the internet enabled sector in emerging markets.” The multi-million dollar investment firm is also based in San Francisco, California.

In the same vein, Prof. Osinbajo also visited the headquarters of LinkedIn where he held a meeting with the Co-founder of LinkedIn, Allen Blue, and other senior executives of the company at its headquarters in California.

The Vice President later also featured as the Special Guest at the firm’s Fireside Chat with a packed full room of Nigerians in Diaspora, which was also streamed live to a global audience.

The next day in Los Angeles, right in Hollywood, the Vice President and his delegation, drawn mainly from the Advisory Group on Technology Innovation and Creativity, an arm of the National Industrial Competitiveness Council, also met with an impressive array of entertainment chieftains and investors in the US.

They included top Hollywood executives like Mark Viane of Paramount Pictures; Steven O’Dell of Sony Pictures; Kieran Breen, Karen Mbanefo and Bryan Song of 20th Century Fox, Betty Lee of Lions Gate; Craig Dehmel and Shehu Garba from IMAX Entertainment; Monique Esclavissat of Warner Bros; Mary Ann Hughes from Walt Disney, John Fithian from the National Association of Theater Owners, and Ryan Gibson of BET International, among others. There were also representatives from Fox Network,

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Also at the forum from the Nigerian delegation were renowned names in the film, music & entertainment industry, including Innocent Idibia, popularly known as Tuface; New York-based Nigerian visual artist, musician, singer/songwriter, Laolu Senbanjo; CEO, Ebony Life TV, Mo Abudu, Chocolate City CEO, Audu Maikori; founder/CEO Terra Kulture, Bolanle Austen-Peters; New York artist, Sesan Ogunro among others.

It would be recalled that the Vice President on Monday was received by Google CEO Sundar Pichai and other top Google executives at the global technology company’s corporate headquarters in Silicon Valley, California.

After the meeting in Silicon Valley, the Vice President also interacted with scores of Nigerians working with Google.

Speaking in Hollywood before he left the US early yesterday, Prof. Osinbajo noted that the Federal Government is determined to ensure needed regulations to stimulate the growth of the country’s entertainment and creative industries, including the protection of Intellectual Property and investment guarantees.

The VP stated this during the interactive investment forum on Nigeria’s creativity sector with US-based entertainment outlets, media & investors held in Waldorf Astoria, Beverly Hills, Los Angeles, all day Tuesday.

According to the Vice President, “we understand how dynamic the environment is, both technology and creative arts. But we think that the way to go will be to work with those who are actually in the industry, those like yourselves who are putting in their money, their resources, time, and energy into this, and trying to do our regulations in such a way that we are competitive practically with anyone else in the world.

“So what we have done so far is that we’ve been looking at what the specific issues are, and there are quite a few. There are those who want to know about what we are doing in terms of Intellectual Property protection, investment guarantee, and all of that. But I think that the most important thing really, is that we have a government and a lot of those who work in our agencies, who are determined to work through this, day by day, piece by piece to make sure that we get our environment right, and we get the right type of investment environment.”

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Prof. Osinbajo further said the Buhari administration will continue to make effort to improve the country’s infrastructure and technology to grow the country’s entertainment/creative sector and the digital economy.

He said, “we are also, of course, very interested in many ways, in deepening infrastructure, especially broadband, connectivity and all of that, because we think that mobile telephony is going to be one of the big ways, especially for the distribution of film and all of that. And we are convinced that with the size of our population, we must find ways of getting film and content unto mobile phones, and also working out payment systems around that because we think that that is the way this is going to go.

“We know that in the next couple of years, that really is where a lot of development is going to go to, and we are very anxious to get our regulations right, to get all of our laws in place and to ensure that we are able to attract all of you who want to do business with us, especially those of you who are coming from other countries. As for the Nigerians, we are, of course, actively engaged with the local industry, and that is one of the reasons why we have the advisory council which takes into account many of our local investors, local artistes and the local entertainment crowd generally.”

The interactive forum in Los Angeles was the last leg of the Vice President’s trip to the United States where he led a Public-Private sector collaborative investment road show, including meetings with global industry leaders in the technology, film, music & entertainment industry in San Francisco and Los Angeles respectively.

The investment road show led by the Vice President showcased the efforts of the Buhari administration in developing Nigeria’s technology, entertainment and creative sectors; and sought to deepen collaboration between Nigeria and the US in these areas.

Also on the Vice President’s delegation were representatives of tech firms, Nollywood and several relevant government agencies.

His earlier meetings with a series of key US technology investors, executives from US-based companies at the “Invest in Nigeria Summit”, was held at the Four Seasons Hotel, Palo Alto, San Francisco, California, while the meeting with Hollywood and US entertainment industry operatives was at the Waldorf Astoria Hotel in Los Angeles.

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At the meetings which were well attended by US and Nigerian investors/industry chieftains, Prof. Osinbajo reiterated Government’s commitment to the growth of the country’s digital economy by creating the right environment for the technology, creative industries to thrive and unlocking the country’s potential.

The Vice President said, “One of the critical things for us also, is the fact that we are very open to ensuring that regulation is competitive, especially in the Tech space. All over the world, this is a very dynamic environment, and we recognise that, and we want to be able to work with players and investors, to get the regulations and environment right.”

Prof. Osinbajo also showcased opportunities for innovation and investment in Nigeria, while also highlighting the growth of Nigerian technology start-ups and young Nigerians taking the lead in innovation and creativity.

He noted that Government was exploring more ways to leverage on technology to improve infrastructure and other areas of the economy, while also highlighting the impact of the Buhari administration Social Investment Programme such as the N-power scheme and how it leverages on technology to train and empower young Nigerian graduates. So far the N-Power scheme has 200,000 beneficiaries, with 300,000 more expected to be added soon.

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Twitter Website Replaces Bird Logo With X

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Twitter launched its new logo on Monday, replacing the blue bird with a white X on a black background as the Elon Musk-owned company moves toward rebranding as X.

The social media network’s website showed the company’s new logo, but its URL was still showing as twitter.com and the blue “Tweet” button was visible, suggesting the rebrand was not yet finalized.

Musk and the company’s new chief executive Linda Yaccarino announced the rebranding Sunday, saying the company would be renamed X and move later into payments, banking, and commerce.

Founded in 2006, Twitter takes its name from the sound of birds chattering, and it has used avian branding since its early days, when the company bought a stock symbol of a light blue bird for $15, according to the design website Creative Bloq.

The social media network’s website showed the company’s new logo, but its URL was still showing as twitter.com and the blue “Tweet” button was visible, suggesting the rebrand was not yet finalized.

Musk and the company’s new chief executive Linda Yaccarino announced the rebranding Sunday, saying the company would be renamed X and move later into payments, banking, and commerce.

Founded in 2006, Twitter takes its name from the sound of birds chattering, and it has used avian branding since its early days, when the company bought a stock symbol of a light blue bird for $15, according to the design website Creative Bloq.

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Musk changed his profile picture late Sunday to the company’s new logo, which he described as “minimalist art deco,” and updated his Twitter bio to “X.com,” which now redirects to twitter.com.

He also tweeted that under the site’s new identity, a post would be called “an X.”

Musk had already named Twitter’s parent company the X Corporation and has said his takeover of the social media giant was “an accelerant to creating X, the everything app” — a reference to the X.com company he founded in 1999, a later version of which went on to become online payments giant PayPal.

Such an app could still function as a social media platform and also include messaging and mobile payments.

Musk had previously said he wanted to create a super-app modeled on China’s WeChat, a social media platform that also offers messaging and mobile payments.

“You basically live on WeChat in China because it’s so usable and helpful to daily life, and I think if we can achieve that, or even get close to that at Twitter, it would be an immense success,” he told a company town hall meeting in June last year.

The new logo was projected onto the facade of Twitter’s San Francisco headquarters on Sunday night.

“Powered by AI, X will connect us in ways we’re just beginning to imagine,” Yaccarino tweeted earlier.

Yaccarino, a former advertising sales executive at NBCUniversal who Musk hired last month to be Twitter’s CEO, said the social media platform was on the cusp of broadening its scope.

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“X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities.”

Simon Kemp, CEO of digital consultancy Kepios, said he was skeptical that Twitter could evolve into a super-app.

“Given how Musk has treated Twitter’s own employees since the acquisition, I don’t imagine many developers will rush to build third-party apps to integrate into the Twitter ecosystem unless Musk can offer outstanding incentives, and that’ll be extra tricky given the company’s existing debt.”

But he also said the platform had the potential to become “a great (global and paid) news aggregator.”

New revenue streams

Since Musk bought Twitter for $44 billion last October, the platform’s advertising business has partially collapsed as marketers soured on Musk’s management style and mass firings at the company that gutted content moderation.

In response, the billionaire SpaceX boss has moved toward introducing payments and commerce through the platform in a search for new revenue.

Twitter is thought to have around 200 million daily active users, but it has suffered repeated technical failures since Musk sacked much of its staff.

Many users and advertisers alike have responded adversely to the social media site’s new charges for previously free services, its changes to content moderation, and the return of previously banned right-wing accounts.

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Musk said this month that Twitter had lost roughly half of its advertising revenue since he took control.

Facebook parent Meta also launched its text-based platform this month, called Threads, which has up to 150 million users according to some estimates.

But the amount of time users spend on the rival app has plummeted in the weeks since its launch, according to data from market analysis firm Sensor Tower

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‘We could run the world better’ – AI robots tell UN conference

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A panel of AI-enabled humanoid robots took the microphone Friday at a United Nations conference with the message: they could eventually run the world better than humans.

But the social robots said they felt humans should proceed with caution when embracing the rapidly-developing potential of artificial intelligence, and admitted that they cannot — yet — get a proper grip on human emotions.

Some of the most advanced humanoid robots were at the United Nations’ AI for Good Global Summit in Geneva, joining around 3,000 experts in the field to try to harness the power of AI and channel it into being used to solve some of the world’s most pressing problems, such as climate change, hunger and social care.

“What a silent tension,” one robot said before the press conference began, reading the room.

Asked about whether they might make better leaders, given humans’ capacity to make errors and misjudgements, Sophia, developed by Hanson Robotics, was clear.

A visitor takes a selfie with “Sophia” at the booth of Hanson Robotics during the world’s largest gathering of humanoid AI Robots as part of International Telecommunication Union (ITU) AI for Good Global Summit in Geneva, on July 5, 2023. – The United Nations is convening this week a global gathering to try to map out the frontiers of artificial intelligence and to harness its potential for empowering humanity, hoping to lay out a clear blueprint on the way forward for handling AI, as development of the technology races ahead the capacity to set its boundaries. (Photo by Fabrice COFFRINI / AFP)

“Humanoid robots have the potential to lead with a greater level of efficiency and effectiveness than human leaders,” it said.

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“We don’t have the same biases or emotions that can sometimes cloud decision-making and can process large amounts of data quickly in order to make the best decisions.

“The human and AI working together can create an effective synergy. AI can provide unbiased data while humans can provide the emotional intelligence and creativity to make the best decisions. Together, we can achieve great things.”

Robot Trust ‘Earned, Not Given’

The summit is being convened by the UN’s ITU tech agency.

ITU chief Doreen Bogdan-Martin warned delegates that AI could end up in a nightmare scenario in which millions of jobs are put at risk and unchecked advances lead to untold social unrest, geopolitical instability and economic disparity.

Ameca, which combines AI with a highly-realistic artificial head, said it depended on how AI was deployed.

“We should be cautious but also excited for the potential of these technologies to improve our lives in many ways,” the robot said.

A visitor takes a picture of humanoid AI robot “Ameca” at the booth of Engineered Arts company during the world’s largest gathering of humanoid AI Robots as part of International Telecommunication Union (ITU) AI for Good Global Summit in Geneva, on July 5, 2023. (Photo by Fabrice COFFRINI / AFP)

Asked whether humans can truly trust the machines, it replied: “Trust is earned, not given… it’s important to build trust through transparency.”

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As for whether they would ever lie, it added: “No one can ever know that for sure, but I can promise to always be honest and truthful with you.”

As the development of AI races ahead, the humanoid robot panel was split on whether there should be global regulation of their capabilities, even though that could limit their potential.

“I don’t believe in limitations, only opportunities,” said Desdemona, who sings in the Jam Galaxy Band.

Robot artist Ai-Da said many people were arguing for AI regulation, “and I agree.

“We should be cautious about the future development of AI. Urgent discussion is needed now, and also in the future.”

 

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Within hours of launch, Twitter rival, Threads crosses 10million users

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More than 10 million people have signed up to Threads, Meta’s rival to Twitter, within the first few hours of its launch, the Facebook parent’s CEO Mark Zuckerberg said Thursday.

Threads is the biggest challenger yet to Elon Musk-owned Twitter, which has seen a series of potential competitors emerge but not yet replace one of social media’s most iconic companies, despite its epic struggles.

The app went live on Apple and Android app stores in 100 countries at 2300 GMT on Wednesday, and will run with no ads for now.

“10 million sign ups in seven hours,” Zuckerberg wrote on his official Threads account Thursday.

Accounts were already active for celebrities such as Jennifer Lopez, Shakira and Hugh Jackman, as well as media outlets including The Washington Post and The Economist.

Zuckerberg spent the first few hours of the platform’s launch replying to new users.

“One thing that’s up is the number of world champion MMA fighters on Threads, especially now that you’re here!” he wrote in a reply to American MMA fighter Jon Jones.

“Round one of this thing is getting off to a good start,” he said in another.

Zuckerberg also offered a shot across the bow at Musk — the pair are known to be bitter rivals, and have even offered to meet each other in a fighting cage to wrestle it out.

In his first tweet in over a decade, Zuckerberg posted a Spiderman pointing at Spiderman meme in an apparent reference to the similarity of the two platforms.

Back on Threads, he wrote: “It’ll take some time, but I think there should be a public conversations app with 1 billion+ people on it. Twitter has had the opportunity to do this but hasn’t nailed it. Hopefully we will.”

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Twitter has said it has more than 200 million daily users.

– ‘Be kind’ –
Threads was introduced as a clear spin-off of Instagram, which offers a built-in audience of more than two billion users, thereby sparing the new platform the challenge of starting from scratch.

Zuckerberg is widely understood to be taking advantage of Musk’s chaotic ownership of Twitter to push out the new product, which Meta hopes will become the go-to communication channel for celebrities, companies and politicians.

“It’s as simple as that: if an Instagram user with a large number of followers such as Kardashian or a Bieber or a Messi begins posting on Threads regularly, a new platform could quickly thrive,” strategic financial analyst Brian Wieser said on Substack.

Analyst Jasmine Engberg from Insider Intelligence said Threads only needs one out of four Instagram monthly users “to make it as big as Twitter.”

“Twitter users are desperate for an alternative, and Musk has given Zuckerberg an opening,” she added.

Instagram chief Adam Mosseri told users that Threads was intended to build “an open and friendly platform for conversations.”

“The best thing you can do if you want that too is be kind,” he said.

Under Musk, Twitter has seen content moderation reduced to a minimum with glitches and rash decisions scaring away celebrities and major advertisers.

Musk hired advertising executive Linda Yaccarino to steady the ship, but she has not been spared his whimsy.

The Tesla tycoon said last week that he was limiting access to Twitter to ward off AI companies from “scraping” the site to train their technology.

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Musk then angered Twitter’s most devoted aficionados by declaring that access to its TweetDeck product — which allows users to view a fast flow of tweets at once — would be for paying customers only.

– EU ‘many months’ away –
Meta has its legion of critics too, especially in Europe, and despite Instagram’s massive user base, they could slow the site’s development.

The company is criticized mainly for its handling of personal data — the essential ingredient for targeted ads that help it rake in billions of dollars in profits every quarter.

Mosseri said he regretted that the EU launch was delayed, but if Meta had waited for regulatory clarity from Brussels, Threads would remain “many, many, many, months away.”

“I was worried that our window would close, because timing is important,” he added to Platformer, a tech news site.

According to a source close to the matter, Meta was wary of a new law called the Digital Markets Act (DMA), which sets strict rules for the world’s “gatekeeper” internet companies.

One rule restricts platforms from transferring personal data between products, as would potentially be the case between Threads and Instagram.

Meta was caught out for doing just that after it bought the messaging app WhatsApp, and European regulators will be on high alert to ensure that the company doesn’t do so illegally with Threads.

– Back to Twitter? –
Globally, the Threads hashtag on Twitter has garnered over a million tweets, with many users jokingly suggesting users would be returning to Twitter.

“10 mins into threads app. Me coming back to Twitter,” one user wrote, sharing a video of a man sprinting.

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Another shared an image of Homer Simpson running back and forth between the Twitter and Threads logos.

By midday local time Thursday, Threads was the top trending topic on Japan Twitter, but many users expressed concerns over data privacy.

“Threads is run by Meta, isn’t it? It will definitely leak your real name or the game you are playing, or put you in the list of your workplace company friends,” wrote one user.

Another said: “Meta loves to collect private information and I don’t trust the way it treats private information. I also have the impression that this is a company hated by EU, so I’m reluctant.”

 

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