These latest stories from the tech space will keep you updated with trends today.
1. Somali female-focused accelerator programme calls for applications
Innovate Ventures, Somali accelerator and investor platform, has opened applications for its Women in Business Accelerator.
The accelerator, which will culminate with four startups receiving investment of up to US$20,000 each, is a four-week programme that offers essential business skills training and funds to female-owned startups in Somaliland.
According to reports, selected startups will receive intensive training and business mentorship, access to networks, pitching opportunities in front of local and international investors, and features in local and international media.
Today, the programme has an alumni network of over 50 startups, and has invested over US$150,000 in total so far.
Now open to female business owners or women with a business idea who are between 18 and 35 years old, the business owners must be based in Somalia, and be willing to attend the accelerator programme in Hargeisa.
Which of these tech giants started as a grocery store, selling vegetables?
Answer: See end of post.
2. MENA tech startups raised $1-billion in 2020 -MAGNiTT Report
MAGNiTT, being the largest venture data platform that tracks startup investments in emerging markets, has indicated that startups in the MENA region raised over $1-billion in investment funding.
This development comes against thoughts that the pandemic was going to cripple venture investments in the area.
Details of the investment was revealed in a report titled the 2021 Emerging Venture Markets Report.
Philip Bahoshy, MAGNiTT’s CEO attributed the success of tech startups to a demand for innovation to tackle challenges faced in 2020.
He said: “2020 was a rollercoaster year that highlighted the importance of leveraging data to make opportunities visible across borders.
Adding that: “COVID-19 rapidly accelerated the adoption of technology across emerging markets, creating larger markets and more opportunities to scale.”
Tech Trivia Answer: Samsung
Samsung was founded as a grocery trading store on March 1, 1938, by Lee Byung-Chull. He started his business in Taegu, Korea, trading noodles and other goods produced in and around the city and exporting them to China and its provinces. After the Korean War, Lee expanded his business into textiles and opened the largest woolen mill in Korea.
He focused heavily on industrialization with the goal of helping his country redevelop itself after the war. During that period his business benefited from the new protectionist policies adopted by the Korean government, whose aim was to help large domestic conglomerates (chaebol) by shielding them from competition and providing them easy financing.
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