LATEST TECH NEWS: TikTok partners Gritti to launch elevator pitch for entrepreneurs. 2 other things and a trivia you need to know today, September 10, 2020

These latest stories from the tech space will keep you updated with trends today.

1. TikTok partners Gritti to launch elevator pitch for entrepreneurs

Popular short video streaming platform, TikTok, has announced its new partnership with The Gritti Fund to launch world-first Pitch Up In The Sky for South African entrepreneurs. The Gritti Fund, being the world’s first purpose-driven and happiness-focused investment fund, will offer entrants a chance to win $ 10,000 and a one-year mentorship programme. According to Boniswa Sidwaba, TikTok Content Operations Manager, Africa, similar initiatives have always been TikTok’s mission to inspire creativity and bring joy to its users and the launch of such a unique event is a testament to that.

He said: “Through this event, we aim to support our local community of budding entrepreneurs by providing them with the opportunity to creatively express their ideas with the possibility that those ideas may materialise.” TikTok further explained the uniqueness of the elevator pitch challenge, noting that it was aimed at grooming entrepreneurs to overcome pressure. “Pitch Up In The Sky is the ultimate elevator pitch for daring entrepreneurs who can overcome their fears and stay cool under pressure,” the statement read.

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Tech Trivia:

Which tech company changed its motto to “Do the right thing” in 2015?

A. PayPal
B. Google
C. Twitter
D. Facebook

Answer: See end of post.

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2. Cryptocurrency company Luno loses AlphaCode as investment partner

AlphaCode, the fintech investment arm of Rand Merchant Investments (RMI) has exited its investment in cyptocurrency company Luno. Luno, which is a leading global cryptocurrency company that makes it safe and easy to buy, sell, and store and learn about cryptocurrencies with over 5 million customers in more than 40 countries, has been acquired by Digital Currency Group (DCG), a New York-based global blockchain enterprise. The acquiring company, DCG, is a New York-based global enterprise that builds, buys and invests in blockchain companies, and an early investor in Luno.

Read also: LATEST TECH NEWS: Africa Ghanaian firm, AFG, looks to expand to three new markets. 2 other things and a trivia you need to know today, September 9, 2020

According to industry insight, RMI, before exiting, had sold its stake for cash in Luno to DCG. Dominique Collett, RMI senior investments executive and head of AlphaCode, who confirmed the development, explained that the exit recorded a gain on the company’s investment. He said: “We are delighted by this transaction as it is AlphaCode’s first exit and well above our targeted IRR of 25 – 35% for our fintech investments. We have enjoyed working with the Luno team and still believe in the potential of cryptocurrencies and Luno’s solid growth potential. We supported management selling the business to DCG as it is very well positioned to leverage the platform. We wish the Luno team and DCG all the best and will be watching their future success with interest.”

3. Kenya-based PataTutor launches online tutoring marketplace

Kenya-based edtech startup PataTutor has expanded its portfolio with the launch of an online school. The platform allows users to find, compare, book and pay for tutors, and have their lessons conducted virtually. The edtech initiative was founded early this year, and was made available to the public only in August. The new edtech player developed a web app that allows parents and students to connect with affordable, verified, and professional private academic tutors. With the new PataTutor, teachers and students can have their lessons take place online, via the platform’s integrated online classrooms.

Speaking on the concept, Kelvin Dol, the founder and chief executive officer (CEO) of PataTutor, the platform will serve pupils who have been stuck at home since the breakout of the pandemic.

He said: “Parents will therefore be able to book one-on-one private tuition lessons to help their kids improve their performance or help them prepare for exams. For students who have been stuck at home due to school closures, we will also have group classes that will be covering the curriculums of local Kenyan and British syllabi.”

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Tech Trivia Answer: Google

As you likely know, the phrase “Don’t be evil” was the company’s motto for about 15 years from around 2000, Google, has, however, changed it to “Do the right thing” in October 2015 after corporate restructuring under the new conglomerate Alphabet Inc.

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