GRTech
FundAnEnterprise.org officially launches in Nigeria
Fundanenterprise.org, Nigeria’s first donation based crowdfunding platform for supporting Medium, Small and Micro Enterprises (MSMEs) has been officially unveiled.
Crowdfunding activity is as old as mankind. However, Michael Sullivan in 2006 was credited with coning the term, with the launch of fundavlog in an attempt to raise funds to create an incubator for video blog-related projects.
Strictly speaking, the term “Crowdfunding” is the means or practice of raising funds, capital or money for a project, business or venture in small amounts from a large number of people, especially through the Internet.
Speaking at the launch of Fundanenterprise.org on Thursday, in Lagos, the Trustee, MSME Crowd Funding Foundation, the promoters of the platform, Mr. Magnus Nmonwu, described crowdfunding as an alternative means of raising money without going to the bank or financial institutions.
This means of injecting live into the operations of small businesses and the economy at large has been very successful in developed countries / continents – America, Europe Asia and so on, raising billions of pounds and Dollars.
According to an article by Chance Barnett, published in Forbes titled “Trends Show Crowdfunding to Surpass VC in 2016“, over US$34 billion was estimated to be raised from crowdfunding as against the US$30 billion from VC’s.
However, Mr. Nmonwu said there are different types of crowdfunding, ranging from Reward-based, Equity-based, Software value token-based, Debt-based, to Donation-based.
“Donation based crowd funding, is the second most commonly used type of crowd funding. Fundanenterprise.org is a donation based crowd funding platform. Kickstarter and Indiegogo are examples of other crowdfunding platforms in Europe.
“In the US, crowdfunding accounted for more than 85% of worldwide volume in 2013, while growth in Asia, specifically India has steadily improved and competing since 2010, with at least 15 crowdfunding platforms emerging on the Indian web”.
Crowdfunding in Nigeria
In Nigeria, he said, the potentials for crowdfunding are untapped, inexhaustible and yet to be fully embraced, in spite of its successes as funding alternative in other countries.
“We at MSME Crowd Funding Foundation however believe, that with huge investment in education and stronger regulations in crowdfunding activities, Nigeria would be on the path to crowdfunding revolution, like in other notable fields of the economy.
Why this is important to the economy
“It is a known fact that MSME’s are the drivers or backbones of world economies. There are about 50million+ SME’s, 100million+ internet users and 120million+ mobile phone users in Nigeria. MSME’s employ about 60million+ persons (as at January 2014), which contributed to about 48% or 38trillion of Nigerians GDP & 7% of export earnings.
“Nigeria is a country endowe with rich natural resources, but yet our economy cannot meet the basic needs of the citizens.
“According to a United Nations report, over 80 million Nigerians (out of the over 190million) live in abject poverty, despite the impressive statistics I just recounted. There is such a huge disparity between these statistics and the reality on ground”.
“Given this imbalance and our recent rating as the poorest country in world, it is high time individuals, groups (private and/or public) and government joined hands together to change the economy to work again. It is high time we began to support one another in every littlest way in order to expunge the poverty index and make our economy great”, he said.
The MSME Crowd Funding Foundation, through www.fundanenterprise.org, is here, not only to provide the much needed relief to start-ups, small and growing businesses, but to change the way Nigerians in particular and the world in general support business operations.
“Our vision is to build the biggest network of entrepreneurial hub and act as the voice needed to change the landscape (policies and regulation) and challenge the status quo in favour of MSMEs.
“Our mission through www.fundanenterprise.org to lighten the burden of doing business in Nigeria and help build, as many as possible, thriving enterprises or businesses in Nigeria and beyond. By doing these, we believe we would support jobs creation, improving the standard of living of Nigerians and improve the Nigerian economy by extension.
“This aim of the MSME Crowd Funding Foundation is executed in threefold as follows:
- Skills Training – Equipping businesses within our network with the necessary skills, to start-up and run a successful business in Nigeria.
- Crowd Funding – fundanenterprise.org is the crowd funding platform used to support businesses raise the much needed capital to start, grow or scale their businesses.
- Handholding – This is a compulsory one-year hand holding support to enterprises who are beneficiaries of grants from fundanenterprise.org. his is with the aim to provide assurance to donors that the funds are utilized for its intended purpose.
“At MSME Crowd Funding Foundation, we believe that our economy will grow or be built or sustained by entrepreneurs.
A recent publication indicates that the Dangote Group contributes about 10% of Nigerian’s GDP. Therefore an increase and aggregation of several successful enterprises in Nigeria would definitely build the Nigeria economy.
“MSMEs in Nigeria are confronted with a number of issues, which includes funding or access to funds to start or scale. www.fundanenterprise.org is a bridge to this gap and is here to serve as an alternative funding source for start-up, micro, small and medium enterprises. Crowdfunding has a huge potential in Nigeria following her large, fast growing population, widespread mobile and internet connection, strong social activities, a great network of family and friends and a booming entrepreneurial spirit.
“Therefore, MSMEs in Nigeria and initiators of creative ideas are encouraged to look at alternative sources of funding and consequently tap into the internet to solicit donations to sustain and expand their ideas.
“The Foundation has organized and completed seven skills training sessions with over 1,500 registered participants.
Target market
“Our target market are mainly startup businesses, micro, small and medium businesses who do not have what it takes to scale or start their businesses. So far, we are in the process of trying to scale up the operations of our Foundation, setup an advisory board and also raise grants from notable firms / donor funded agencies to support these businesses in our network.
Already, the platform has over 35 subscribers and an average daily statistic of about 250 views. Nigeria needs to embrace the crowdfunding phenomenon, educate the populace and ensure appropriate regulations, especially as it affects equity crowdfunding, to give MSME’s easier alternative to help boost the economy.
“It is all intended to be a communal enterprise building circle, to empower our people and build our economy. We are therefore calling on everyone out there including investors and investees who wish to make an impact in the society (no matter how small) to support us in this cause to make our economy buoyant again”, he appealed to the public.
With Black Friday and Cyber Monday around the corner, we’re entering a high-risk period for cybersecurity.
A recent Sophos report highlights that malicious emails were the second most common root cause of ransomware attacks in critical sectors, responsible for 25% of cases.
During peak shopping days, this threat intensifies.
Here’s what happens: with the surge in online deals, more employees may be shopping from their work computers, feeling that Cyber Monday is a legitimate time to do so.
This increases the risk of them clicking more freely and potentially exposing the organization to malicious links or phishing attacks.
To keep your organization safe, encourage your team to follow these simple tips:
• Use an ad blocker – Advertisements are not only tracking your every movement and collecting enough information on your habits to make the FBI blush, but they are also a major source of malicious links and deceptive content on the internet. Not only is your browsing safer, but also faster and uses less bandwidth. Two of our favorites are uBlock Origin and Ghostery.
• Use private browsing or incognito mode – To prevent your shopping habits and interests from following you around from site to site (and potentially revealing what gifts you might be purchasing to others using your device, bonus!), you should enable private browsing (Firefox) or incognito mode (Chrome). This will block tracking cookies and help the internet forget your travels as the waves wash away your footprints in the sand.
• Make your browser “privacy smart” – The Electronic Frontier Foundation (EFF) provides a browser extension called Privacy Badger designed to automatically make all the right choices around browsing whilst maintaining our privacy and blocking invisible trackers.
• Avoid using one account on multiple services – When logging into an e-commerce site it is often tempting to use the “Sign in with Facebook” or “Sign in with Google” button. While it takes a few more minutes to create a new login, it will provide more privacy as you are not sharing all of the sites you shop at with these tech giants.
• Use guest login when available – In addition to letting you use an account from other websites, many have an option to use a guest login rather than creating a new account. This is a great option if you don’t expect to need technical support or to do business on a recurring basis. Fewer passwords, fewer personal details, fewer problems if they get hacked.
• Don’t save card details – Many e-commerce sites will default to storing your credit card information in your profile for your “convenience” (or their hope you’ll shop there again). They can’t lose what they don’t have, so tell them not to store your credit card unless it is absolutely necessary.
• Use temporary card numbers – Many financial institutions now offer temporary or one-time use credit card numbers. You can open the app on your phone or in your browser and get a single-use disposable credit card number preventing card fraud and tracking when merchants share card processors. Sometimes you’re even able to specify a card limit per temporary number to further protect your account.
• Use credit, not debit – All of us need to be wary of overspending during the holidays, but it is best to leave the debit card at home. Credit cards offer significantly more protection against online fraud, and you are in the power position in a dispute. You can simply not pay your bill while disputing the charge, rather than having criminals directly drain your bank account of your hard-earned cash.
• Beware of direct messages via social media/chat apps – With modern generative AI technology it is almost trivial to create an entire fake online store and lure people to share their personal information and payment data with you. It’s safest to shop at established sites or those personally recommended to you by friends and family. Many unsolicited messages lead to data collection or theft.
• Don’t click deals in email that look too good to be true or are from businesses you don’t have accounts from – these could be phishing emails hoping to bait you into clicking links to bogus, malicious web sites.
This season, small steps can make a big difference in protecting against cyber threats.
GRTech
It’s Cybersecurity Awareness Month and Sophos has Some Tips for You!
In the mood of Cybersecurity Awareness Month, Christopher Budd, Director Sophos X-Ops, has compiled some tips for staying secure online.
Cybersecurity Pro Tips:
- Face Scans and Fingerprints are Safer Than Passcodes: Use features like Face ID or fingerprint scans for your devices as much as possible. These are safer than passcodes and devices have good built-in protections for this sensitive information.
- Use Multi-Factor Authentication: Use multi-factor authentication (MFA) whenever possible. This gives an important extra layer of security that makes it harder for cybercriminals to access your accounts. If you can’t use something more secure like secure authenticator applications or physical hardware security keys, use your phone number — it’s safer than using nothing. If you use MFA for only one thing, use it for your email: that’s what attackers want the most.
- Think Before You Share Publicly: Think twice before sharing any information publicly –cybercriminals can use it to access your accounts or to convince someone that they’re you.
- Think about those cute surveys on Facebook with questions about your first car, city you were born in: these are the same kinds of info cybercriminals can use to pretend they’re you and log into and take over your accounts.
- You Don’t Always Need (to keep) the App: Don’t feel pressured to download an app every time: you can often use the service’s website just as well. Apps collect much more data than websites, including your location, your contact list and other info you might not want to share.If you do download an app, think about deleting it when you’re done using it: you can always reinstall it next time you need it.
- Apps from app stores and websites that aren’t the official big names ones like Google Play, Apple’s App Store, Samsung’s Galaxy Store can be very risky. The official stores have security and privacy standards that can identify malicious activity. Always stick to official sources for downloading apps or, if they’re not on the official app stores, download the app from the developer’s official website or use the app’s web version.
- Be On Your Guard for Unexpected Emails and Text Messages: Phishing continues to be one of the most effective tactics cybercriminals use to compromise consumers. If you get an unexpected email or text message, ignore it or at least don’t interact with it (don’t open attachments, don’t click on links). If you think it might be legitimate, reach out directly to who you think sent it and check with them.
- Question Urgency in Emails and Calls: Cybercriminals use urgency to get you to let your guard down and make bad decisions. If someone contacts you saying they’re from a trusted organization like the IRS, police or your bank and need you to take action quickly or something bad will happen, stop and question it. Go to the trusted source like the number on the back of your credit card to independently validate the request.
- Practice Good Password Security: Every account should have its own unique complex password. A strong password is at least 12 characters long with a mix of numbers, upper- and lower-case letters, and punctuation characters. Passwords should not be based on any personal information, and the best ones use a phrase rather than single words. If these passwords are too tough to juggle, try a password manager to stay organized.
- Keep Everything Updated and Run Security Tools. Make sure all your apps and devices are always fully updated. Be sure to have some sort of security software on all of your phones and computers (even if you have a Mac).
- Get Rid of End-of-Life Devices and Software: Everything from operating systems to services to Wi-Fi routers “go stale” and must be replaced eventually. For example, it might surprise you, but your internet router is typically only supported with patches and updates for a few years after you get it. Attackers love out-of-date devices. When something is “out of support” it’s stale: get rid of it and replace it with something fresh.
- Back Up Your Data: While ransomware groups are mostly after businesses that can pay higher ransoms, they still go after people at home. It’s still important to have your data backed up so that you don’t have to consider paying a ransom.
Put Your Mind at Ease Regarding These Cybersecurity Concerns
Part of staying secure requires being able to filter out the noise and prioritize the security actions that matter. Here are things notto worry about. Focus your energy on real risks, not exaggerated threats.
- Public Wi-Fi is Safer Than You Think: Contrary to outdated advice, public Wi-Fi is generally safe due to encryption used by most websites and apps. Use it freely at airports or coffee shops, but avoid sensitive activities.
- Beware of Fearmongering Around New Tech Features: Not every new technology is as risky as it’s made out to be. For example, Apple’s NameDrop feature is generally safe and requires specific conditions to function. However, if you’re concerned, you can easily turn it off in settings.
Stop Stressing Over Public Chargers: The risk of “juice jacking” (data theft from public chargers) is extremely low. Don’t worry about using public phone chargers — just focus on real, more prevalent threats.
eSocialMint Inc., a tech startup based in Houston, is hoping to revolutionize social and professional events with its innovative new app.
Scheduled for launch in Nigeria at the end of the year, eSocialMint (eSM) offers a comprehensive platform that integrates features from popular apps like Facebook, TikTok, Zoom, WhatsApp, and Snapchat.
Designed to transform how events are conducted and experienced, eSM combines social media technology with advanced features such as virtual hologram technology.
Developed by IT architect Fisayo Olamigoke, eSM is available on both web and mobile devices. It offers a range of functionalities, including team events, social events, advertising, an eStore, and the unique “eSprayMe” feature.
This feature allows users to virtually spray money at events, replicating a popular Nigerian cultural practice while adhering to legal regulations.
Targeted at professionals, personal users, public institutions, and governmental bodies, eSM aims to save time and money by reducing the need for physical travel. With its cutting-edge technology and user-friendly interface, eSocialMint is poised to redefine the future of virtual interactions.
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