Today’s Top Entrepreneurship and Business Stories (28 June)
Facebook Reaches 2Bln Monthly Users Milestone
Facebook, the world’s largest social media website, has announced that there are now two billion people connecting and building communities on its platform every month.
Additionally, more than 175 million people share “love”, and on average, over 800 million people “like” something on Facebook.
The social media giant said more than one billion people use its “Groups” feature every month.
Facebook founder Mark Zuckerberg said that their mission was to bring the world closer together, and reaching this milestone was just one small step towards that goal.
“As of this morning, the Facebook community is now officially two billion people,” Zuckerberg said in a statement.
“We’re making progress connecting the world, and now let’s bring the world closer together. It’s an honour to be on this journey with you.”
Meanwhile, Facebook has joined forces with Microsoft, Twitter and YouTube in the formation of the Global Internet Forum to counter global terrorism and violent extremists. (via African News Agency)
South African Entrepreneur Shortlisted For The Innovation Prize for Africa 2017
Innovators from nine African countries have been shortlisted for their outstanding innovations across the healthcare, engineering, energy and communications sectors, as part of The African Innovation Foundation (AIF) 2017 Innovation Prize for Africa.
They include South African Nokwethu Khojane who is the founder of Lakheni, a social and business model innovation which seeks to aggregate low-income households into buying-groups in order to negotiate favourable discounts for goods and services supplied to these households.
The innovators come from nine African countries including Democratic Republic of Congo, Egypt, Kenya, Liberia, Morocco, Nigeria, South Africa, Uganda and Zimbabwe.
This innovators’ solutions address challenges in the agriculture value chain, health care, energy, communications, service industries as well as surveillance using drone technology.
Now celebrating its sixth year under the theme African Innovation: Investing in Prosperity, the innovation initiative is offering a grand share-prize of US$185 000 and incentives to spur growth and prosperity in Africa through home-grown solutions.
The other nine nominees are:
- Peris Bosire, Kenya – FarmDrive, a financial technology company that has developed a mobile phone based application that collects data and provides an alternative risk assessment model for small holder farmers.
- Omolabake Adenle, Nigeria – Voice Recognition and Speech Synthesis Software for African Languages.
- Nzola Swasisa, Democratic Republic of Congo – Lokole is a device that enables access to efficient email communication anywhere with cellular coverage at a price that is one hundred to one thousand times cheaper
- Badr Idriss, Morocco – Atlan Space develops software technology that is then deployed to manage the operations of unmanned aerial vehicles (UAVs) or drones.
- Aly El-Shafei, Egypt – Smart Electro-Mechanical Actuator Journal Integrated Bearing “SEMAJIB“, the patented innovation (SEMAJIB) presented by Dr El-Shafei, is a smart bearing which is versatile and can change its characteristics as it operates.
- Dougbeh-Chris Nyan, Liberia – New Technology for Rapid Detection, a rapid diagnostic test that can detect and simultaneously differentiate at least three to seven infections at the same time within 10 to 40 minutes.
- Olanisun Olufemi Adewole, Nigeria – Sweat TB Test, a non-invasive rapid skin test to detect tuberculosis.
- Gift Gana, Zimbabwe – Dr CADx, a software solution that helps doctors and health care workers diagnose medical images more accurately.
- Philippa Ngaju Makobore, Uganda – Electronically Controlled Gravity Feed Infusion Set (ECGF), a medical device designed to accurately administer intravenous (IV) fluids and drugs by controlling the rate of fluid flow based on feedback from a drop sensor. (via Bizcommunity)
Blue Label In R1.9bln Deal To Buy 3G Mobile
Prepaid airtime, electricity and ticket distribution company, Blue Label Telecoms, has concluded an agreement with 3G Mobile and its shareholders to acquire 100 percent of 3G’s shares for R1.9 billion, through its wholly-owned subsidiary The Prepaid Company (TPC).
Blue Label said the shares in 3G Mobile would be acquired in two stages, with the initial acquisition by TPC of 47.37 percent of the issued share capital of 3G for a purchase consideration of R900 million being subject to Blue Label obtaining necessary third-party consents and the Cell C recapitalisation becoming unconditional.
The acquisition of the remaining 52.63 percent of the issued share capital of 3G Mobile for a purchase consideration of R1 billion is also subject to the initial acquisition becoming unconditional in accordance with its terms and any regulatory approvals.
3G Mobile is one of Africa’s largest distributors, and financiers, of mobile devices and handsets to major retailers and cellular network providers.
It operates in eight African countries, and has distribution rights for all major tier one and tier two mobile device and handset manufacturers, including Apple, Samsung, Huawei, HiSense, ZTE and Nokia.
Through its wholly-owned subsidiary, Comm Equipment Company (CEC), 3G Mobile provides the financing of the mobile handset component of post-paid contracts to cellular network providers such as Cell C. At present, the CEC finance book is approximately R3 billion.
The net profit after tax of 3G Mobile for its year ended 31 December 2016, after adjusting for non-recurring expenditure, amounted to R248 million. It is expected that its net tangible assets will be no less than R1 billion rand as at the effective date of the initial acquisition.
Blue Label wants to use 3G Mobile as its expansion platform into the financing and supply of mobile devices, handsets and allied products as 3G Mobile provides the ideal platform to consolidate Blue Label’s low cost and certified pre-owned mobile handset divisions into a consolidated group. (via African News Agency)