Sony's new $10 million fund

The fund is dedicated to all African entertainment startups.                                                                                                                                                                                                                                                                                                                                                                                                                 October 17, 2023 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxcRVPEWy7uUzqcXLh_gF1quP77N-AnHaDbSm_poKQmL_Gw3_u52VjuxRPMw1m6r5H_Ph3m402XDCmm7caKJEVmwy4t0xVYUtuaSojFMalHtRw/40i/SKDxIpH7T3eL7y54Q5WKzQ/h2/MF7HzRYl_FjxNrgT1nTpHD6A-d1oXNJgXOZEsqoXRw8 [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ Here’s your weekly reminder to move TC Daily to your main folder so you don’t miss any editions. If this newsletter landed in “Promotions”, simply drag and drop it to the “Primary” folder. 📧 In today's edition - [Andela launches new AI platform]( - [SA tightens hold on Airbnbs]( - [Sony launches $10 fund for entertainment startups]( - [Baobab has a new fund for African startups]( - [The World Wide Web3]( - [Opportunities]( AI //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxcRVPEWy7uUzqcXLh_gF1quP77N-AnHaDbSm_poKQmL_Gw3_u52VjuxRPMw1m6r5H_Ph3m402XDCmm7caKJEVmwy4t0xVYUtuaSojFMalHtRw/40i/SKDxIpH7T3eL7y54Q5WKzQ/h13/vWOpP4TG3d7e4IIb9AnhMtz1YsLA6SQRBfrH3HrYj4U Andela launches AI-driven platform to improve tech hiring [Andela image](Image source: Andela Nigeria-born unicorn, Andela, is enlisting AI’s help in its mission to connect companies with the best tech talents. The company has [announced the launch]( of Andela Talent Cloud, an integrated, AI-driven platform that streamlines the process of matching global technologists with companies in need of specific skill sets and increased capacity, enabling informed and secure hiring decisions. Simplified hiring: Andela says the platform will simplify the entire hiring process, covering sourcing, qualification, hiring, management, and payment of global technologists all in one place. Additionally, the [Andela Talent Cloud]( relies on the AI-driven Talent Decision Engine (TDE) to precisely match talent with client-specific roles and skill requirements. Per Andela, the entire procedure can take as little as 48 hours, and prove to be 30% to 50% more cost-efficient. It outshines traditional hiring methods like in-house recruitment, consulting firms, and outsourcing. Zoom out: Andela's global client footprint includes companies such as Mindshare, Google, and Microsoft. These companies have reportedly relied on Andela to scale their teams and deliver projects faster. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today [here](. Policy //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxcRVPEWy7uUzqcXLh_gF1quP77N-AnHaDbSm_poKQmL_Gw3_u52VjuxRPMw1m6r5H_Ph3m402XDCmm7caKJEVmwy4t0xVYUtuaSojFMalHtRw/40i/SKDxIpH7T3eL7y54Q5WKzQ/h21/qa0htUY4cVRM6sM1eMgD30cC1oHa3xnIInrKeL7IRH4 Airbnb regulations in South Africa threaten small-time hosts source: ZikokoMemes South Africa is tightening its grip on Airbnb and other home-sharing platforms. The South African Department of Tourism has published a [new whitepaper]( that proposes new regulations for Airbnb and other home-sharing apps. What new regulations? In April 2019, the Department of Tourism unveiled its plans to [regulate Airbnb]( and similar home-sharing apps through the [Tourism Amendment Bill](. This bill aims to grant the tourism minister the authority to set specific "thresholds" for South African Airbnbs. These thresholds could include limits on the number of nights a customer can book. The South African government has argued that platforms like Airbnb could lead to a surplus of unregistered properties on the accommodation market, resulting in the value of formal accommodation providers, such as hotels and guesthouses declining. Furthermore, Michele de Souza, chair of the Pietermaritzburg Bed and Breakfast Network, is advocating for specific regulations that Airbnb hosts should follow. This includes obtaining municipal permission, ensuring safety checks, acquiring hospitality insurance, and registering with local tourism authorities. De Souza also called for Airbnb to pay taxes and adhere to business regulations like traditional businesses. A pushback from Airbnb: Airbnb has expressed concerns about the proposed regulations. They have taken issue with the proposed limits on the number of nights a property can be rented and a registration system requiring property inspections before being listed on the platform. Airbnb emphasises the need to differentiate between small-scale homeowners renting out a single room and those operating more significant, small-to-medium-sized guesthouses. Funding //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxcRVPEWy7uUzqcXLh_gF1quP77N-AnHaDbSm_poKQmL_Gw3_u52VjuxRPMw1m6r5H_Ph3m402XDCmm7caKJEVmwy4t0xVYUtuaSojFMalHtRw/40i/SKDxIpH7T3eL7y54Q5WKzQ/h28/RY0eP2K-Y6Uqc1X4ZhMboJUNk1NM2RplVrA-PgkY2_s Sony launches $10 million fund for African startups [I want to offer you money GIF](GIF Source: Tenor Sony has launched the Sony Innovation Fund [to support the growth]( of entertainment startups on the continent. What startups? Sony will invest about $10 million in seed to early-stage startups across gaming, music, movie and content distribution sectors. The company has yet to specify the total number of startups that will benefit from the fund. However, ticket sizes are expected to range between $250,000 to $1 million. [Gen Tsuchikawa](, CEO of Sony Ventures, [told TechCrunch that]( in addition to the fund’s seed and early-stage investment strategy, it will offer follow-on investments to its portfolio companies. Sony is also collaborating with the International Finance Corporation (IFC), the largest global development institution focused on the private sector. The partnership will support the growth of the entertainment industry in Africa by leveraging the strengths of both parties. Zoom out: [According to data from Partech](, gaming, music, movie and content distribution startups receive less than 1% of VC dollars on the continent. Sony's Innovation Fund provides a pathway for actualising the enormous potential of these areas. Accept payments fast with the Paystack Virtual Terminal Paystack Virtual Terminal helps businesses accept blazing fast in-person payments at scale, with ZERO hardware costs. Enjoy instant transfer confirmations via WhatsApp, multiple in-person payment channels, and more. 👉🏿[Learn more](. Funding //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxcRVPEWy7uUzqcXLh_gF1quP77N-AnHaDbSm_poKQmL_Gw3_u52VjuxRPMw1m6r5H_Ph3m402XDCmm7caKJEVmwy4t0xVYUtuaSojFMalHtRw/40i/SKDxIpH7T3eL7y54Q5WKzQ/h38/A1SjgNaxN5NoQtWjQLnHJW2iagmhkF9mGdPfwrSoRLc Baobab launches new fund for African startups [counting money GIF](GIF source: Zikoko Memes African early-stage startups are getting new funds. Baobab Network [has announced plans]( to invest in 1,000 African startups for the next 10 years. A $100,000 fund: To kick start its goal, the accelerator has launched a $100,000 investment fund for early-stage startups on the continent. In addition to the funding, Baobab Network will offer a 12-week accelerator to the startups selected to set them up for scale. Startups selected for Baobab's latest cohort include Brandrive, [a growth-as-a-service startup]( in Nigeria; PocketFood, [a kitchen-as-a-service startup]( in Nigeria; [Bunce, a payment automation]( startup in Nigeria; Kawu, [a fintech startup]( in Uganda; and Alal, a startup in Senegal. Per Techmoran, each company has received $50,000 directly from Baobab, with another $50,000 investment from their newly launched co-investment Vehicle. Baobab continues to be one of the most active pre-seed investors in Africa. The Nairobi-based accelerator [invested in five startups]( earlier in February this year. Zoom out: Investment funds like Baobab Network's raise fresh hopes for early-stage startup founders who are looking to raise amidst dwindling funding options on the continent. Attend the Ugandan National Science Week The National Science Week (NSW) is a hallmark event in Uganda's calendar, celebrated every year to honor Science, Technology, and Innovation (STI). The event will feature a dedicated Investor Summit, bringing together some of the world’s leading pan African Venture Capitalists, Investors, and Startups. Find out more [here](. Crypto Tracker //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxcRVPEWy7uUzqcXLh_gF1quP77N-AnHaDbSm_poKQmL_Gw3_u52VjuxRPMw1m6r5H_Ph3m402XDCmm7caKJEVmwy4t0xVYUtuaSojFMalHtRw/40i/SKDxIpH7T3eL7y54Q5WKzQ/h50/ZdgRqcQPlYRwt-SOFlu7MPWMG7RH3StTc9_6k0dOJug The World Wide Web3 Source: [Coin Market Cap logo] Coin Name Current Value Day Month Bitcoin $28,446 + 4.34% + 6.14% Ether $1,588 + 0.27% - 2.61% Orbs $0.049 + 23.06% + 127.37% Loom Network $0.30 - 22.50% + 534.81% * Data as of 06:25 AM WAT, October 17, 2023. [OneLiquidity GIF]( Elevate your business with One Liquidity's seamless integration. Choose from 10+ services to craft a custom solution. Join Obiex, Wewire, and others in providing trading, liquidity and compliance services. [Start now with zero fees](. One Integration. One Solution. One Liquidity. Opportunities //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxecuxXQ4h39wVsASeAMGo3qi4RfJZhPJ98UDXsR1Qrfag/40i/SKDxIpH7T3eL7y54Q5WKzQ/h55/NVpmH7kmuVLZNWeuhHEG1vc9l4Ru6k1G6FIiTRBmrXw - The National Information Technology Development Agency (NITDA), through the Office for Nigeria Digital Innovation (ONDI), in collaboration with the Japan International Cooperation Agency (JICA), are organising a one-week networking visit to Japan by selected Nigerian CleanTech Startups. [Apply here](. - Applications are open for the Aurora Tech Award 2024. The Award is an annual global prize for women founders of tech startups. Winners of the first prize get $30,000, the second prize gets $20,000 and the third prize gets $10,000. [Apply by December 1](. What else is happening in tech? - [The Next Wave: DO VCs still believe in VC-ing?]( - [Inside the deadly instant loan app scam that blackmails with nudes]( - [African startups see their fundraising prospects dry up as capital availability falls yet again in Q3]( - [How RexPay is revolutionising online payments on the African continent]( Written by - [Faith Omoniyi]( & [Mariam Muhammad]( Edited by - [Timi Odueso]( Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa. - [The Next Wave](: futuristic analysis of the business of tech in Africa. - [Entering Tech](: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT. - [In a Giffy](: business decisions powered by data-driven insights and analysis you can trust. 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