{"id":91624,"date":"2024-09-18T13:21:57","date_gmt":"2024-09-18T13:21:57","guid":{"rendered":"https:\/\/everyday.ng\/?p=91624"},"modified":"2024-09-18T13:21:57","modified_gmt":"2024-09-18T13:21:57","slug":"that-googles-n100m-ai-funds-for-nigerian-startups","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=91624","title":{"rendered":"That Google’s N100m\u00a0 AI funds for Nigerian\u00a0 startups"},"content":{"rendered":"

By <\/span>Sonny Aragba-Akpore<\/b><\/span><\/p>\n

Sometime last week, the government of Nigeria, in collaboration with Google Africa, began what could turn around the fortunes of startups with the launch of a One hundred million naira (N100m) fund in Lagos.<\/span><\/p>\n

The fund, to be overseen by the National Centre for Artificial Intelligence and Robotics (NCAIR), and according to <\/span>Communications, Innovation and Digital Economy Minister, Bosun Tijani on X (formerly Twitter) on Tuesday, September 10, 2024, \u201ctoday we launched the N100million Artificial Intelligence Fund in collaboration with @googleafrica aimed at supporting Nigerian startups leveraging AI to build innovative solutions.\u201d<\/span><\/p>\n

The funds will enable startups to deliver cutting edge technologies for developing AI for economic growth. Although, the initiative looks tempting for the startups, some stakeholders see it as a drop in the ocean.<\/span><\/p>\n

Despite the misgivings of some stakeholders, government thinks the AI fund is expected to spur technological progress across Africa, empowering entrepreneurs to solve real-world problems through AI. <\/span><\/p>\n

By providing critical financial and strategic backing, the collaboration sets a new benchmark for digital innovation across the continent, offering African startups a chance to drive economic growth and technological development.<\/span><\/p>\n

Google\u2019s involvement highlights its commitment to Africa\u2019s digital future according to Olumide Balogun, Google\u2019s West Africa Director, noting that the partnership aligns with Google\u2019s focus on developing Africa-centric solutions and promoting digital innovation on the continent.<\/span><\/p>\n

\u201cIn addition to financial support, the selected startups will gain access to Google\u2019s AI tools, mentorship, and a global network of experts and investors, helping them scale their businesses and expand beyond Nigeria.\u201d<\/span><\/p>\n

\u201cEligible startups must be based in Nigeria, have at least one Nigerian founder, and focus on AI-driven solutions with strong market potential. Applications will be open from September 10 to September 25, 2024, with winners announced in October.\u201d<\/span>
\n\u201cTijani explained that the government\u2019s pivotal role in shaping AI policy, which we believe will have long-term effects on both the public and private sectors is a drive in the right direction \u201c.<\/span><\/p>\n

\u201cIf we get it right in the public sector, it will permeate the private sector, transforming national lives and shaping the future of our country,\u201d Tijani stated during the launch.<\/span>
\n\u201cThe government is also working on a National Artificial Intelligence Strategy to guide future policies and foster AI growth across multiple industries.\u201d<\/span><\/p>\n

Announced on September 10, 2024, this initiative aims to foster AI innovation and entrepreneurship in Nigeria\u2019s rapidly growing tech ecosystem.<\/span><\/p>\n

On July 31,2024 Google for Startups Accelerator Africa announced its 8th cohort of 10 startups joining its Africa Accelerator Programme, a three-month virtual initiative designed to help African startups leverage technology to address some of the continent\u2019s most pressing challenges.<\/span>
\n\u00a0 <\/span>
\nChosen from nearly 1,000 applications, the startups from Ghana, Kenya, Nigeria, South Africa, and Uganda demonstrate the vibrant talent and innovation within Africa\u2019s tech scene.<\/span><\/p>\n

Google highlighted the crucial role startups play in driving economic growth and technological progress in Africa.<\/span>
\n\u201cThese startups are not only creating jobs but also improving living standards by developing tailored solutions to local challenges, Google noted, despite the ongoing \u201cfunding winter\u201d in Sub-Saharan Africa.<\/span><\/p>\n

Since its launch in 2018, the Google for Startups Accelerator Africa programme has supported 106 startups across 17 African countries, helping them raise over $263 million and creating more than 2,800 direct jobs, underscoring the programme,s impact on the continent\u2019s tech landscape.<\/span>
\nThis year\u2019s cohort focuses heavily on artificial intelligence, emphasizing the role of advanced technologies in addressing Africa\u2019s critical challenges.<\/span><\/p>\n

The N100 million fund is designed to support Nigerian startups leveraging Artificial Intelligence (AI) to develop innovative solutions, and this initiative is part of the broader National AI Strategy published in August, 2024 aimed at integrating AI into various sectors of the Nigerian economy to drive growth and societal well-being.<\/span><\/p>\n

The AI Fund provides Nigerian startups with the resources they need to develop and scale their AI solutions.<\/span><\/p>\n

The NCAIR believes that AI has the potential to address local challenges and contribute to Nigeria\u2019s economic growth. By supporting Nigerian startups, the NCAIR hopes to foster homegrown innovation.<\/span>
\n\u00a0 <\/span>
\nArtificial Intelligence has the potential to revolutionize various industries and sectors in Nigeria. From agriculture and healthcare to education and finance, AI can improve efficiency, productivity, and decision-making. By investing in AI, Nigeria can position itself as a leader in the global technology landscape.<\/span><\/p>\n

In April 2024, the Ministry held the Artificial Intelligence Strategy Workshop bringing together key stakeholders to discuss the future of AI in Nigeria. This was followed by the release of the National AI Intelligence Strategy in August, which outlined the country\u2019s roadmap for integrating AI into various sectors to enhance growth and societal well-being. The AI Fund is a significant step in actualizing these plans, providing Nigerian startups with the necessary resources to innovate and scale their AI solutions.<\/span><\/p>\n

The AI Fund is open to Nigerian-based startups that are focused on AI-driven technology solutions with the potential for significant impact.<\/span>
\n\u00a0 <\/span>
\nSelected startups will receive up to \u20a610 million in funding, along with access to Google’s extensive resources, including AI tools, mentorship, and a global network designed to help them scale their innovations.<\/span><\/p>\n

When it rose from its 2024 yearly conference last week, the International Standard Organization (ISO) listed a number of issues relating to AI including standards to follow and ethical practices.<\/span><\/p>\n

\u201cWith an ability to synthesize, analyse and act on enormous amounts of data in seconds, artificial intelligence is extremely powerful. As with any powerful technology, it is crucial we implement it responsibly to maximize on its potential while minimizing negative impacts\u201d, ISO wrote.<\/span><\/p>\n

For example, if trained using unscrutinized data, AI can replicate harmful biases about race, religion, upbringing or other human characteristics. This could be potentially disastrous if embedded in artificial intelligence used in health, recruitment, law or other human-centred applications.<\/span><\/p>\n

\u201cAnother of the key ethical concerns surrounding AI is privacy. With AI systems collecting vast amounts of data from databases worldwide, there is a need to ensure that personal information is protected and used responsibly. For example, facial recognition technology, often used in security systems or social media platforms, raises questions about consent and potential misuse.\u201d<\/span><\/p>\n

\u201cEnsuring the responsible development of AI is crucial for its safe, trustworthy and ethical advancement. But how can transparency and explainability be addressed in the context of AI?\u201d<\/span><\/p>\n

At its core, machine learning refers to the ability of a computer system to learn from data without being explicitly programmed. One example is spam filtering in emails. By detecting similar patterns in spam messages, email platforms can learn what messages are useful, and what should be kept out of the inbox.<\/span><\/p>\n

\u201cSo how does machine learning work? It starts with data. Lots of it. Machine learning algorithms are trained on huge datasets which they learn to analyse to identify patterns, relationships and trends. These patterns can then be used to make predictions or decisions on new, unseen data.\u201d<\/span><\/p>\n

\u25cf <\/span>Aragba-Akpore, an Abuja-based infotech analyst, sent this via WhatsApp.\u00a0<\/b><\/span>
\n<\/p>\n","protected":false},"excerpt":{"rendered":"

By Sonny Aragba-Akpore Sometime last week, the government of Nigeria, in collaboration with Google Africa, began what could turn around the fortunes of startups with the launch of a One hundred million naira (N100m) fund in Lagos. The fund, to be overseen by the National Centre for Artificial Intelligence and Robotics (NCAIR), and according to […]<\/p>\n","protected":false},"author":7,"featured_media":91626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5777],"tags":[5534,6793,6794],"class_list":["post-91624","post","type-post","status-publish","format-standard","has-post-thumbnail","category-features","tag-ai","tag-google","tag-startups"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/91624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=91624"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/91624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/media\/91626"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=91624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=91624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=91624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}