BUSINESS, TECH

How To Raise $215Million in Asia and Africa


Mobike
Mobike uses Internet of Things(IoT) to lure investors

Imagine you came up with an idea that could get people healthy and help the environment. Imagine you quit your dream job, launched a startup around the idea and 2 years later had turned the idea into a billion dollar company.

That’s exactly what David Wang has just done.

Two years ago David quit his job as General Manager of Uber in Shanghai after thinking “Why don’t I create an Uber for bikes?

He launched his company, Mobike, a year ago. Each of his bikes has a pedal-powered GPS, smart lock and timer, so you can find a bike and unlock it with your Mobike App, get charged 15c per hour, and then leave it wherever you finish your ride.

David knew the key to his idea was making his own low cost, high tech bikes. So he started bike-building, and launched the service in Shanghai in April last year.

The bikes were so popular, in August he attracted $10 million from Panda Capital. Then, a month later he raised another $100 million from well known VCs.

By the end of 2016, Mobike’s Shanghai GM, Michael Yao (in photo) said: “We just announced passing the 100,000th bike in Shanghai earlier this month. We are currently operating in nine cities: Shanghai, Beijing, Guangzhou, Shenzhen, Chengdu, Ningbo, Xiamen, Foshan and Wuhan.”

Shanghai has now become the No.1 bike-sharing city in the world, and China is now producing more ride-sharing bikes than all the rest of the world put together.

 

“Do not wait to strike till the iron is hot, but make it hot by striking.” ~ William Butler Yeats

mobike-3

This month Mobike raised $215 million from Tencent and a group of VCs, likely at a valuation of over $1 billion, and this week Xiaofeng did a deal with Foxconn which will get 10 million Mobikes on the road by the end of this year.

Less than 2 years after starting his company, David has 1.5 million users taking 500,000 bike rides each day. That’s 1.5 million users getting healthy and improving the air quality of China’s cities each day. He now plans to be in 100 cities in China and around the world by the end of this year.

In his announcement of the Foxconn deal this week, David said “In 2017, we aim to enable residents in a hundred cities in China and internationally to enjoy our unique and convenient solution.”

That solution is the bicycle, invented in 1817 (and celebrating its 200th birthday this year), with some high tech upgrades.

In other words, he took a 200 year old invention and turned it into a billion dollar startup.

Sometimes the best ideas are the simplest.

In fact, the technology that David is using for his bikes is freely accessible to anyone to start a similar company.

mobike-2

 

The difference is, he took massive action.

What simple idea are you delaying today?

Where will you be in 2 years from now by simply taking that next step?

Time to get on your bike!

 

courtesy: Roger Hamilton

 

ECONOMICS

The Africa Innovation Challenge


“As part of its longstanding commitment to Africa, Johnson & Johnson (NYSE: JNJ) today announced the launch of the Africa Innovation Challenge, an initiative to support Africa’s vibrant and growing innovation ecosystem and to help develop important and locally sustainable consumer health solutions.  The challenge is the latest initiative in the company’s comprehensive approach to advancing health and innovation worldwide. The Johnson & Johnson Family of Companies’ presence in Africa dates back more than 80 years and includes business operations, public health programs and corporate citizenship.”

Johnson and Johnson

Throughout Africa, we are looking to drive entrepreneurship and help advance promising consumer health-care solutions. Chosen applicants will receive a combination of awards including funding up to US $100,000, potential lab space in Africa and/or business and technical mentoring from some of the brightest minds at Johnson & Johnson to help bring their idea to life and create meaningful change in their community or country.

More about the application process

The submitted consumer health care solutions will be evaluated based on their ability to meet the following criteria:

  • Idea submission addresses at least one of the three challenge categories:
    1) Promoting Early Child Development & Maternal Health in Africa,
    2) Empowering Young Girls in Africa,
    3) Improving Family Well-being in Africa
  • Idea submission is innovative and creative
  • Idea submission is scalable
  • Idea submission outlines how the award would help them reach a critical milestone within the time frame of a single year and provides a full commercialization plan

You have to sign up for an account to get started, and you will receive an email to activate your account. You will be guided through the application process which will include signing our general Terms and Conditions Agreement, filling out your application form and uploading your non-confidential project plan.

Deadline to apply is January 17th, 2017
Winners will be announced by the end of February 2017

Apply_Here

LOCAL, NEWS

12 Hours Left For E. Africa Amplify Challenge


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If you are a fan of design and all the innovations taking place in the global design world then you are in for a surprise. For the past few days openideo has been organizing a Youth Empowerment challenge for all the interested parties to apply for the challenge.

The challenge has so far received tremendous applications which can viewed on the openideo dashboard. There are 455 ideas submitted so far and counting. There are also a few research contributions on how the Youth can be empowered. The 269 contributions can assist you as an entrepreneur in knowing exactly what the East African Youth value the most.

By giving feedback on the submitted ideas, you can ensure that the $500,000 prize goes to the right idea… or not.

Enjoy

ECONOMICS, INVESTING

Merger Updates


In the past 6 months, A few banks changed ownership and a few other things. Here is a break down.kenya-chinese-trade

Stanbic: Eight years after the merger between Stanbic and CFC banks, which created CFC Stanbic, Stanbic has rebranded and removed the “CFC” name completely from the bank. The 2008 merger created the number 4 bank in Kenya, and today it is about number 7 in assets with 25 branches and listed on the Nairobi shares exchange. The Stanbic brand will now be common in the 20 countries across Africa.

Bank M (of Tanzania) published a statement, denying they are the majority owners of the former Oriental Commercial Bank in Kenya – now known as M Oriental since June 2016. It states that MHL is a Kenyan entity that is promoted by some shareholders of Bank M, but that it does not have direct ownership.

QNB: Qatar National Bank continues to run quarterly newspaper ads on it’s size in Kenya without being linked to any Kenyan bank. Today’s newspaper which touts them as the largest financial institution in the Middle East and Africa region, with September 2016 assets of $196 billion (up 37%) and profits of $2.7 billion (up 11%).

Courtesy: Bankelele

ECONOMICS

Trump breaks Facebook and twitter record in first debate


The first televised showdown between Donald Trump and Hillary Clinton was the most-tweeted presidential debate ever, according to Twitter.

The social network provided the receipts, as millions of tweets were sent out during as the two candidates duked it out during the 90-minute debate.

Trump was the most talked about candidate on both Facebook (79% of the conversation) and Twitter (62% of the conversation)—not that all of that chatter was positive.

The Republican also had the top moment on social media: when he exclaimed that his best quality was his “temperament.” That remark, and Clinton’s response, was the most talked about moments on both social networks.

Other top moments include Trump’s comments on New York City’s now defunct stop-and-frisk policy and an exchange with Clinton on a plan for defeating ISIS.

(c) Daniel white – Time

 

ECONOMICS

Introducing Akua Naru – Nag Champa GOLD //”Live & Aflame Sessions


Born Latanya Hinton and raised in New Haven (USA), Akua Naru’s journey to internationally acclaimed hip hop artist has led her from the city’s Newhallville section to Cologne, Germany where she currently resides and creates music. Along this female wordsmith’s journey, there have been many stops – Philadelphia, China, and Ghana, among others – all of which informed the wisdom and perspective which is evident in her music. The next step on this journey takes here to sub-Saharan Africa where she will perform in Mozambique, Zimbabwe, Ruanda, Uganda and Kenya.


The Goethe-Institut Kenya and The Alchemist are proud to present this unique Hip Hop artist. Check out her exemplary live skills here: https://www.youtube.com/watch?v=V9tgfx68rac

After the concert, Blinky Bill will keep the show going with a DJ set.Courtesy twitter.com/nevillekgb

 

Admission: KSh 500