Africa’s Youthful Population a Golden Opportunity, if Nurtured by the Right Ecosystem




Africa’s Youthful Population a Golden Opportunity, if Nurtured by the Right Ecosystem

Africa is on the cusp of an economic transformation driven by its rapidly growing and youthful population. However, capitalising on this demographic dividend hinges on fostering robust entrepreneurial ecosystems, according to Catherine Young, founder of Thinkroom Consulting and Thinkubate.

“Strong, interconnected entrepreneurial ecosystems that help businesses thrive and grow sustainably are the bedrock of good economic growth,” Young emphasises. “An entrepreneurial ecosystem is a supportive network that develops entrepreneurs, nurtures startups and grows existing companies.”

These vital ecosystems typically encompass schools, accelerators, incubators, mentors and coaches, working in tandem to nurture entrepreneurial talent. Young likens them to “an interconnected network of institutions, funders, organisational players, individuals and enterprises with a common goal – to grow economies by enabling entrepreneurs and SMEs.”

Funding: The Lifeblood of Ecosystems

Central to these ecosystems are the active funders, foundations and organisations that invest in and support small and medium enterprises (SMEs) and entrepreneurs. “Without the funds invested in SMEs and entrepreneurs, Africa would not be able to realise the potential of its demographic dividend,” Young argues. “This is why funding plays a crucial role in the development of Africa.”

Collaboration: The Secret Sauce

Collaboration is a crucial feature of effective entrepreneurial ecosystems. When institutions and entrepreneurial support organisations (ESOs) collaborate, they can better achieve their shared goal of building robust economies. “Through collaborative networks, entrepreneurs can get resources, market access, knowledge, insights and the funding needed to thrive,” says Young.

The Pivotal Role of ESOs

ESOs like Thinkroom Consulting play a pivotal role in building entrepreneurial capacity and enabling ecosystems to flourish. Young outlines some of the key ways ESOs contribute:

• Capacity-building programmes that provide coaching, workshops and mentoring to equip founders with essential skills.
• Facilitating access to funding by connecting entrepreneurs with investors.
• Fostering networking opportunities, mentorship and access to new markets.
• Advocating for entrepreneur-friendly policies and lobbying governments.
• Facilitating cluster development by fostering interconnected regional business communities.
• Providing affordable shared office spaces and collaborative working environments.

“ESOs are often the voice of entrepreneurs,” Young explains, “and they play a crucial role in shaping supportive ecosystems.”

By 2050, Africa’s youthful workforce will power an ageing world. However, as Young concludes, “To enable this, big corporations, funders and organisations can achieve more by working with ESOs to build these ecosystems – the future drivers of Africa’s economic growth.”

Read next: Mastercard partners with YES to train and empower South African youth

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AI unlocks $15.7 Trillion opportunity, but hurdles await Africa




AI unlocks $15.7 Trillion opportunity, but hurdles await Africa

The transformative potential of artificial intelligence (AI) is hard to overstate, with a projected $15.7 trillion contribution to the global economy by 2030, according to PwC estimates. This staggering figure underscores AI’s role as the biggest commercial opportunity in today’s rapidly evolving business landscape.

In South Africa, major corporations and smaller businesses alike are recognizing AI’s capacity to enhance productivity, elevate customer experiences, and propel growth. However, as detailed in a study by IBM’s Institute for Business Value, local organisations confront numerous obstacles in their quest to modernise and embrace generative AI technologies.

The Barriers

South African businesses grapple with a multitude of challenges, shared by their regional counterparts, including market and regulatory factors, workforce readiness, skills gaps, and ethical and governance concerns. For many local firms, particularly small and medium enterprises (SMEs), navigating these hurdles can be a daunting endeavour.  

Overcoming the Obstacles

The key to unlocking AI’s full potential lies in a robust strategy aligned with specific business goals. “It is critical that CEOs in Africa establish and implement clear and consistent standards concerning the utilisation of AI across all strategic focus areas,” I said. “This will determine the level of investment and, ultimately, an organisation’s success in a rapidly advancing digital economy.”

Collaborative partnerships are critical for filling gaps in skill sets, developing robust data strategies, and guiding the organisational change necessary for successful AI adoption, especially for SMEs.

Umbono Cloud Services exemplifies the power of such partnerships, leveraging IBM’s watsonx and IBM Discovery to build a natural language intelligent assistant capable of assisting businesses with customer service, online purchasing, booking appointments, and more.

Ethics, Governance, and Trust  

As AI adoption accelerates, prioritising ethics, governance, and trust is paramount to ensure the deployment of responsible AI. IBM’s research indicates that investments in AI ethics are growing, projected to reach nearly 9% of AI spending by 2025, up from 3% in 2018.

“Integrating AI in business operations has become a business imperative,” I noted. “But all of these benefits fall away if AI is not implemented responsibly or lacks trust.”

To aid organisations in applying AI responsibly and preparing for forthcoming global regulations, IBM released watsonx.governance last year – an integrated platform to help businesses manage AI at an enterprise scale and adhere to a broad range of AI regulations.

Addressing the Skills Gap

The rising demand for automation across sectors underscores the pressing need to address the AI skills gap. Over the next three years, an estimated 40% of the organisational workforce will require reskilling in AI and automation. 

IBM has committed to democratising AI education, aiming to train two million learners, with a focus on underrepresented communities, in AI over the same period. This initiative will be achieved through collaborations with university partners to deliver AI training and generative AI coursework via IBM SkillsBuild, which offers enhanced access to AI education and in-demand technical roles.

The Future of AI  

As nations worldwide prioritise AI as a strategic asset, South African businesses must stay abreast of emerging trends, such as the rise of enterprise AI, increased use of open-source AI models, the rapid expansion of APIs, and a heightened focus on AI safety and ethics. Embracing these developments will be crucial for maintaining competitiveness and relevance in a digital-first global economy.  

While the journey to AI adoption in South Africa is riddled with challenges, the potential rewards are immense. By embracing a strategic approach, fostering collaboration, prioritising ethics and governance, addressing the skills gap, and staying attuned to emerging trends, local organisations can harness AI’s transformative power to drive sustainable growth, foster innovation, and propel the country toward a brighter future.

By Ria Pinto, General Manager and Technology Leader, IBM South Africa

Read next: Google leverages AI to combat threats in digital advertising

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Trading Platforms: How Do They Work and How to Choose the Best One?




Trading Platforms: How Do They Work and How to Choose the Best One?

Trading Platforms: How Do They Work and How to Choose the Best One?

Many people decide to become investors and traders in order to make a profit. But to do this properly, they need a good platform, which is not easy, especially when you’re just getting started. When it comes to trading platforms, the internet offers many options, and it’s hard to figure out which one suits your needs and goals the most. 

If you’re in this tough spot, then this article is for you. But first of all, you should probably check the list of brokers offering trading platforms with the most low spreads in the fx industry. Explore the broker reviews on the list, so you can get more information about the pros and cons of each platform offered. Without further ado, let’s get started.

What Is a Trading Platform?

A trading platform refers to a program or online “marketplace” where you can purchase financial products or sell them. They are generally offered by financial institutions and brokerages, and they let you make trades anonymously. 

The transactions are done in a network environment, with the broker serving as the intermediary between the trader and the market. Investors and traders are then able to keep doing transactions and maintain a savings account. 

Trading platforms come in several types. They can be:

• Mobile Trading Platforms – As the name suggests, these platforms work on your smartphone and can be installed on both iOS and Android. You simply need access to Internet to use them. 

• Web-based Trading Platforms – These can be accessed only from your browser. They don’t require any download or installation. You just have to open your preferred browser and access the platforms. However, these options may be a bit limited in terms of features.

• Desktop Trading Platforms – Desktop platforms are downloaded and installed on your laptop and computer. Due to their wide range of features, they represent the most popular option among experienced traders. 

On top of that, trading platforms can also be commercial or proprietary. Commercial ones are made mainly for retail investors and day traders, whereas financial institutions make prop trading platforms for their own activities and purposes.

How to Choose a Trading Platform?

When you’re a beginner, choosing your own trading platform can be very challenging, especially when you are still learning about trades and working on a strategy. But fear not – with a few simple tips, you will be able to select a trading platform that suits your needs without too much hassle. 

Here are some things you need to consider when making a selection:

• User-Friendliness

One of the main things you should pay attention to is whether or not the platform is easy to use. Some programs are more suitable for experienced users, while others are better for beginners. Moreover, certain platforms have more intuitive interfaces and features than others, and this is another thing you must keep in mind. 

User-friendliness and accessibility make the trading experience easier and more convenient for you. Check out the platform’s layout and features to get an idea of how good it would be for you.

• Pay Attention to the Tools

Bear in mind that each trading platform offers different tools. These features can be used to help you during your trades and boost your activity. The best thing to do is go for the ones that will significantly increase your chances of success. There are many tools available, such as indicators, customizable alerts, trading charts, and trading analytics. 

• Platform Costs

You will have to deal with several costs and fees when you use some platforms. So, before you join one and start trading regularly, you should know these fees. In most cases, creating your account is free. However, when you trade on certain stocks, you can expect to pay commissions. 

• Think About What You Want

What are your goals and needs? This is one of the first things you should consider when choosing a trading platform. Since each platform offers a unique experience and different tools, you must find something that aligns with your goals. 

Analyze and compare each platform and pick the one that is equipped accordingly. 

• Look for a Demo Account

One of the easiest ways to choose the right platform is by looking for options with demo accounts. These let you test the waters before you commit, allowing you to become familiar with the features and tools. 

Final Thoughts

It’s not easy to choose a trading platform, but there are some tips to consider. Think about your goals, look for a demo account, check the fees, pay attention to the tools, and search for user-friendly options. This way, you can find something that suits you.

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Google leverages AI to combat threats in digital advertising




Google leverages AI to combat threats in digital advertising

As the world increasingly relies on digital platforms for information and commerce, Google is doubling down on efforts to maintain a safe and trustworthy online advertising ecosystem. In its recently released 2023 Ads Safety Report, the tech giant outlined how it is harnessing the power of artificial intelligence, particularly large language models (LLMs), to tackle emerging threats and bad actors.

“The key trend in 2023 was the impact of generative AI,” stated Duncan Lennox, VP and GM of Ads Privacy and Safety at Google. “This new technology introduced significant and exciting changes to the digital advertising industry, from performance optimisation to image editing.”

While acknowledging the challenges posed by generative AI, Lennox emphasised Google’s commitment to addressing them head-on. “Our teams are embracing this transformative technology, specifically Large Language Models (LLMs), so that we can better keep people safe online,” he said.

Traditional machine learning models have proven effective in detecting and blocking billions of bad ads before they reach users. However, these models often require extensive training on vast datasets. LLMs, on the other hand, can rapidly review and interpret content at a high volume while capturing nuances that traditional models may miss.

According to the report, LLMs have already enabled larger-scale and more precise enforcement decisions on complex policies, such as those targeting unreliable financial claims and get-rich-quick schemes. “LLMs are more capable of quickly recognizing new trends in financial services, identifying the patterns of bad actors who are abusing those trends and distinguishing a legitimate business from a get-rich-quick scam,” the report stated.

In its ongoing battle against fraud and scams, Google introduced the Limited Ads Serving policy in November 2023. This policy aims to protect users by limiting the reach of advertisers with whom Google is less familiar until they establish a track record of good behaviour.

The report also highlighted Google’s rapid response to a targeted campaign featuring the likenesses of public figures, often through deep fakes, to scam users. A dedicated team was formed to pinpoint patterns in bad actors’ behaviour, train enforcement models, and update misrepresentation policies to better enable account suspensions.

Overall, in 2023, Google blocked or removed 206.5 million advertisements for violating its misrepresentation policy, 273.4 million for violating its financial services policy, and over 1 billion for abusing the ad network, including promoting malware.

As the fight against scam ads intensifies, Google is collaborating with organisations like the Global Anti-Scam Alliance and Stop Scams UK to facilitate information sharing and protect consumers worldwide.

The report also emphasised Google’s efforts to ensure the integrity of election ads, verifying more than 5,000 new election advertisers and removing over 7.3 million election ads from unverified sources in 2023.

Looking ahead, Google recognises the need for continuous adaptation, stating, “Though we don’t yet know what the rest of 2024 has in store for us, we are confident that our investments in policy, detection, and enforcement will prepare us for any challenges ahead.”

Read next: Google lifts veil on AI First accelerator for African start-ups

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Cisco doubles down on hybrid work with new AI-powered collaboration devices




Cisco doubles down on hybrid work with new AI-powered collaboration devices

Cisco is making a big bet that hybrid work is here to stay by unveiling new purpose-built devices aimed at modernising collaboration experiences in the office. At this week’s Enterprise Connect conference, the networking giant announced the launch of the Cisco Board Pro G2 and Cisco Desk Phone 9800 Series.

The Board Pro G2 is an AI-fueled, touch-enabled collaboration board designed for hybrid teamwork in smaller meeting spaces like huddle rooms and classrooms. It packs an impressive 96-megapixel dual-lens camera system that provides intelligent, expanded views of in-room participants whether they are up close or further away from the board.

“With AI built in from the ground up, our voice and video devices are changing what’s possible for hybrid workers, delivering tangible outcomes that matter,” said Jeetu Patel, Cisco’s EVP and GM of Security and Collaboration.

The Board Pro G2 leverages advanced image processing for a new virtual zoom capability to extend camera reach in long rooms without degrading video quality. It also offers multi-stream layouts in Webex Meetings that show both an overview of the room and a close-up of the active speaker simultaneously.

Under the hood, the NVIDIA chipset and computing engine enable enhanced video quality, better performance, and more headroom to run web apps for seamless digital whiteboarding, annotation, and integration with platforms like Microsoft Teams, Miro, and Mural.

On the desk phone front, Cisco unveiled the 9800 Series as a personal productivity hub for the hybrid office. These IP phones aim to deliver a personalised experience by allowing employees to reserve desks in advance, see their contacts and calendar, and join meetings with a single tap.

The 9800 phones are certified for secure enterprise calling and meetings through end-to-end encryption. Cisco also emphasised their sustainability cred, with the phones containing over 74% post-consumer recycled plastics.

Both devices integrate with Cisco’s workplace reservation and management tools to provide IT teams with insights to optimise their collaboration infrastructure.

While most vendors have prioritised personal collaboration apps during the pandemic, Cisco is clearly focused on outfitting the hybrid office of the future. By packing AI smarts and intelligent camera tech into new sleek room systems and desk phones, the company is giving customers more choices to untether hybrid workers from traditional video conferencing setups.

Of course, the success of these new collaboration devices will hinge on organisations’ long-term hybrid work strategies actually playing out as envisioned. But Cisco is smart to evolve its portfolio for the hybrid future it sees coming.

Read next: Cisco teams up with Microsoft and Samsung to improve hybrid meeting experiences

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Cybercriminals exploit human error as biggest security flaw




Cybercriminals exploit human error as biggest security flaw

As the digital world expands and more countries prepare for elections this year, cybercriminals are escalating their attacks on businesses, capitalising on employees’ mistakes as the biggest security vulnerability, according to a new report by the cybersecurity company Mimecast.

The company’s annual “State of Email and Collaboration Security” report, released on Sunday, is based on a global survey of 1,100 information technology and cybersecurity professionals. It found that a staggering 70 percent of South African organisations have experienced ransomware attacks over the past 12 months.

“Human risk is today’s biggest security gap, and IT teams must better equip employees with the right tools and training,” the report stated. It revealed that 40 percent of all cyber breaches in South Africa were caused by human factors, including errors, stolen credentials, misuse of access privileges, or social engineering tactics that manipulate people into sharing sensitive information.

Despite this glaring risk, only 22 percent of organisations regularly train their employees to identify cyber attacks on an ongoing basis, the report found.

Marc van Zadelhoff, the chief executive of Mimecast, emphasised the need for cybersecurity teams to work closely with business leaders to prioritise understanding and mitigating human risk. “With the right tools and education, companies can better safeguard against threats and manage human risk,” he said.

The report also highlighted the increasingly sophisticated attacks deployed by cybercriminal groups and the challenges posed by insufficient cybersecurity budgets as major threats facing South African organisations.

As emerging technologies like artificial intelligence (AI) and deepfakes make it easier for threat actors to perpetrate successful phishing and ransomware attacks, over two-thirds of respondents expressed concern about new AI-driven threats. Fifty-four percent said their organisations would likely face AI-driven attacks in the coming year.

While email remains the primary vector for cyber threats like phishing, spoofing, and ransomware, the report found that collaboration tools pose new and dangerous entry points for bad actors. Fifty-seven percent of respondents expect collaboration tools to pose new threats, and 60 percent believe their company will likely be harmed by an attack targeting these platforms.

“Emerging tools and technologies like AI and deep fakes, along with the proliferation of collaboration platforms, are changing the way threat actors work, but people remain the biggest barrier to protecting companies from cyber threats,” Mr. van Zadelhoff said.

Brian Pinnock, Mimecast’s Vice President of Sales Engineering for Europe, the Middle East, and Africa, emphasised the need for organisations to integrate robust cybersecurity measures into their daily operations to ensure secure and sustainable business practices in the increasingly digital-first economy.

As cyber threats continue to evolve, the report underscores the significant and dangerous gaps in many South African businesses’ defensive measures, particularly in addressing human risks, which remain largely unaddressed.

Featured image: Brian Pinnock, Vice President of Sales Engineering EMEA at Mimecast

Read next: Cyber Risks Threaten Businesses – But Detection and Response Can Help

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