The idea behind Stears came about when a group of graduates observed how challenging it was to find statistics and information on Nigeria, the largest economy in Africa, while they were attending the London School of Economics and the University of Oxford.
In order to address the lack of knowledge and data-driven insights in the West African nation, in 2017 the economist Michael Famoroti, software engineer Bode Ogunlana, data scientist Abdul Abdulrahim, and corporate lawyer Preston Ideh founded a media firm.
Stears, is launching a $3.3 million seed round backed by MaC Venture Capital five years after it was founded. Participating companies included Serena Ventures, Melo 7 Tech Partners, Cascador (Empowering Economic Growth Foundation), and Luminate Fund of the Omidyar Group.
Two years after Stears raised $650,000 in pre-seed funding, this information has come to light. It was one of the 60 firms chosen into the Google for Startups Black Founders Fund 2022 batch last month, and it received some non-dilutive capital as a result.
In Nigeria, Stears began as a media outlet specializing in financial news and analysis. Stears Premium, its flagship subscription insights product, educates the general public on topics related to business and finance, economics, government, and policy in Nigeria. Its content ranges from news and opinion articles to investigative pieces and deep dives.
Customers, especially employees working in various finance-related institutions across the nation, heavily utilized the $100/year offering.
Stears then targeted the offering to corporations who wished to subscribe on behalf of their teams because these institutions have more purchasing power. Financial institutions including Sterling Bank and fintech companies like Sparkle, PiggyVest, and Paystack are among its subscribers.
According to the company, its user base has doubled in size over the past year, growing mostly organically at a rate of about 6.5% per month.
Stears has evolved into a data and intelligence firm with the iteration of Stears Premium and the addition of the products Stears Pro and Stears Advisory. Content on Stears Premium is influenced by macro trends and issues like GDP and inflation.
For international organizations like the United Nations Development Programme, the Foreign Commonwealth and Development Office, and the knowledge workers—people who need a great deal of data for their work and may include roles such as analysts, portfolio managers, researchers, and economists—that work in them, Stears Pro offers more tailored content around specific issues like market entry, country analysis, and the digital economy.
But with this fresh funding supporting its move from an insights company to a data company, Stears is preparing a change in approach for the Pro offering. Abdulrahim, the company’s COO and data scientist, claims that the data team is collaborating with financial institutions and international development organizations to create exclusive, proprietary datasets that are unique.
Stears intends to compile data, engage in deep data analytics, and offer it to its corporate customers in a variety of ways rather than providing insights from the data it sources.
The business’s strategy appears to be working so far. Over 75% of revenues are currently generated by enterprise customers, up from 45% in 2021. As half-year revenues for 2022 have already surpassed full-year revenues for 2021, it also anticipates revenues to quadruple from last year. In contrast, revenue increased by 80% between FY 2021 and FY 2020.
Stears is in a unique position as a data and intelligence company where it is encouraged to explore political initiatives that would garner notice if it were a media or internet company.
The business started one such endeavor in 2019 by creating Nigeria’s first real-time election database. It was used to observe the general elections by more than 2 million Nigerians. In advance of Nigeria’s 2023 elections, Ideh said his organization plans to rebuild the election data platform, this time with more datasets and functions.
According to Marlon Nichols, co-founder and managing general partner at lead investor MaC Venture Capital, “Africa is home to the first people and is now the next frontier for business.”
According to Marlon Nichols, many governments and international corporations are aware of this truth. They understand that several African nations have distinctive business practices and predominantly cash-based economies, which, among other things, leads to understated GDP.
Stears finds itself in a unique position to offer the confidential and precise data required to open commerce and develop closer economic ties with African nations and businesses.
UK Government To Set Online Bill Criminalizing Self Harm
In an effort to stop what it calls “tragic and preventable deaths caused by people seeing self-harm content online,” the UK government has announced it will further broaden the scope of online safety legislation by making encouraging self-harm a crime.
According to the most recent modification to the divisive but popular Online Safety Bill, in-scope platforms would be compelled to remove anything that purposefully encourages someone to physically harm themselves, or face legal repercussions.
The government intends to tackle “abhorrent trolls urging the young and vulnerable to self-harm,” according to the secretary of state for digital. People who post such content online may also be prosecuted under the new offence of encouraging self injury.
The maximum fines will be announced in due time, according to the administration.
In the UK, it is already unlawful to promote or aid suicide, whether in person or online. By creating a new offense, self-harm content will now be subject to the same laws that already ban suicide promotion.
Following a snag, last summer associated with political unrest in the ruling Conservative Party, the Online Safety Bill’s progress through parliament is now on hold. However, the newly reorganized UK government has declared that it will reintroduce the measure to parliament next month after making changes to the law.
The abuse of intimate imagery is a problem that will be addressed by recent revisions to the Online Safety Bill, which was just made public by the Ministry of Justice. However, other revisions are planned regarding “legal but harmful” information, thus the final form of the Act is still up in the air.
The government responded to concerns about the bill’s impact on online freedom of expression a few months ago. The (new) secretary of state, Michelle Donelan, announced in September that she would be “editing” the bill to lessen concern about its impact on “legal but harmful” speech for adults.
The most recent changes, making it illegal to send online communications encouraging self harm, came after that announcement.
Donelan was quoted by the BBC as claiming that Molly Russell, a 14-year-old teenager who committed suicide five years ago after watching thousands of online articles on self-harm and suicide on websites like Instagram and Pinterest, was a factor in the most recent changes.
Social media was found to have contributed to Russell’s death, according to the results of an inquest into her death in September. While the coroner’s “prevention of future deaths” report from last month that a number of steps be done to control and monitor young people’s access to social media content.
The addition of the crime of promoting self harm, according to the Department for Digital, Culture, Media, and Sport, will outlaw “one of the most worrying and prevalent internet harms that now falls below the threshold of criminal behavior.”
Donelan stated in a statement:
“I am determined that the abhorrent trolls encouraging the young and vulnerable to self-harm are brought to justice.
“So I am strengthening our online safety laws to make sure these vile acts are stamped out and the perpetrators face jail time.
“Social media firms can no longer remain silent bystanders either and they’ll face fines for allowing this abusive and destructive behaviour to continue on their platforms under our laws.”
Hate crimes, rules regarding revenge porn (including disseminating deepfake porn without content), harassment, and cyberstalking are among the other top criminal offenses already mentioned in the bill.
Regardless of what the measure states on paper, there are still a lot of unknowns regarding how platforms will react to having legal obligations imposed on them to police all forms of speech, as well as if it would actually increase web user safety as claimed.
Critics worry that the regime will have a chilling effect by turning platforms into de facto speech police and encouraging them to overblock content in order to reduce their legal risk of paying a hefty fine.
The regime’s penalties scale up to 10% of global annual turnover, and non-cooperative senior executives even run the risk of going to jail.
On Monday, December 5, the bill is scheduled to return to parliament.
Twitter Amnesty Is What Elon Musk is Going For Next
Tesla CEO and newly appointed Twitter CEO, Elon Musk did promise a new dimension for the micro-blogging social media platform prior to taking over, and his actions recently, have just about lived up to the promise, but now, the billionaire is set for an ‘amnesty’ that surely will drive some political divides nuts if certain individuals are granted Twitter amnesty as he wants.
Elon Musk announced on Thursday that starting the next week, Twitter will provide suspended accounts “a general amnesty.” The day before, the platform’s CEO published a poll asking users if they thought affected accounts should be restored.
The announcement comes just after Musk lifted the platform’s restriction on former president Donald Trump after conducting a related poll. Trump declared he had no intention of returning to the platform despite being banned following the attack on the US Capitol on January 6, 2021.
Users of the Twitter platform who had their accounts suspended could rejoin the network “assuming they have not broken the law or engaged in egregious spam,” according to Musk’s user survey.
The survey received responses from about 3.2 million individuals, who voted 72.4% in favor of amnesty.
“The people have spoken. Amnesty begins next week. Vox Populi, Vox Dei,” Musk said, using a Latin phrase that means “The voice of the people is the voice of god.”
Historically, Twitter has deactivated accounts who advocate violence, celebrate hate and harassment, or persistently disseminate false information that may be harmful.
Some well-known people who were banned from the website include MyPillow CEO Mike Lindell, who made a number of claims that Trump actually won the 2020 presidential election, former Trump advisor and former executive chairman of Breitbart Steve Bannon, who said Anthony Fauci and FBI Director Christopher Wray should be beheaded, and Proud Boys founder Gavin McInnes, who broke the website’s rule against violent extremist groups.
Considering that more voices with possibly negative views will be returning to the site, it’s unclear from Musk’s brief post how Twitter will handle content control going forward.
These worries have only grown as a result of Musk’s huge firings and the outflow of workers who would rather leave than remain “hardcore.”
Elon Musk is surely growing more unpopular by remaining popular these days.
Twitter Working On New Feature For Long Texts
Writing a thread on Twitter can be considered daunting especially when you have to divide the text into 280-character sections for it to make meaning.
Good news though as the platform is stated to be working on a way to convert lengthy texts into threads automatically.
When a tweet exceeds the 280-character limit, Twitter’s composer will automatically divide it into a thread, according to a tweet from app researcher Jane Manchun Wong.
Twitter wants to make making threads less difficult, as she stated in a message to a user (identified as me).
Currently, in order to add a tweet to a thread and post the subsequent 280 characters, users must click the Add button. This can be particularly unpleasant when you are trying out an idea or pasting information from another document.
Several users have recently brought up the difficulty posting to and reading conversations with more than a few tweets; the thread in question was 82 tweets long and focused on the defunct crypto-currency exchange FTX. In response, Musk stated that the team is working to make thread writing simpler.
It will be useful to have markers to designate the start and end of a tweet in the thread, although the exact implementation details remain unknown, as Financial Times product manager Matt Taylor noted. This makes it simpler for users to change the text in a way that doesn’t disrupt the reading flow.
Musk has previously addressed the problem of posting lengthy tweets. He previously stated that the social network is developing the capability to attach long-form content to tweets. If that will be a standalone feature from the new thread composer is unclear.
Currently, some users rely on third-party programs like Typefully, ThreadStart, and Chirr App, which offer capabilities like scheduling along with tools to automatically divide your post into threads without interfering with sentence flow.
Thanks to its acquisition of Threader the previous year, the company today provides Twitter Blue customers with a simple way to read threads. However, Musk hasn’t actually stated whether he is altering the reading experience for the typical user.
There is already a long-form writing program on Twitter called Notes, but it is exclusively available to a small number of writers, and under Musk’s leadership, its future is unclear.
Even though Twitter programmers are already working on it, it is unclear when the new composer tool for threads will launch. Since taking over the business, Musk has let go of more than half the employees.
Numerous executives have left, and the new leader even gave the remaining employees yesterday an ultimatum: either be “hardcore” or quit. There is no assurance that goods will be delivered on time in this situation.
The new Twitter Blue plan with a verification mark was hurriedly launched by the firm, only for the scheme to be discontinued a few days later. Musk stated earlier this week that the launch date had been moved to later in the month.
Wong just found code that suggests Twitter is working on encrypting direct communications from end to end.
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