Data mining as the new oil

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I was privileged to attend Kings College Lagos – the only Federal Government College or Unity School for boys at the time

when the Nigerian elite still had faith in the public school system in the country. In our final year as was customary, we all wrote what we wanted to do after we left…

Stears Business identified this data gap and is led by extremely brilliant minds – Preston Ideh who is the CEO, Abdul Abdulrahman, the COO and Michael Famoroti who serves as the Head of its Data and Intelligence Arm. They all met at the London School of Economics and Political Science where they all studied a combination of law, engineering and economics and moved back home rejecting the more convenient ‘japa’ option to use the popular street lingo for a permanent relocation to the West.

The media globally is going through a rough patch as a result of the disruption and blue ocean strategy by the duo of Google and Facebook. These behemoths have made advertising revenue unsustainable making many media houses to now go behind a paywall to stay afloat. Foreign ones like New York Times, Washington Post, The Economist, Wall Street Journal, Financial Times etc have all gone behind a paywall. Locally, the likes of The Africa Report, Business Day and even Stears Business with them going under a paywall in 2020 have followed suit.

As reported by Tech Point, it raised $600,000 in 2020 to build Africa’s ‘Bloomberg’ – https://techpoint.africa/2020/04/22/nigerian-media-startup-stears-raises-600000-in-seed-funding

 

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