Tuesday, July 26, 2022

Technology In Our Life Today And How It Has Changed

Technology In Our Life Today And How It Has Changed

https://aginginplace.org/technology-in-our-life-today-and-how-it-has-changed/

2 Sources Cited

Updated onJul. 17, 2022

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Over the years, technology has revolutionized our world and daily lives. Additionally, technology for seniors has created amazing tools and resources, putting useful information at our fingertips.

Modern technology has paved the way for multi-functional devices like the smartwatch and the smartphone. Computers are increasingly faster, more portable, and higher-powered than ever before. With all of these revolutions, technology has also made our lives easier, faster, better, and more fun.


group of colleagues using their smart phones

In this article, we’ll cover how technology has enhanced the quality of life for seniors lives in and out of the home. Technology’s advancements have provided quicker ways to communicate through instant messaging apps and social media platforms. Seniors are able to keep in touch with loved ones, while caregivers have new avenues to check in on aging parents or patients.

Technology has also given us brand new devices in recent decades, like smartwatches, tablets, and voice assistant devices. With these devices, we can do things like transfer money instantly and make purchases for everything from clothes, food delivery, groceries, furniture, and more. Technology has changed how we entertain ourselves, meet each other, and consume all types of media. It’s made fun advancements, but it’s also made important advancements in safety when it comes to home security and medical devices.

Those struggling with hearing loss can now benefit from hearing aids, or TV Listening Devices that allow them to comfortably listen to their favorite programs with ease.

Especially for seniors, these devices are providing the freedom to age in place, to live independently, and to continue moving through everyday life with peace of mind. It opens up new opportunities by helping with safety, mobility and connectivity. Medical advancements have made it so you can stay proactive with conditions like diabetes and arthritis. With new medical alert devices, seniors can also get help at the push of a button and keep in touch with loved ones no matter where they are in the world.

Since there are so many new technologies to keep track of, it can seem overwhelming to adapt. However, all of these new technologies are designed to make your life easier. Even though it may not feel intuitive, learning how to use smart phones, smartwatches and voice assistants just takes a little bit of instruction and practice.

Four-in-ten seniors now own smartphones, more than double the share that did in 2013.

When it comes to the way we communicate overall, modern technology has had a powerful influence.

Digital technology has changed what people term as “media.” The influence of new technology on media is apparent since a media company isn’t necessarily a news platform anymore. A media company is now any company that helps pass information across the globe, including social media platforms like Facebook and Twitter.

The amount of active web users globally is now near 3.2 billion people. That is almost half of the world’s population. Every day, two million smartphones are sold around the world, and the amount of information we share shared on social media networks is phenomenal.

how technology has changed living for seniors

Social media isn’t the only big statement digital technology has made. Neither is social media the only way technology has had an impact in everyone’s life.

Modern technology has made it possible for the discovery of many multi-functional devices like the smartwatch and the smartphone.

Before mobile technology, you had to search through a dictionary to understand the meaning of a word. Now you can look words up in a dictionary app or quickly search the Internet. Beyond words, you can search for practically anything on the Internet using search engines like Google and Bing.

how technology has changed our world

There is no denying that the future of technology will continue to revolutionize our lives. In a few years, driverless cars may be the norm for everyone, and robots will be commonplace in factories. Future technology is sure to transform our lives in unbelievable ways, but here we  highlight the many common ways technology is changing our lives today.

Technology Has Changed How We Communicate

In addition to social media platforms, there are also many other applications specifically designed for communication.

How has technology helped communication? The advancement of technology has made communication unbelievably fast and convenient. It’s incredible to look back and see how much easier communication has gotten over the years. Communication tools offer one of the most significant examples of how quickly technology has evolved.

In the past, writing a letter, sending faxes, or finding a wired telephone was the best way to communicate remotely with someone. To connect with someone in society today, you have many more efficient options at your fingertips. You can send them a message on social media, text them, video chat, email, or put a call through.

These new methods can help you keep in touch with loved ones, especially if you’re aging in place or living alone. Video chat helps caregivers check on seniors who may not need continual check-ups in person. Social media is a great way to keep in touch in general, allowing you to see what your loved ones are doing through the photos and updates they post.

technology has changed how we communicate

Social Media

Who hasn’t heard of Facebook, Twitter, or Skype? They’ve become household names. Even if you don’t use these platforms, they’re a part of everyday life and not going away anytime soon. Regardless of your location, messages via social media get delivered on these platforms at the same rate and speed whether the recipient is right beside you or on the other side of the globe. You can also send voice messages through these platforms, and it is delivered in nanoseconds.

Messaging Apps

The way we use mobile phones has changed dramatically as well. In addition to social media platforms, there are numerous other applications specifically designed for communication. If social media isn’t for you, WhatsApp and other messaging apps enable you to quickly message family and friends and even make calls over Wi-Fi.

You can email through your phone or send SMS text messages through your mobile provider, but many smartphones have their own messaging platforms built directly into the phone. On Apple iPhones, iMessage allows you communicate with anyone else who has an iPhone for free using WiFi or cellular data. iMessage has gotten increasingly sophisticated over the years. Sending photos, videos and emojis are just the basics with what you can do, and the platform has now expanded to include gaming, voice notes, and various app integrations to send information more quickly.

Messaging Apps can be a great option if you have friends in other countries or if you don’t have a phone plan.

The Evolution Of Medical Alert System Technology

Within the last decade, medical emergency response systems have seen some impressive advancements, both in terms of technology and in safety measures that have made seniors feel safer than ever before. One of the earliest and most important advancements has been the introduction of mobile medical alert systems. These systems allow users the freedom to leave their homes and live their normal lives, while still having the peace of mind that emergency help is available in case of an emergency. Several devices, such as the Medical Guardian Mobile 2.0, allow users to set up a network of emergency contacts who can also view their whereabouts and be notified in case of an emergency.  

Recent advancements in medical alert technology also include a built-in fall detection feature. With this feature, special sensors in your medical alert pendant automatically detect when a fall occurs and send an alert to your monitoring call center. With new GPS and cellular technology, the operator can then determine where you fell, regardless of whether you can communicate your whereabouts or know the address. This technology allows the operators to then send emergency medical assistance to you more quickly, thus providing a great sense of security for yourself and your loved ones.

Hearing Aids Improve Quality Of Life 

The use of hearing aids allows people to maintain a happy, healthy life by reducing the strain caused by reduced hearing ability. According to a study facilitated by the Better Hearing Institute, eight out of 10 hearing aid users report being satisfied with the changes that their hearing aids have made in their lives. Hearing aids allow users to engage in common daily activities that would otherwise be far more difficult – or even impossible– such as talking, watching TV and listening to music. Hearing aids can also help you have a better quality of life by assisting you in: 

Identifying speech and language in voices 

Being alert to what’s happening around you

Avoiding the need for assistance from others at all times

Having a sense of control over your life

Smartwatches

Communication has even evolved beyond mobile devices and personal computers. We can now send messages through tablets, voice assistants, smartwatches, and more. The smartwatch is a relatively new technology that captures almost all the capabilities of smartphones in a convenient touch-screen watch. You can receive notifications, track your activity, set alarms, and even call and text directly through these wearable devices.

Senior Man using MobileHelp Smart Watch Menu

Smartwatches can also serve as a way to communicate with emergency responders. Medical alert companies like MobileHelp and Medical Guardian have partnered with smartwatch developers or created proprietary technologies to provide seniors the safety of a medical alert right on their wrist. These watches include many of the same features as a typical smartwatch, such as activity tracking and personal messaging.

Even the makers of popular smartwatches on the market outside of the medical alert industry providing people the ability to communicate quickly in the case of an emergency. The Apple Watch Series 4 and its subsequent versions have built-in fall detection, which will automatically alert emergency assistance. In addition to its automatic response capabilities, Apple Watch technology also allows users to initiate an emergency call from any location worldwide manually. Apple’s Medical ID Health app can provide emergency responders access to your medical conditions and designated emergency contacts.

Technology allows us to communicate instantly with people in our neighborhoods or around the globe. This innovation not only keeps us connected but can help us live safer and healthier lives.

MAKE SURE YOUR LOVED ONES ARE SAFE AT HOME

Updating your home is the first step toward aging in place comfortably. Professional home care services help seniors stay healthy at home.

Make Sure your Loved Ones are Safe at Home

Updating your home is the first step toward aging in place comfortably. Professional home care services help seniors stay healthy at home.

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Technology Has Changed How We Pay Bills And Transfer Money

No more do you have to enter a bank to withdraw money or transfer it to someone. Many banks have already made transactions possible online and accessible to people everywhere. Companies like PayPal and Venmo have created platforms where people can send and receive money from any location using the Internet.

Paying bills has also become simplified thanks to technology. You can automatically schedule payments when they are due rather than having to remember to mail a check. With your cell phone and a banking app, you can manage all of your necessary bill payments online.

Setting up automated payments through a banking app is especially helpful for seniors who may have memory problems. Caregivers or loved ones can help set up recurring bill payments so there’s never a question if a bill will be paid on time or not.

Technology has changed money

It’s even simple to pay for things using only your smartphone. With Apple Pay and Google Wallet, you don’t need to carry cash when you go shopping. These apps securely link your bank account to your mobile phone. The same machines you use to swipe your credit card at the store now allow mobile payments from your phone.

Keeping up with all of these innovations may seem like a hassle, but these technologies can simplify your life to help you worry about fewer things. With all of the payment capabilities available these days, you could leave home without your wallet and be just fine.

Technology Has Changed How We Watch TV

Technology has changed how we watch television today. Cable companies are continuously rolling out new features allowing viewers to pause and rewind live TV and record their favorite programs to watch later.

Fire TV Stick with Alexa Voice Remote, streaming media player – Previous Generation

$23.92

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Features and Specifications

Our best-selling Fire TV Stick, with the 1st Gen Alexa Voice Remote.

Enjoy tens of thousands of channels, apps, and Alexa skills with access to over 500,000 movies and TV episodes. Enjoy favorites from Netflix, Prime Video, Hulu, HBO, SHOWTIME, NBC, and more.

Access millions of websites such as YouTube, Facebook, and Reddit with browsers like Silk and Firefox.

Launch and control content with the included 1st Gen Alexa Voice Remote. Simply say, “Play Game of Thrones” or “Launch Netflix” and Alexa will respond instantly. Plus, play music, find movie show times, order a pizza, and more—just ask

No cable or satellite? No problem. Watch the best of live TV and sports from AMC, HGTV, ESPN, FOX, and others with a subscription to DIRECTV NOW, PlayStation Vue, or top-rated primetime shows with CBS All Access.

With your mobile devices, you can watch, or “stream” the tv shows you want, when you want, and how you want. Streaming services like Netflix, Hulu, and Amazon Prime Video all offer access to cable TV shows and original content for a low monthly price. Disney is also getting into the streaming game, with the recent announcement of their new streaming service Disney+. Streaming is just another way to watch your favorite shows, but it uses the Internet instead of cable. It can be a more cost-effective way to watch television. Unlike traditional cable tv packages, you don’t have to pay for large cable bundles with channels you don’t use. Streaming services offer movies and TV shows that are grouped by genre, making it easy to find your favorites.

With streaming, you can watch on the go – all you need is an Internet connection. Many of the streaming services we listed above have mobile applications that allow you to download content directly to your device. This option allows you to watch even if you go somewhere without Internet access.

TCL 32-inch 1080p Roku Smart LED TV – 32S327, 2019 Model

$169.99

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We may receive a commission if you click certain product links below. This helps support our independent testing and research to provide free, unbiased product and service reviews for our readers. Learn More about our ad policies.

Features and Specifications

Easy Voice Control: Works with Amazon Alexa or Google Assistant to help you find movie titles, launch or change channels, even switch inputs, using just your voice. Also available through the Roku mobile app

Smart Functionality offers access to over 5,000 streaming channels featuring more than 500,000 movies and TV episodes via Roku TV

1080p Full HD Resolution excellent detail, color, and contrast. Wireless Connection: 802.11 2×2 Dual Band

Direct-lit LED produces great picture quality with 60Hz refresh rate for fast moving action scenes with virtually no motion blur. Screw Size : M4 x 8

Inputs: 3 HDMI, 1 USB, RF, Composite, Headphone Jack, optical audio out

tech has changed the way we watch tv

More and more TVs these days are even designed for streaming. “Smart TVs” have Wi-Fi capability, which allows them to connect to streaming services using the Internet. Smart TVs will enable you to access more programs and even save money. With a Smart TV, you can access both streaming services and cable channels. To save money, you can also opt-out of cable altogether. It all depends on your budget and what you enjoy watching.

New TVs are also capable of displaying picture quality far beyond what you’ve experienced in the past. A standard definition TV displays 720 horizontal pixels. Today, it’s more common for TVs to have 4k resolution, which is 4,000 horizontal pixels. That means TVs today show a picture with nearly 6x more definition than standard-definition TVs making for a much better viewing experience and can make your favorite shows and movies that much more enjoyable.

Seniors who suffer from hearing loss can benefit from using a TV Listening Device that provides superior sound quality, enhancing the overall TV viewing experience. 

How Has Technology Changed Other Forms Of Entertainment?

BOOKS

Paper books aren’t going anywhere. However, e-reader devices have made reading easier when you’re on the go. An e-reader device like a Kindle or Nook can hold thousands of books without taking up space in your home. It’s a great way to have multiple options on hand if you’re going on a trip or vacation.

Kindle Paperwhite E-reader (Previous generation – 2015 release) – Black, 6″ High-Resolution Display (300 ppi) with Built-in Light, Wi-Fi, Ad-Supported

$38.35

Audio books are an especially great way to enjoy classic and new books alike. Though you’re not reading, you’re still able to consume a great story through an audiobook. For aging seniors, audio books are great when it becomes more challenging to read the small type in books.


technology has changed how we read

MUSIC

When it comes to music, technology has also helped consolidate the devices we use. We can access our music no matter where we are. In the same vein as books, vinyl records, CDs, cassettes, and other physical albums will always have their place. They serve a unique purpose in enjoying music. However, just as it’s possible to stream movies and TV shows, you can also stream your favorite songs and albums.

Platforms like Spotify and Apple Music have made it possible to access millions of artists all at a monthly fee. While it isn’t the same as owning your favorite album, streaming allows you the opportunity to listen to music easily. The number of devices with music streaming capabilities continues to grow. You can use your smartphone, computer, car, portable speakers, and even TVs to listen to your favorite songs.

Technology Has Changed How We Date

How has the Internet improved our lives? One way is through the ease of meeting new people.

With the proliferation of online dating sites, you can register on a website, find a match, and start to communicate at your own pace. Many people don’t meet face to face until they decide there is a connection. This vetting helps you prioritize your time and protect your privacy while still getting to know someone new.

With the proliferation of online dating sites, you can register on a website, find a match and start to communicate at your own pace.

For better or worse, technology has also made it possible for you to find other people’s personal information on the Internet through social media. You can gain access to the information you want to know about a particular person. Some people who aren’t used to social media may view this as an unnecessary new part of life. However, it’s helpful to get to know people and keep up with them through busy schedules. Especially for seniors, online dating is useful during a stage of life where it’s typically more challenging to meet new people.

Online dating platforms have millions of registered users and have received lots of good reviews from every part of the world. Dating platforms have helped people connect with their matches in a way where neither party has to waste the other person’s time. It is comfortable, straightforward, safe, and it works.

technology has changed how we date

Technology Has Changed How We Live In and Outside of Our Homes

The internet of things allows everyday objects to be synced to the internet through Wi-Fi.


How Does The Internet Of Things Work With Home Devices?

All of the technology mentioned above has been made possible because of the Internet. New websites, platforms, and applications will continue to revolutionize the way we live our lives. However, the latest Internet technology isn’t always accessible on screens, and it’s called the Internet of Things (IoT). The Internet of Things allows everyday objects to be synced up to the Internet through Wi-Fi. This synching makes their usual functions accessible remotely and automated through data available on the world wide web. It may sound complicated, but it’s the same technology we’ve been using for years, just now accessible through different objects.

The Internet of Things can help to significantly improve aging in place and at-home safety, especially for seniors living with conditions like diabetes, high blood pressure, and arthritis. IoT devices are designed to monitor health at home, aid with mobility, and provide continuous monitoring.

Some examples of objects that use IoT today include driverless cars, fitness trackers like Fitbit, thermostats, and doorbells. Objects that use IoT are also commonly referred to as smart objects (think of smart TVs).

We’ll use the example of a smart thermostat to describe how it works. By connecting to the Internet, you’re able to use a smart thermostat remotely through your computer or smartphone. These systems usually have their own applications that you can open and control no matter where you are. For example, what if you’d like to cool the house down while you’re away? All you would have to do is open the smart thermostat app to tell it what to do.

How Does The Internet Of Things Work With Home Devices?

All of the technology mentioned above has been made possible because of the Internet. New websites, platforms, and applications will continue to revolutionize the way we live our lives. However, the latest Internet technology isn’t always accessible on screens, and it’s called the Internet of Things (IoT). The Internet of Things allows everyday objects to be synced up to the Internet through Wi-Fi. This synching makes their usual functions accessible remotely and automated through data available on the world wide web. It may sound complicated, but it’s the same technology we’ve been using for years, just now accessible through different objects.

The Internet of Things can help to significantly improve aging in place and at-home safety, especially for seniors living with conditions like diabetes, high blood pressure, and arthritis. IoT devices are designed to monitor health at home, aid with mobility, and provide continuous monitoring.

Some examples of objects that use IoT today include driverless cars, fitness trackers like Fitbit, thermostats, and doorbells. Objects that use IoT are also commonly referred to as smart objects (think of smart TVs).

We’ll use the example of a smart thermostat to describe how it works. By connecting to the Internet, you’re able to use a smart thermostat remotely through your computer or smartphone. These systems usually have their own applications that you can open and control no matter where you are. For example, what if you’d like to cool the house down while you’re away? All you would have to do is open the smart thermostat app to tell it what to do.

Because these devices are so “smart,” you usually don’t need to do much when using them. The sensors on these thermostats are specifically designed to optimize your home for energy efficiency. Once you set your desired temperature, the thermostat can work on its own to keep your home at the best temperature. The thermostat won’t waste energy by staying on longer than needed.

Using Technology For Shopping

When you’re too busy or don’t want to leave home, online shopping is an easy way to buy what you need. You’re only a couple clicks away from getting the things you need thanks to the many options for online retail. There is no hassle and no need to make several trips to different stores.

If you aren’t as mobile as you used to be, online shopping makes it so everything you need can be delivered directly to your doorstep. While we still encourage as much daily exercise as possible, it can be too hectic and even hazardous sometimes for seniors to be out running so many errands.

Your average yard sale is even now online. With websites like Craigslist and Facebook Marketplace, you can browse listings from people in your area. These are people who are looking to get rid of their used furniture, clothes, appliances, and more. Using these websites, you can view items based on what you need and your budget. Just like the technologies we listed above, these online marketplaces use secure payment methods that don’t require cash.

Using Voice Assistants

If smart devices seem overwhelming to you, there may be an easy solution: voice assistants. These include Amazon Alexa, Google Assistant, and Apple Siri. With a voice assistant, you can control all of the smart devices in your home and access the Internet by speaking voice commands. It’s as easy to use as having a conversation.

When it comes to shopping, these devices allow you to create a shopping list out loud and then have it automatically transferred to your phone. This makes the whole process easier for seniors with mobility issues with writing or who would rather speak out loud than make a list on a phone. Many of these devices even integrate directly with online shops. With the Amazon Alexa, you can immediately make Amazon purchases without ever having to go online.

To make everything in your home easier to access, you can integrate your voice assistant with any smart device to make it accessible via your voice. If your home needs temperature adjusting or you want to turn some lights off, you can do it all through a series of simple voice commands.

Voice recognition for the elderly

They’re also handy to have inside your home for one of the most basic uses of the Internet – finding information. All you need to do is ask your voice assistant a question, and it will give you an answer found online.

Most phones these days are also equipped with different versions of voice assistants. If you’re hesitant about purchasing a unique voice assistant device, try testing out the software that lives on your phone. You can ask it to set reminders and alerts through your phone without having to search through settings. For seniors, voice recognition software can significantly improve the ability to live independently by making everyday tasks easier, aiding with medication reminders, and simply providing a more accessible, intuitive way to use technology.

Using Technology For Food Delivery

A lot of the technology we’ve already described helps make our lives easier by saving time and effort. Another example of this type of technology is food delivery. We all lead busy lives that could use some extra time. The ability to have things brought to your home is especially helpful for seniors or those with disabilities or sickness. One aspect of our lives that we often take for granted is the ability to head over to the grocery store.

GROCERY DELIVERY

Food delivery can come in many different forms. Currently, many mobile apps allow you to order delivery from your favorite restaurants. We’re not talking about your standard pizza delivery. These apps pay people just like you to pick up takeout almost anywhere. A few examples of these apps include Postmates, Uber Eats, and DoorDash.

Many of these same apps and others offer grocery delivery, such as Instacart and Shipt. A lot of grocery stores like Walmart, Target, and Kroger even offer delivery or pick-up options. The best grocery delivery plans for seniors are helpful if you love to cook but can’t make it to the grocery store that often. It can also help if you find it difficult to leave the house but still want to make home-cooked meals.

technology has changed how we eat

MEAL KIT DELIVERY

Lastly, you can also use subscription-based food delivery companies to get meals sent to your doorstep every week. These come in different forms. For example, companies like Blue Apron and HelloFresh deliver meal kits with all the ingredients for a set of recipes. It’s like getting customized groceries delivered with step-by-step instructions. Meal kits can help seniors by cutting out a lot of the preparation needed to make a meal. You still might need to do a little additional cutting and preparing, but it won’t be as intensive as going to the grocery store and starting from scratch.


PRE-MADE MEAL DELIVERY

If you don’t cook, some companies that deliver pre-made meals. Some examples of these companies include Magic Kitchen, Silver Cuisine, and The Good Kitchen. While frozen tends to mean less nutritious, these companies have put a lot of time and research into developing delicious recipes. They still taste great after being reheated yet also contain the nutritional value for different needs, including vegetarians, people with diabetes, and seniors. These options remove the need for time-consuming grocery shopping and cooking.

For seniors, it’s common to have particular nutritional needs as you age and start to live with deficiencies or conditions like diabetes. Senior meal delivery companies make it easy to stay healthy without sacrificing your mobility or personal time.

Using Technology In Transportation

DRIVERLESS CARS

Driverless cars have been in development for years, but this technology has yet to become commonplace. When it does, it will lead to fewer accidents on the road. It will also make transportation more accessible to everyone.  People will be able to use cars even if they have disabilities or live in areas without public transportation. Driverless cars will use sensors to understand when to brake, speed up, turn, and park.

Though this technology still has yet to be perfected, we’re already seeing examples of its early stages in most new cars today. Since the technology being used isn’t completely driverless yet, it’s called driver assist. Using cameras and sensors, this technology can help you park, detect blind spots, warn you if you’re merging into another lane, and even automate the entire parking process – even parallel parking. 


technology has changed how we travel

RIDE SHARING

Until the development of technology for driverless cars is ready, people will still be using planes, trains, and regular automobiles to travel. Technology has made some of these options more accessible. One of the most popular types of apps used today is for ride sharing. Popular ride sharing apps companies like Lyft and Uber. The technology in their apps allows people to hail a ride from anywhere, just like a taxi cab. The best part about these apps is that the driver is trackable from a GPS map. Rides are also accessible nearly everywhere, even in areas where there usually aren’t any taxis. The companies let everyday people with modern cars apply to become drivers. Once they pass a background test, they’re eligible to start giving rides through the app.

Some people are hesitant to take rides from strangers. For your security, the apps have rating systems in place to ensure the drivers are doing their jobs well. The companies also continually update their security measures to make sure riders are safe.


USING THE GIG ECONOMY

Transportation apps like these are also an excellent way for seniors to make some extra money through the gig economy. What is the gig economy? When you’re on the other side of the app as a driver, you can set your schedule to fit your lifestyle and take as many or as few rides as you’d like. Aside from money, taking on a gig job can help keep you active through using technology, communicating daily with customers, and getting out around your town.


Technology Has Changed How We Stay Safe

For seniors or people with disabilities, IoT devices are some of the best technologies for keeping them safe at home.

One of the best ways technology has changed our lives is in keeping us safer. Through technology, we’re living longer than ever before. While there have been countless technology advances in hospitals and medicine, there are also new technologies we can use at home. These enhance our everyday lives with safety and protection.

technology has changed how we stay safe

IoT Safety Devices

For seniors or people with disabilities, IoT devices are some of the best technologies for keeping them safe at home. One great example is fall detection technology. Through wearables or floor and bed sensors, small devices are capable of knowing when someone falls. Once these sensors go off, caregivers are alerted through intercoms or mobile alerts.

Medical Alert Systems

Outside of IoT devices, simple medical alerts can keep the elderly or disabled safe. At its most basic level, a medical alert is usually a base station that comes with a wearable emergency button. The user presses the button when they need assistance, and a caregiver or loved one nearby is alerted to check on them.

Medical alert systems come as either monitored or non-monitored devices. A non-monitored device works as we described above, and a series of numbers are pre-programmed as emergency contacts. With non-monitored devices, you won’t be put in touch with 911 responders unless your emergency contacts call them for you.

Companies like MobileHelp and Medical Guardian provide monitored medical alert systems. These companies provide the medical alert equipment while also hosting a staff of remote monitoring operators (either outsourced or in-house). Typically, you don’t have to pay for the equipment, but the companies require a monthly fee to be able to provide the monitoring service.

Medical Guardian Medical Alert System

Monitored alert devices are a huge benefit to older adults or seniors staying home by themselves. The devices allow help to be only the click of a button away should family members or caregivers be too far or unable to assist. The monitored devices also sometimes come with connectivity apps so that family caregivers can stay up to date with senior care. The apps will show when emergency buttons are pressed and can also provide activity monitoring through home or wristband sensors.

Home Security Systems

Smart security systems at home can also keep you safe from intruders. When these alarms go off, they can begin recording with a camera around your home and will also alert security professionals. These systems also connect to an app that you can access on your phone. You can view live footage of what’s going on in your home or disable alarms remotely.

If you aren’t interested in a full security system, you can also make a one-time purchase on a security camera or security doorbell like Ring Doorbell and Nest Camera. These require easy installation to your front door and work by providing direct notifications to your home when it senses someone’s there. There’s even an intercom built in so you can communicate with visitors and see them through the camera without having to open the door.

For seniors who live alone, these simple devices offer much-needed security and can be especially helpful for seniors who aren’t always able to frequently get up and open the door.

Home or office security

How Technology Continues to Change

Technology is rapidly evolving to help seniors age in place as well as to help improve productivity and wellbeing for all. Some of the latest innovations for seniors include medical alert smartwatches, touch-screen systems, and wearable activity trackers.

Companies like MobileHelp and Medical Guardian offer smartwatch medical alerts for on-the-go safety and touch-screen alert systems to use in the home. These new technologies are designed to provide quick assistance and complete connectivity to keep seniors and their loved ones well-informed.

While these technologies are currently still reactive, innovations continually help them to be even more proactive. Some smartwatch companies have already incorporated ECGs into their products to monitor heart rate and detect abnormalities, which can help get people to the doctor well before it’s too late.

Medical technology alone is beginning to give more and more patients hope with customizable medicine and new non-invasive procedures to help with diagnosis.

When it comes to technology designed for the greater good, we also see vast improvements and innovations. Although already used in factories and militaries, Robots are beginning to work more efficiently and human-like than ever before. Robots are being built to have impressive dexterity allowing them to move objects and themselves faster and smoother. 

There are many more ways in which technology has changed the way we live. These are just some of the fundamental ways technology is influencing and transforming our world.

The revolutions that will surface in years to come will continue to make profound changes in our everyday lives. The continual changes can be hard to keep up with, especially for seniors. Luckily, there is a lot of new technology for seniors that is specifically designed to be helpful and easy to use. Rather than being overwhelmed, embrace technology to discover how it can enhance and become an essential part of your daily life. Learning how to become a tech-savvy senior can be done in as little as ten days. All you need is some persistence, help, and knowledge of the basics.




Data Is The New Oil -- And That's A Good Thing

Back in 2017, The Economist published a story titled, "The world's most valuable resource is no longer oil, but data." Since its publication, the topic has generated a great deal of discussion, and "Data is the new oil" has become a common refrain. The problem is that the discussion usually focuses on why this is a bad thing.

Sure, there are legitimate concerns about how tech giants are exploiting what they know about us. But at the same time, there are myriad ways in which all this data can (and does) improve the world. Let's examine just a few examples:

Eyes In The Sky

At first glance, the idea of aircraft with advanced imaging technology flying over one's community doesn't sound like a good thing, but it can be. Imagine a plane with all manner of imaging equipment flying at relatively low altitudes collecting terabytes of data each day of visual images, millimeter and infrared wavelength images, cloud-penetrating radar and so on.

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For what purpose? So that the state of Iowa can more accurately forecast this year's corn harvest, or gas companies can survey tens of thousands of miles of transmission lines to avoid wildfires, or so that FEMA can use this data to decide in which order it needs to evacuate citizens during natural disasters.

But none of this is possible without enormous amounts of data — hundreds of terabytes per day of raw aerial footage.

Saving Lives

Harvard Medical School published research comparing the accuracy of machine learning systems against human pathologists in detecting breast cancer. The machine learning was 92% accurate, which is good. But humans were 96% accurate. Case closed, right?

Harvard then combined the pathologists' discoveries with the scans of the machine learning systems. The accuracy soared to 99.5%. That reduces the mistakes by almost an order of magnitude (from 40 per thousand to just 5 per thousand) and represents 56,000 fewer misread breast scans per year in the U.S. alone.

To accomplish this, researchers had to amass huge amounts of data from which they could train their machine learning models.

It isn't just radiology; the emerging field of gene therapy maps pathologies to specific genetic mutations. This means that newly diagnosed cancer patients now routinely have their genes sequenced so oncologists can prescribe the most effective treatment.

Gene therapy has advanced in part through the genetic sequencing of hundreds of thousands of humans, and in part from dramatic drops in the cost of gene sequencing.

The key to both of these life-saving advances? Petabytes and petabytes of data.

Moore's Law

In 1965, engineer Gordon Moore famously predicted that the number of transistors on integrated circuits would double every year for the next decade. He later revised that to doubling every two years. More than half a century later, this trend continues despite predictions that Moore's Law cannot last much longer.

To achieve these advances, chip geometries aggressively shrink over time. As geometries have shrunk, the volume of data generated as part of the chip design process has grown geometrically. This data, design artifacts and simulation results are literally the core assets of a chip manufacturer.

Clearing The Air

Autonomous vehicles (AVs) are coming. The benefits are widely known: safer roads, a boost to the economy and less rush-hour crowding. But perhaps the biggest benefit is a reduction in greenhouse gases (GHG) coming from automobiles. Research conducted by Poznan University professors estimates that autonomous vehicles could eventually reduce GHG by 40% to 60%. According to the Environmental Protection Agency, today's transportation accounts for 29% of GHG in the United States, so this would be an important advance.

How do we get to the AV future? You guessed it: data. In this case, it requires hundreds of petabytes of data that form the data lake from which the AV self-driving advanced machine learning solutions will come. It doesn't stop there. Each of these modern "computing platforms that happen to be mobile" will generate terabytes of data per week per vehicle. Even assuming a 75% reduction in the number of vehicles on the roads, that's many exabytes of data per year.

All of this is the data you keep. It's the new oil. If a vehicle accident occurs, you can call up the images that the vehicles involved recorded to decide what caused the accident and which AV algorithms need improvements.

Data: The Ultimate Renewable Resource

It's clear that data really is the new oil and that the main impact on humanity isn't how tech giants are monetizing our attention units, but about how data can improve our lives.

Sounds familiar, doesn't it? Oil causes pollution, yet it was also responsible for lifting a large majority of the population of the world out of dire poverty. We must manage the dark side of data, but the advances in data fuels are worth the effort.

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Data was, Analytics is, the New Oil

Data is the new oil. It’s valuable, but if unrefined, it cannot really be used. It has to be changed into gas, plastic, chemicals, etc., to create a valuable entity that drives profitable activity; so data must be broken down, analyzed for it to have value.” These are the words of famous British mathematician and data science entrepreneur Clive Humby, who coined the phrase “data is the new oil” in 2006. In 2011, the Senior Vice President of Gartner, Peter Sondergaard, took this concept further. “Information is the oil of the 21st century and analytics is the combustion engine,” he said. Today, “analytics is the new oil.”

Raw data, especially Earth Observation (EO) data, has been proliferating for years, with an increasing number of satellites being launched every year. However, not too long ago, it became obvious that without the expertise to extract actionable intelligence from this data, it was impossible to fully leverage its potential. “Hidden within the growing flood of data are the answers to a multitude of questions about agricultural yield, mining rates, deforestation, mass migration, climate change, factory production, new road and building construction, and most other aspects of societal and economic change. The role of analytics is to pull focused, actionable insights from this flood of data. As our world increases in complexity and its rate of change increases, this role becomes more and more critical,” explains Orbital Insight Founder, James Crawford.

From here on, the demand for analytics is only going to rise. “As the need for satellite derived data and information increases and more data is being made available and delivered, surely the demand for highly targeted and specialized analytics service will only rise in the future,” says European Space Imaging’s Managing Director, Adrian Zevenbergen.

Market forecast & key drivers

The EO market is undergoing multiple disruptions. Satellite-based EO is offering value-added solutions to businesses across sectors, thereby fuelling market growth. According to a report by Industry Research, the global satellite-based EO market is likely to be worth $4.51 billion by 2024, growing at a CAGR of 13% from 2020 to 2024.

In the imagery segment, the emergence of small companies and startups are bringing a great deal of diversity and are leading to an increase in demand for EO data analytics. “The boom in Software-as-a-Service (SaaS) offerings that provide analytics, dashboards, and insights into targeted types of data will continue. I believe that SaaS data platforms will lower the barriers of entry to enable more companies to expand their use of analytics,” says Brett Antonides, Vice President of Apps, Analytics and Visualization, Arturo.

Liz Derr, Co-Founder and CEO, Simularity, feels that today, customers are more interested in analytics services than anything else. “They want answers, not anomaly images. If geospatial analysis is to make it into the commercial sphere, tools, applications, and Artificial Intelligence (AI) software that make analysts more productive and help automate report generation would be key drivers of success.”

Already, Fourth Industrial Revolution (4IR) technologies like Artificial Intelligence (AI), Robotics and Cloud Computing are driving new EO application areas. “Planet Labs alone captures over 15 TB of data each day — an amount that would be impossible for someone to manually sift through, even with large teams of analysts. Advances in AI and computer vision let us cut through the noise and the volume. We can teach these systems to automatically identify and classify a variety of useful things like roads, buildings, vessels or areas of change. This enables those experts and analysts to spend their time on what really matters,” says Brian Hernacki, Senior Vice President, Software, at Planet Labs.

Raw data, especially Earth Observation (EO) data, has been proliferating for years, with an increasing number of satellites being launched every year. However, not too long ago, it became obvious that without the expertise to extract actionable intelligence from this data, it was impossible to fully leverage its potential

According to Crawford, it would take approximately eight million people to look at the entire satellite imagery of the earth every day. “By using AI and data science, we can count and identify cars, trucks, planes, railcars, and new roads and buildings all over the world, aggregate the results, and highlight anomalies to the human analysts,” he says. These technologies are also helping lower the cost of analysis, making EO Intelligence available to new sets of users for their monitoring needs. The reducing cost, and easy availability of relatively high-resolution optical, multi spectral, and Synthetic Aperture Radar (SAR) data is further making EO Intelligence viable for the business community.

“Small satellite constellations and in general, the technical standardization in this field helped to drastically reduce costs and increase the number of companies investing in EO satellites,” says Zevenbergen. This has resulted in more launches every year. From a commercial perspective, it opens new opportunities for services and products that require high revisit rates. However, capturing Very High-Resolution (VHR) imagery still requires larger satellites. “But those are becoming lighter, more standardized satellites operating as part of constellations. Increasingly, we see users adopting strategies to benefit from the combination of traditional assets and small satellite constellations,” he adds.

Emergence of new players

Application areas

Currently, the maximum demand for satellite-based EO data comes from traditional end-users, such as defense, infrastructure and engineering, agriculture, disaster management, and energy and power. Experts believe that these sectors will continue to be the biggest consumers of EO data and analytics. However, a whole new set of application areas are now opening up. “Outside defense, we are seeing interest in areas like international dispute monitoring, ecological and climate change, natural disasters, encroachment, and government accountability,” highlights Derr. Crawford says the new applications range from detecting and preventing deforestation, increasing national security, to tracking the impact of COVID-19 on factory production.

Acquiring, processing, and interpreting large amounts of data in less time through automated means is also making it possible to use satellite-based EO data in areas like insurance and emergency response, which were earlier dependent on in situ observations. For instance, ICEYE’s flood monitoring solution for the insurance market is about knowing which buildings are flooded and what is the extent of the loss.

ICEYE's analysis of Louisiana flashflood | Courtesy: ICEYE

Arturo, too, is using EO analytics for the insurance sector. The company’s roof analytics alone can save insurers considerable time and money when compared to sending a person to physically inspect a roof or deploying someone to manually inspect the imagery. “As the world begins to rebound from the global pandemic, we are seeing shifts in the labor force. Whether these shifts are due to a change in perspective after lengthy lockdowns, perturbations in labor supply due to pent-up demand, or other factors, it’s a disruptive event that creates an opportunity for companies that can leverage analytics to get a leg up on their competitors, and expands the market for companies offering analytics capabilities into these segments,” adds Antonides.

Supply Chain and Logistics

Challenges

As of today, the forecast for satellite-based EO data and analytics looks bright. However, there is a flipside to it. There are various industries that are untapped or have not realized the full potential of satellite data services and applications. A lot of work needs to be done to foster adoption through product awareness and education. “The biggest challenge today is that potential users are not aware of the power of satellite analytics and/or do not know how to use the tools. Further, many prospective users, such as supply chain managers, are often not even aware that geospatial analytics can be used, for example, to track the manufacturing activities of their suppliers, customers, and competitors,” says Crawford.

“One of the biggest challenges surely is understanding the exact needs of the end-user market in order to develop services delivering truly valuable insights. The possibilities seem endless, but the challenge will be to offer the right service to the right user,” adds Zevenbergen.

A combination of images, acquired by one of the Copernicus Sentinel-3 satellites, shows the snow deficit affecting the Andes mountain range in South America. EO data provide answers to a multitude of questions concerning climate change | Courtesy: REUTERS

Many of the newer technologies, which help in extracting actionable intelligence from satellite data, rely on breakthroughs in science that are difficult to understand for several audiences. “AI in particular invokes a broad set of connotations from the fantastical to the dystopian,” says Antonides.

Satellite-based EO is also facing tough competition from within the larger EO industry. As per a report by Mordor Intelligence, the global satellite-based EO market was valued at $2.74 billion in 2019, and it is expected to reach $4.42 billion by 2025, registering a CAGR of 8.5% from 2020 to 2025, which is a clear decline from the 13% growth mentioned earlier. The main reason behind this drop is the presence of open data, like EOSDIS from the US, Copernicus from Europe, etc., and increasing use of alternative EO technologies, such as UAVs. Though these are challenges for the commercial market, they may lead to greater democratization of EO data.

Acquiring, processing, and interpreting large amounts of data in less time through automated means is also making it possible to use satellite-based EO data in areas like insurance and emergency response, which were earlier dependent on in-situ observations

Clear future

There are endless possibilities of benefits to society from satellite-based EO. With higher spatial, spectral, and temporal resolution, the future of EO is bright. Derr says that freely available satellite imagery and open source tools can be used by researchers, scientists, local governments, non-profits, and smaller organizations to gain a level of situational awareness that they have not had previously. “Growing this market with affordable analysis is important if EO companies want to diversify their customer base so that their revenues and success aren’t completely controlled by politicians and military budgets.”

There are endless possibilities of benefits to society from satellite-based EO. With higher spatial, spectral, and temporal resolution, the future of EO is bright

The use of satellite imagery enables a wholesome understanding of issues and establishes analysis-based imperatives for necessary decision-making, thereby bringing together the bio-physical world and social elements. Whether commercial, strategic or developmental, the EO outputs are getting more and more enmeshed in every sphere of economic and social life on the planet. If we are going to take on some of the biggest challenges facing Earth in the near future, we need Remote Sensing to cover that much ground. “In the future, these applications will provide more and more focused information for specific target markets and be highly automated,” sums up Zevenbergen.

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TECHNOLOGY IS THE NEW OIL

 

Tech is the New Oil

Tech is the New Oil

I am personally passionate about the tech industry and the opportunities inherent within it, especially for young people. While I have been interested in tech for more than 3 years now, I really only became actively involved from a fintech perspective in the past 6 months, and I have clearly become a huge advocate and evangelist of the wonderful things tech can do for both people individually, and how it can economically uplift even nations. This piece is my attempt at outlining the benefits of tech from a broader economic perspective.

LOCAL CONTENT

Governments, Parliamentarians, Regulators, Politicians are generally not stupid (regardless of what you think), while there are politicians who excel at speaking  to the hearts of the crowds, getting their buy-ins to win elections, convincing people they are right for the job, and when all of these don’t seem to produce the desired results, moving some couple million dollars to a special account to use to PROPERLY INDUCE the electorates to vote for them, a good number of politicians are smarter than you think, and regardless of who is smart or not smart, the language all people understand is money, and as long as there’s money to be made, people have generally found ways to align themselves, if but only temporarily. The Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010 is a very good example of this.

Prior to the establishment of NOGICD in 2010, most of the value being created in the Oil and Gas industry in the Nigerian ecosystem was largely being imported to foreign climes. So while oil was responsible for 90% of the country’s revenue, it represented less than 38% of the country’s GDP, and according to some data, almost US$380 billion was literally being paid to expatriates, foreign contractors etc. as against Nigerians.

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While this design may have favored a select few (The Oil Majors), this was damaging to the local economy. Big companies are good at many things – partnerships, navigating harsh and uncertain regulatory environments, and more importantly lobbying lawmakers – I do not think the oil majors of those times were any different, and I don’t think I would be fantasizing if I assumed a couple of nice crisp Benjamin’s (slang for 100 US dollar bill) had greased the palms or slid into the personal accounts of certain lawmakers to keep things so, however in 2010, lawmakers were able to put selfish interests aside and come to a common consensus to pass the Nigerian Content bill.

The result of this bill was massive access to the booming oil and gas sector by the average Nigerian either by being directly employed and trained by some of these majors, starting businesses in certain verticals (pipe manufacturing, welding etc.) that benefited from the enforcing of this bill, or flat out starting their own Indigenous oil producing companies altogether (Seplat, Aiteo etc.). The result of politicians ignoring 6,7 or even 8 figure dollar account balances to see the good of the general populace has been felt by all, and while the Nigerian Content bill isn’t necessarily at 100 percent Local Content and there is still definitely a lot of room for growth, at 31% Local content implementation we can say that the team working on this has made significant progress and has done a good job altogether.

Why compare Oil and Gas Local Content to Tech? Simple – tech needs no Local content. From day 1 tech has largely been a local player driven industry, and while I am aware that at some point Nigerian firms were literally importing a good proportion of the software (HR, Accounting etc.) used for business purposes, today a good number of local and affordable alternatives exist on the continent, and this has spurred massive local adoption of technology solutions among not just businesses, but individuals alike.

Today the revolutionary technology that powers the TSA (Treasury Single Account) – the one technology that has severely (not completely) paralyzed the ability of corrupt civil servants to move funds indiscriminately into personal pockets and allowed the Federal Government have a much clearer view of its financial positions per time is powered by a fully indigenous Nigerian company – SystemSpecs, the firm that pioneered card switching in Nigeria and made it possible for people to use ATMs as against having to carry cash around was founded by a Nigerian and is called Interswitch, the company that provides Core Banking Applications (CBA) to more than 500 Microfinance Banks in Nigeria who may not be able to afford much more pricier solutions like Temenos T24, Finacle etc. is a Nigerian company called AppZone. These companies do not just create solutions for Nigerians, they create jobs and opportunities for the ecosystem, both directly and indirectly.

DECENTRALIZED OPPORTUNITY

One of the reasons I believe tech may not just be the new oil, but may be better than it is the fact that tech creates a huge opportunity for ordinary basic people without any kind of privilege, who are smart enough and have found favor with God to scale up massively and create wealth that would have been unforeseeable in a previous dispensation.

What do Jim Ovia, Segun Agbaje and Tony Elumelu have in common? They are some of the biggest names in the banking industry today. Another thing they have in common is that these men spiraled into wealth by grasping the opportunities that came from a friction filled banking system, creating new paradigms of business and profiting off the growth that came with it. And while Jim Ovia and Segun Agbaje had some degree of privilege (not enough to warrant owning banks and being billionaires), Tony Elumelu was a pretty unremarkable guy who finished from the university with a second class lower (not that that means anything), that now runs some of the biggest businesses in Africa, funds more than 1,550 African entrepreneurs annually, is playing a pivotal role in shaping the future of African entrepreneurship and what he calls ‘Africapitalism‘ and possibly owns a very nice looking silver Rolls Royce (I just had to add that).

Today, some of the largest tech startups in Africa were founded by pretty normal guys who were driven, smart enough to see opportunities, and favored enough to be able to capitalize on them.

One of the founders of Flutterwave used to work at Access Bank, the Cofounder of Mono (raised a US$15 million Series A in 2021) Abdul Hassan was a product manager at Paystack, TeamApt’s CEO used to write code at Interswitch, Musty Mustapha, CTO of Kuda Bank (US$55 million Series B) was a Software engineer at FirstBank, the list is endless. The idea is that like the Banking sector in the early 1990s, the opportunities in the tech space today are massive, and those who are able to run with them early enough are positioning themselves for huge rewards going forward.

Today, if you want to start a Bank, a Deposit Money Bank, DMB for short, you will need to show the Central Bank of Nigeria that you have a minimum share capital deposit of N25 billion (US$60.8million) to prove to them that you’re serious. In other words, if you plan to start a proper DMB in Nigeria, (not a Microfinance Bank), the ticket to see that movie at the CBN Governor’s Office is N25 billion. No wonder there are only 22 people inside the theater watching it.

However, if you want to start a tech firm today, you majorly need a team to build, market and sell your solution to the market. Most regulatory licenses (in the fintech space) can be circumvented by partnering with banks, and I don’t think NITDA licenses cost billions to acquire. The opportunity for every (serious and committed) Dick and Harry to come onboard is largely there, and this creates new opportunities for new business verticals going forward.

THE INTERNET FRAUD PARADOX

While I do not in any way support Internet fraud (‘Yahoo Yahoo’), and I consider It to be a bane to the image of our country, the truth is that although Internet Fraud is bad for the public image and brand of our country (and I have personally witnessed this up close), it is relatively good for our local economy because these fraudsters move these monies back to Nigeria, and spend them locally. Is it safe for us to assume that Internet Fraud adds an additional US$15-50million or even more to the Nigerian economy annually? Either way, we should be switching this paradox to value what remote tech workers add to our National GDP annually too.

In the past you would need to be based in a foreign nation to earn Forex from that nation as an individual, and even if you made remittances back to family members back home, chances are, you’re only remitting a certain percentage of what you earn, as majority of that money would still be spent and circulated in the economy of the host country you dwell in. Today, a software engineer, UI/UX designer etc can work with a US or European based firm from his workstation in Lagos, earn at the economically accepted remunerable level of that nation (say US$3,000 to maybe even US$12,000 per month) and spend a vast majority of that money within our local economy here in Nigeria. This bolsters the economic strength of the nation and creates other avenues for value creation internally.

Total Remittance into Nigeria in 2020 was US$17.2 billion – if we had 70,000 tech workers working for foreign firms earning at least US$5,000 a month in Nigeria, that could culminate into US$4.2billion in economic value that will be introduced into the local economy. A 2019 report from CNBC claimed there were at least 700,000 open tech jobs in the US alone, according to data from DealRoom, more than 100,000 tech job vacancies were opening up weekly in Europe, more of these companies in a bid to fill these roles are open to hiring remote talent to get the job done, firms like Andela, TalentQL, Propel (formerly Hire Free Hands) are capitalizing on these opportunities to create value; why doesn’t the government make a concerted effort to make Nigeria the home for remote technology talent globally, the same way Portugal has successfully positioned itself to be a global tech hub.

OWNERSHIP FLIGHT

One of the biggest issues in the tech startup space today is that while Nigerian tech startups are raising more money on a YoY basis, and increasingly garnering investor interest, more than 80 to 90 percent of African startups (especially those who have had multiple funding rounds), are really owned by foreign investors, and when the time for exits come, we’ll realize we only ended up creating wealth for the founders, early team members, a couple of employees, but majorly and more significantly foreign investors who commendably had the nerve to believe in our system and businesses when our own governments didn’t. In other words, a Local Content issue is resurfacing itself in the tech industry today, but this isn’t really about hiring foreigners, it’s about the fact that most of the wealth being built in Nigerian tech startups will largely find its way into the hands of foreign investors, because our indigenous investors are more excited about pumping their money into treasury bills and safely earning 9% per annum as against taking the risk to fund the future.

While I believe that Paystack was the Nigerian Startup exit we believed would be the Jesus Christ of exits and open the floodgates for all kinds of exits, that has not happened (yet), and most of the acquisitions we have seen since Paystack’s Oct 2020 announcement (excluding the Baxi Box acquisition by MFS Africa and Equinix reported US$320 million acquisition of MainOne ) have been largely small and insignificant (or at least not significant enough to gauge investor interest into that space).

Sparkle’s October 2021 US$3.1 million seed round was an all-star local investor round, but considering the fact that the founder was an ex-bank CEO and definitely has a good network, his kind of raise may not be accessible to all founders at seed level.

Side thought: I wonder who would be able to convince top Igbo billionaire traders and importers to get involved with Venture capital as a way to diversify their wealth.

POLICY DIRECTIONS

I do not believe in criticizing government policies without formulating some kind of solutions to them; I am fortunately not in the class of people who go around criticizing what others have built when they haven’t built anything themselves.

REMOTE TALENT CITIES

Create a serene environment that makes it convenient for these remote tech workers to do great work without being mistaken for internet fraudsters and harassed by members of the Nigerian Police Force.

Investing more into upskilling the general populace, starting from a Tertiary institution level, to make tech top of mind among young people and empowering them with the right tools (laptops, computers etc.) to create and learn while making this a policy priority is also key.

INCENTIVISING LOCAL CONTENT

While it would be exceptionally ill-informed to create legislation that discourages foreign investment to spur local investments, as the two should go hand in hand, creating legislation that encourages local investing into the tech space and creating meaningful incentives for doing so are key.

CONCLUSION

While people have referred to tech as the new oil, I believe that tech is beyond just the new oil, it is a unique opportunity to position young people to take their own future in their hands, create value, and ultimately create opportunities for themselves – things that oil in its entirety may not be well positioned to do.

Inspired By The Holy Spirit


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