As we bid farewell to 2023, a year that raced by like a well-oiled machine, it’s time to reflect on the technological journey, challenges, and lessons that shaped the tech sector.
Ranging from commendable AI developments to space exploration, layoffs, shutdowns and the dynamic metaverse, the year has left us with a wealth of experiences to draw upon as we gaze into the year 2024.
Stars of the Show
Generative AI
Generative AI took the spotlight in 2023, with models like Bard and GPT-4 demonstrating their capabilities in storytelling, music composition, and code generation. OpenAI’s DALL-E 2 and Google’s Imagen shook the world with photorealistic creations, sparking ethical debates on deepfakes and copyright concerns.
SpaceTech Takes Flight
Space exploration reached new heights as SpaceX’s Starship and Blue Origin’s New Shepard captured imaginations worldwide. The James Webb Space Telescope unveiled cosmic wonders, while private companies like Axiom Space set ambitious goals for moon bases, infusing a new development in space travel.
Metaverse Mania
The metaverse continued to enthral, with Meta’s massive investment driving its vision of a digital space. However, concerns about privacy, security, and addiction cast shadows on the metaverse’s future, demanding responsible development.
The Crypto Cauldron
The cryptocurrency market faced challenges in 2023, with the collapse of TerraUSD and the FTX scandal, among other crypto companies, exposing vulnerabilities. Regulatory scrutiny heightened, emphasising the need for a stable and secure crypto landscape.
Layoffs
Layoffs were a phenomenon that held on tight to 2022 and didn’t let go in 2023. With a focus on the global space, tech giants like Meta, GitHub, Spotify, Microsoft Amazon and many more were not left out in this, so imagine how hard the technological and economic impact hit hard, of course, it wasn’t all the fault of an economic downturn. Some reported restructuring as the reason, while others said the department wasn’t needed anymore.
In Africa, companies like Chipper Cash, Kippa, Twiga Foods, Alerzo, among others also laid off staff due to similar reasons.
Shutdown
Pivo, Dash, 54gene, Bundle Africa, Pillow Nigeria, Vibra and several others, shutdown and several others shutdown operations this year. Some of the news were surprising as funds were raised shortly before the happenings. Regulatory challenges, financial and economic downturn were also the forces behind some of these shutdowns.
Lessons Learned
The Double-Edged Sword of AI
While AI showcased its unique potential, the year revealed the need for responsible development and ethical frameworks. Balancing innovation with safeguards is key to ensuring AI benefits humanity without unintended consequences.
Privacy Paradox
The convenience of technology often comes at the expense of privacy. Striking a balance between innovation and safeguarding personal data requires transparency, control, and robust privacy measures.
Sustainability in the Spotlight
The tech industry’s environmental impact faced scrutiny, urging companies to adopt sustainable practices. From reducing e-waste to minimising carbon footprints, the call for eco-friendly tech solutions was a key highlight.
Layoffs, Shutdowns and Backups
Always have a backup plan! Overconfidence in your current job can push you underway. Start something for yourself in 2024, you never can tell what’s coming.
When it comes to shutdowns, we could say adequate management is key in every aspect of the business, but policies and regulatory conditions also hit a business hard when not favourable or too many gigantic processes for a business to thrive. These and several other aspects are what a company should put in continuous check.
Fears for 2024
Layoffs and Shutdown Continuous Upheaval
Let’s start with the layoffs and shutdowns. This is one major fear employees and employers have aptly in their minds right now. It was massive in 2023, what should we expect in 2024?
Raising funds is not the solution, because there are over a million things that could swallow up a company’s funds. So, pay attention to your management capabilities in every aspect of the business; staff management, regulatory management, among others.
The Deepfake Deluge
As AI advances, the threat of deepfakes undermining trust and manipulating public opinion grows. Enhanced fact-checking mechanisms and media literacy are essential to combat this evolving challenge.
The Great Algorithm Divide
The digital divide, marked by unequal access to technology, threatens to widen. Addressing this gap requires targeted initiatives and equitable distribution of resources to ensure technology benefits all.
The Cyber Cold War
Geopolitical tensions spilt into the digital sector, with cyberattacks and espionage becoming more commonplace. International cooperation and responsible technology use are essential to prevent cyberwarfare escalation.
Hopes for 2024
AI for Good
Leveraging AI’s power to address global challenges like climate change, poverty, and disease presents an optimistic vision. Envision AI-powered robots cleaning oceans and algorithms predicting natural disasters for the betterment of humanity.
Democratisation of Tech
Open-source platforms and accessible tools can empower individuals and communities globally. Envision a world where everyone, regardless of background, contributes to and benefits from the tech revolution.
Human-Centered Tech
Technology should enhance human lives, prioritising well-being and fostering connections. Designing tech solutions with a human-centric approach ensures a positive impact on society.
Nigerian Tech Focus
Nigerian Tech Takes Off
Fintech Flourishes
Nigeria’s fintech scene soared, with companies like PalmPay, Interswitch, Termii, OnePipe, Nomba, Flutterwave, Cowrywise, among others doing exploits in the sector and driving digital payment adoption.
E-commerce Soars
Jumia and Konga fueled the e-commerce growth, with record-breaking transactions during Black Friday 2023.
Local Content Takes Center Stage
“Made in Nigeria” tech initiatives gained traction, with companies like Andela and Ingressive expanding talent pools and training programs.
Global Stars, Nigerian Impact
Generative AI Takes Root
Local startups like Kibo, uLesson, Healthtracka and many others explored AI applications in education, healthcare, and agriculture, contributing to Nigeria’s tech sector.
Lessons Learned for the Nigerian Tech Space
Bridging the Digital Divide
Efforts like the National Broadband Plan aim to connect all Nigerians, ensuring equitable participation in the digital economy.
Building a Thriving Ecosystem
Supportive environments for startups, including funding, mentorship, and innovation-friendly regulations, are vital for sustainable growth.
Investing in Local Talent
STEM education, coding bootcamps, and reskilling programs are essential to equip Nigerians with future-proof skills.
Fears for 2024
Cybersecurity Threats
Growing online transactions demand strengthened cybersecurity infrastructure and increased digital literacy to prevent cybercrime.
Data Privacy Concerns
Robust data protection laws and transparency from tech companies are essential to address concerns about privacy and misuse.
Talent Drain
Retaining local talent requires competitive salaries, career development opportunities, and a sense of purpose within the Nigerian tech ecosystem.
Hopes for 2024
Tech for Good
AI-powered solutions in healthcare and innovative uses of tech, like drones for disaster relief, can address social and environmental challenges.
Global Recognition
Increased collaboration with international partners and showcasing local success stories can attract investments and elevate Nigeria’s tech globally.
Inclusive Innovation
Prioritising solutions for marginalised communities ensures a truly inclusive digital future for Nigeria.
