The startup, founded by Massimiliano Spalazzi, former CEO of Jumia Nigeria, and Olumide Soyombo, co-founder of Bluechip Technologies, aims to transform Africa’s talent industry and provide businesses worldwide with high-quality data and AI expertise.

The funding round comes as global demand for AI talent is outpacing supply. 

According to Google’s 2024 Data & AI Trend Report, more than half of digital leaders are struggling with a shortage of skilled professionals in AI and data analytics.

JADA plans to train over 100 professionals annually through its proprietary four-month programme. The training, targeted at experienced professionals with at least two years in data and analytics, machine learning, or generative AI, combines technical and soft skill development. Participants receive stipends during the programme, though specific figures remain undisclosed.

“Our academy is built to develop world-class talent capable of leading businesses through data and AI transformation,” said JADA CEO Piero Trivellato, a veteran in management consulting and AI-focused leadership roles.

The company’s ultra-selective recruitment process employs an AI-powered algorithm to screen candidates across multiple dimensions, including technical assessments, case studies, and culture-fit interviews. This rigorous approach ensures that only the most qualified individuals make it into JADA’s training cohorts.

JADA’s business model is designed to address critical pain points for companies looking to integrate AI into their operations. In offering access to a highly trained talent pool in Africa, JADA enables clients to bypass traditional recruitment challenges while benefitting from the region’s cost-effective yet high-quality workforce.

“Our approach focuses on professionals who can deliver immediate value to clients,” said Olumide Soyombo. “We want to create a sustainable model where cash flow from successful projects is reinvested into scaling our talent pipeline.”

JADA’s initial focus is on businesses in Europe and the Middle East, leveraging Africa’s favourable time zones and English proficiency to meet client demands. The company plans to expand its reach geographically, aligning with client requirements for additional language capabilities and regional presence.

JADA has built itself as a global competitor in the data and AI outsourcing market, stressing advantages in cost, language, geography, and talent quality. “Africa is rapidly emerging as the next frontier for tech talent,” said Spalazzi. “Our mission is to harness this potential and deliver value to businesses globally.”

While the startup has begun operations in Nigeria, it plans to scale across Africa to maximise its impact. “Our expansion will follow our clients’ needs,” Trivellato added, noting JADA’s focus on long-term client partnerships and evolving talent solutions.

The funding will enable JADA to bridge the AI talent gap and establish Africa as a global hub for high-quality data and AI expertise.

Over the past two decades, Nigeria’s tech ecosystem has undergone a transformative journey, evolving from a non-visible state to a bustling hub of innovation, drawing global attention and investments. 

This growth has been driven by pioneering leaders, innovative startups, and a supportive infrastructure that has collectively impacted the continent and beyond. 

Visionaries like MainOne’s founder/CEO Funke Opeke, who transformed West Africa’s telecom industry; CcHUB’s Bosun Tijani, now Nigeria’s minister of Communications, Innovation and Digital Economy, Flutterwave’s founder/CEO Gbenga Agboola; and others have committed to growing Nigeria’s tech sector. Along with successful companies like Interswitch, Flutterwave, Andela, and Paystack, these entrepreneurs have leveraged technology to solve local problems with global impact, leaving an enduring legacy.

However, as the ecosystem rapidly evolves, new entrants have a limited understanding of key historical events and contributors that have contributed to its development over time. This knowledge gap stems from inadequate documentation of earlier events and their impact on the ecosystem. It is on this basis that Peace Itimi, the host of Founders Connect, attempts to bridge this gap through the Innovating Africa documentary. According to her, the film conveys the ecosystem’s cumulative growth holistically, offering timely insight.

“After interviewing a couple of founders on Founders Connect, I just started seeing patterns and feeling like there was a bigger story.” – Peace Itimi

For Peace, the documentary resulted from the realisation that there was no single, coherent story about the Nigerian tech ecosystem and the need to investigate the journey of transformation that had fascinated her since her initial foray into the industry. To achieve this, she interviewed over 20 pioneers, like Jason Njoku, Tomi Davies, Olumide Soyombo, Odun Eweniyi, Iyinoluwa Aboyeji, and Kola Aina among others, who shared experiences on the ecosystem’s early days and evolution.

Putting the team together

Although Peace and her Founders Connect team had familiarised themselves with shooting YouTube videos, making a documentary was a different ball game entirely. Telling a story of this magnitude needed a comprehensive team of skilled personnel. According to her, she needed to bring the best hands on the board, and people she trusted could understand the vision and have the expertise to execute it. 

In assembling the team, she says, “After I told Joyce, who was probably the first person I told about the idea, I started thinking about people who could help me bring it to life outside of Joyce. For filming, Nora Awolowo came to mind first. She was the first person I reached out to, mostly because, at the time, she had just put out her Baby Blues documentary trailer.” – Peace Itimi

Joyce recalls being awed by Peace’s bold idea amid their ongoing Founders Connect journey. Her desire for a more cohesive story about the ecosystem was the motivation she needed to join the team. When Nora was approached with the idea, she was receptive to it, having been a keen admirer of Peace’s work. “I was very happy to come on the board,” she says.

However, what began as a brilliant idea was just the beginning of a rollercoaster of unplanned events, resources, and timelines they never imagined would span over two years. Peace details this period as witnessing time gaps due to not finding rhythm and enthusiasm at some points, reconciling disjointed stories, low responses to requests for support, and many more.

“There were many times I felt mentally blocked, unsure how to progress,” she says. “We reached a point where it became clear that our current approach wasn’t yielding results, and it took a while to regroup and regain our momentum.” – Peace Itimi

Dealing with the challenges of producing the documentary

And then came finance, which, of course, was the major resource needed to execute the project. Having not properly understood the financial implications of producing a documentary of this sort, Peace banked on a grant from an anonymous benefactor for a separate endeavour. 

She explains this succinctly: “If I knew how much time, stress, and money the documentary would cost me, I most likely would not have done it,” she says. “I severely underestimated the effort required. The seed funds were quickly exhausted, forcing me to self-finance three times that initial amount just to see it through to completion. It became a significant financial drain, but I was determined to finish what I started.” – Peace Itimi

Just like taking your first driving lessons, many firsts come with their disappointments and struggles; this was the same for Peace and her team. She even recalls that there were times she felt like shelving the idea and giving up.

“Every time that I stalled from story to research to production, it was just me doubting that maybe this was not going to be quite good.” – Peace Itimi

Joyce recounts that there were moments when they second-guessed the process, considering different strategies. This introspection, which led to self-criticism, was prompted by multiple rejections, too. She reflected on their initial disappointment, recalling several attempts made to secure grants for the project and the subsequent absence of feedback, which proved to be disheartening. Additionally, there were days during the production when the team became overwhelmed, adding to the challenges faced.

However, Peace claims she later found solace in the positive responses she and her team received during the first private screening of the documentary in Lagos, from people who were invited to watch it.

“I remember during the screening in Lagos, I didn’t watch the documentary. I was anxious and waited outside the entire time. That’s probably the most anxious I’ve been in a long time. Because again, I just didn’t know if people would like it. So when we did the screening in Lagos, everybody was like, this is amazing. It felt reassuring, and we thought it was okay to put it out there for more people to see it.” – Peace Itimi

Reflecting on the journey: No regrets

Despite the rollercoaster of emotions and financial constraints, the team remained relentless. The drive to unveil this untold narrative of Nigeria’s tech ecosystem superseded monetary considerations. This unwavering commitment shone through moments of distress, bringing them to a realization—an acceptance of the project’s status as an MVP, a pioneering attempt at something previously unexplored. 

“This is the first time something like this has been done in Nigeria around this kind of story, the ecosystem, and the individuals, with many of the people featured being able to show their impact. This is an MVP.” – Peace Itimi

Following the conclusion of the documentary’s production phase, Peace Itimi reflects on several lessons she learned and basks in the unquestionable joy the finished product has brought her and her team. Additionally, she emphasised that carrying stakeholders along from the project’s inception turned out to be significant for the outcome of the film.

The success of the documentary stands as evidence of the collective perseverance, dedication, and commitment to documenting the stories behind Africa’s tech evolution. According to Peace, the documentary stands tall, not just as a piece of work but as a stepping stone to more comprehensive narratives and future projects.

“Genuinely, I have no regrets. Others might feel differently, but I would do it again, maybe differently, but I would still do it. It’s a story that needs to be told, a proof of work that needs to be out there.” – Peace Itimi

For Joyce and Nora, the pride in the work supersedes the challenges experienced while making the film.

“No regrets on my end. I think we did a brilliant job with this, even though, between ourselves, we feel like we could have done it better. This MVP is a very solid one, especially because nobody has done this before and it can only get better.” Joyce Imiegha

“No regrets,” Nora says. “This will spur people to tell their own stories properly. The story had to be told and needed to be told by us,” she adds.

The documentary, Innovating Africa: The Rise of Tech in Nigeria was officially premiered on YouTube on December 20, 2023. As Peace and her team bask in the euphoria over the body of work that has been made, they acknowledge that it requires bravery to pull off a project of this magnitude, recognising it as the start of more things to come.

Touted as the first screenwriting tool created by African screenwriters for African screenwriters, Albantsho offers a robust platform that will enable screenwriters to churn out polished stories that meet standard formatting requirements.

“The creative aspect of screenwriting can be very mentally demanding, but that doesn’t mean professionals can afford to focus on that alone and shun widely accepted formatting standards. So it can be tricky to balance ticking creative boxes alongside properly formatting each story element,” said Julie Ako, who founded the startup with Nikita Mokgware in 2020.

While there are existing formatting tools, they are either considerably pricey, with some going for as much as $200 (one-time purchase), or relatively complex.

This often precludes beginner and intermediate screenwriters from accessing the best tools to write, edit, and manage their scripts.

Albantsho looks to change this with its intuitive block-based script editor which is currently available for free.

The argument for the value of Albantsho’s platform is based on the increased global interest in African stories, which will, in turn, trigger more demand for them.

African stories are seeing a wider appeal on the continent and beyond, with Nollywood productions, especially, enjoying greater success in recent times.

The 2023 Nollywood $1 million blockbuster, The Black Book, racked up 5.6 million views on Netflix barely 48 hours after it launched on September 22 and was among the top 10 titles in 69 countries by the second week of its launch. Earlier in the year, Jadesola Osiberu’s Gangs of Lagos was also one of the top ten most streamed non-English Language titles on Amazon Prime.

This growing global appeal of African films, coupled with their potential to deliver quick and impressive returns on investment, is also transforming the industry into an attractive investable asset class.

For instance, funding for The Black Book came from a long list of tech founders, including Flutterwave’s Olugbenga Agboola, Piggyvest’s Odun Eweniyi, and Paystack’s Ezra Olubi.

Venture capitalists also pitched in, including  of Voltron Capital, Subomi Plumptre of Volition Capital, and others.

Olumide Soyombo, who has also invested in other African films such as Gangs of Lagos and Brotherhood, cited the potential for returns demonstrated by Nollywood movies based on his experience.

“[ROI] varies from project to project, but it is better than keeping your money in a fixed deposit. We have seen 50% returns, 2x returns, and 3x returns,” he said.

Soyombo is not the only one noticing the potential in Africa’s filmmaking industry. Volition Capital, which also invested in The Black Book, recently launched a $20 million fund for creative projects, and Capital Film Productions, a movie financing firm that backed Gangs of Lagos and Brotherhood, has rolled out a ₦500 million fund for Nollywood movies.

The heightened audience and investor interest in African stories will inspire more filmmakers to produce more movies. In such a situation, the need for more readily available, compelling, and diverse scripts becomes crucial, and that’s precisely where Albantsho plays a pivotal role.

By providing simpler and more accessible tools, Albantsho aims to empower screenwriters to craft more stories and hone their voices.

This, in turn, will meet the growing demand from producers eager to bring such narratives to life, attract investors looking to fund such projects, and cater to a global audience keen on consuming more African stories.

As part of its mission to promote African storytelling, Albantsho also looks to introduce a script marketplace that will enable screenwriters to monetise their craft and producers to acquire quality scripts.

Tagged StoryBase, the feature scheduled for launch in Q1 of 2024, will allow screenwriters to put their ready scripts up for sale and allow producers to bid or collaborate on them.

“The goal is to democratize access to lucrative offers for screenwriters and give producers a go-to platform for the best Africa-focused stories,” notes Julie.

In the near future, the platform will also integrate a community feature that will enable writers to easily collaborate, share, and receive feedback and, as a result, create richer stories.

As earlier noted, screenwriters who sign up on Albantsho can now access the available features for free, including The Scriptwriter.

“We are big on building a thriving community of African screenwriters and filmmakers. We will make money, for sure. But we’ve been patient all this while, and we’ll continue to be as we prioritize the needs of our users for now,” said Julie.

“Once certain things are in place, we’ll roll out paid plans, but even then, some features will still be available free of charge,” added the screewriter-cum-founder.

This is not the first time Albantsho is offering free services. Over the last two years, the startup has organized iDraft, a free annual 8-week screenwriting workshop where budding screenwriters interact with industry experts. As part of the program, participants are required to complete scripts using the tips garnered, and Albantsho helps find buyers for the best ones.

“We’ve established a decent track record of bringing value to Africa’s filmmakers. The launch of the Albantsho screenwriting suite is how we plan to extend that record,” Julie offered.

The discussion delved into understanding and navigating regulatory frameworks, fostering a culture of resilience through risk management, and exploring case studies and best practices.

Moderating the session at the NFW was Yeye Nwidaa, Partner, Jackson, Etti & Edu, with Panelists including Tajudeen Mustapha, Head, Risk Management and Compliance at Xpress Payment Solutions Limited, Dr. Krish Ranganath, Regional Executive West Africa, Africa Data Centre, Gbolahan Atoyebi, Head, FSI Sales, MainOne, and Precious David, Associate, Udo Udoma & Belo-Osagie, UUBO

The discussion commenced with addressing compliance challenges in the Fintech sector. Various regulatory bodies, including CBN and SEC, oversee different aspects of Fintech, making compliance multifaceted. The speakers stressed the importance of understanding regulations and seeking legal counsel to ensure compliance.

Nigeria Fintech Week: Keynote Address by Dr. Akinwumi Adesina, President of the African Development Bank

Key Points:

1. Regulatory Understanding and Compliance:

• Comprehensive Compliance: Fintech companies must align their operations with a variety of regulations from different regulatory bodies.
• Legal Counsel: Engaging internal and external legal counsel is crucial. Startups should consult legal experts to navigate complex regulatory landscapes.

2. Risk Management and Culture of Compliance:

• Cultivating a Compliance Culture: Senior management should instill a culture of compliance and risk management throughout the organization.
• Continuous Training: Ongoing training and education for employees are essential. Regular training programs keep the workforce updated and aware of compliance requirements.

3. Strategies for Building Resilient Fintech Organizations:

• Innovation and Adaptability: Fintech companies need to innovate continuously. Adaptable strategies are vital to stay relevant and compliant in the rapidly changing technological landscape.
• Global Perspective: Fintech innovations should be viewed globally. Solutions should be scalable and adaptable for diverse markets.

4. Technological Innovation and Compliance:

• Technological Advancements: Fintech innovations, while revolutionary, must adhere to regulations. Regulatory bodies evolve, and companies need to keep pace with these changes to remain compliant.
• Balancing Innovation and Regulation: Innovations should align with regulatory standards. Striking a balance between creativity and compliance is crucial for sustainable growth.

5. Importance of Internal and External Legal Support:

• Internal Legal Counsel: Having an internal legal team ensures constant scrutiny of operations, identifying potential compliance gaps.
• External Legal Support: External legal experts provide specialized knowledge and insights, guiding companies through intricate regulatory frameworks.

6. Cultural Shift and Adaptability:

• Top-Down Approach: Compliance culture must start at the top with senior management setting an example for the entire organization.
• Cascading Compliance: A bottom-up approach ensures that compliance practices permeate every level of the organization, creating a holistic compliance framework.

7. Data Protection and Technological Risks:

• Data Security: Data protection is paramount. Fintech companies must invest in robust cybersecurity measures to protect customer data.
• Technological Risks: Risks associated with new technologies, such as cloud services and digital transactions, necessitate careful consideration and proactive risk management strategies.

The panel discussion highlighted the intricate interplay between technological innovation and regulatory compliance in the Fintech sector. Fintech companies need to balance innovation with a deep understanding of regulatory requirements, fostering a resilient culture of compliance and adaptability. In embracing a proactive approach to risk management and staying abreast of evolving regulations, Fintech organizations can thrive in the dynamic landscape of financial technology.

Fireside Chat for the Nigeria Fintech Week Day one focused on Building Resilience in the Fintech Ecosystem: Experience from Executives

The panellists were Kofo Akinkugbe, CEO, Secure ID, John Obaro, Founder & GMD, SystemSpecs, Ebehijie Momoh, Country Manager & Area Business Head, West Africa, Mastercard, while the moderator was Olumide Soyombo, Co-founder, Bluechip Technologies Ltd.

These industry leaders spoke on the challenges and opportunities shaping the African FinTech landscape. The conversation revolved around critical themes such as sustainable business models, regulatory compliance, customer-centric innovation, talent acquisition, and adaptability in an ever-changing Fintech environment.

Understanding the African FinTech Landscape: Diverse Challenges, Unique Solutions

Acknowledging the diversity within African markets, the panel emphasized the need to move away from the notion of a one-size-fits-all solution. Africa, and particularly Nigeria, presents a unique blend of cultures, economies, and consumer behaviors, making it essential for Fintech companies to adapt dynamically to cater to diverse needs.

One of the prominent challenges discussed was the race to raise funds versus the authenticity of products. It was noted that while fundraising is crucial, it shouldn’t overshadow the essence of creating genuine, problem-solving products. Panelists stressed the importance of understanding the market deeply, ensuring that innovations align with real needs rather than just financial trends.

Navigating Challenges: Cybersecurity and Customer-Centric Approach

The conversation then shifted to the challenges that keep Fintech executives awake at night. Cybersecurity emerged as a top concern, with panelists highlighting the need for continuous vigilance in an increasingly digital landscape. Understanding the dynamics of cyber threats and addressing them proactively became a focal point.

Additionally, the discussion emphasized the significance of customer feedback. FinTech companies need to evolve into more social entities, understanding the pulse of their consumers. This shift toward customer-centricity not only enhances the quality of products and services but also fosters trust and loyalty among users.

Embracing the Future: Opportunities Amidst Challenges

Despite the challenges, the panelists expressed optimism about the future of Fintech in Africa. They recognized the tremendous opportunities that lie in building solutions for the digitally native generation. With a growing youth population having unprecedented access to the internet, there is enormous potential to develop innovative digital solutions catering to their needs.

The Nigeria Fintech Week Day one panelists also stressed the importance of learning from failures. While success stories often take the spotlight, understanding the reasons behind failures can provide invaluable insights. Embracing failures, analyzing them critically, and deriving lessons are essential for the growth and resilience of the Fintech ecosystem.