This term innovation-what does it really mean?

 Innovation: the inevitable journey for contemporary products and services.

Today, as you read through any intellectual document, be it a business proposal, a column in a magazine or a pull out in a newspaper, I can bet that you will find this term ‘innovation’. This makes me marvel if the worlds’ new generation has run out of choice of words or if there is really a decent reason for the ‘abuse’ of  this one word ;innovation.

The world is rising fast in invention. Modernism is checking in at a speed that if you do not keep par and embrace change then you are left behind. According to Oxford dictionary: Innovate means to make changes in something established, especially by introducing new methods, ideas, or products.

A stream of questions therefore arise in the mind of a reader. Why is it significant for us to make changes in the 21^st century? Why is it important to introduce new ideas or products in the consumer market? Ultimately, why is it important be innovative?

There are new ideologies and concepts being propagated every day, time in the tech world is lapsing at an incredible rate. Just by taking a look around where you stand or sit, you will notice that you have either a phone, television, radio or if you are at home, a refrigerator placed somewhere strategically in the Kitchen. Have you ever wondered what your life would be without this appliances?

Imagine being born in the 1970’s in Kenya, very few families (maybe none) had access to any of these appliances. The closest they could experiences these gadgets was through factual films played at the shopping center or at the home of an educated chap who just came back from abroad. In that time, that moment, all these pictures were just like science fiction. No one would have never dreamt of it being a reality someday.

In our day, tech companies have continued pushing boundaries in creating smart, future-oriented and eco-friendly gadgets that are competitive in the market. Multinationals such as LG Electronics have made it possible for consumers to communicate by working on smartphones and tablets that are far much more capable than devices we saw in the movies fifteen  or twenty years ago.

Imagine the dating scene in 80’s or even in the 90’s.When using telephone booths was the order of the day. And it was not easy especially if you had to make a reverse call so that the receiver on the other end could call you back. If you were in the village, it was even more difficult. Boys had to throw stones on top of the maidens’ roof as an alert signal .These hard times are well behind us. With smart phones and user friendly devices, connectivity is no longer an issue, it only takes a speed dial to reach out to loved ones.

That notwithstanding, innovation was pushed to the limits last year when LG Electronics introduced to the market a refrigerator that you can communicate with using HomeChat on a cellular phone. Even when you are not at home, you can check the stock in your fridge and take inventory of food enabling consumers to know what to replenish. With the use of HomeChat app, users are able to schedule the cycle of their washing machine and even give specific instructions to their oven to heat up food before getting home.

There is a notable future-oriented concepts and designs coming up in the 21^st century, only future will tell if increased technology will lead to appliances that can interact with each other and even cook for us our food. Who knows, innovation can even result to a phone that will heat or cool food, and maybe do all other house chores at the same time. I know it sounds absurd but that is where this term innovation is taking us to!

It’s that time to have a look at your wallet, get up, and purchase a smartwatch

The second half of 2015 marked a glorious occasion for Kenyans in all spheres; the coming of POTUS.

The buzz in both old and new media was intense. People stayed glued on their television screens waiting for Air Force One to touch down at Jomo Kenyatta International Airport. This was a historical moment for the country, president Obama being the first US president to ever visit the country while in Office.

The airplane finally kissed the Kenyan skies and all of us were ready to see the chocks placed at the foot of the plane as we await for his signature wave followed by his quick stride down the stairs.

One device however caught the eyes of many Kenyans as he waved to greet the guests who had received him at the airport. POTUS had a wrist watch, not just your normal watch but a smartwatch. All over sudden, tech savvy KOT went on and on about this wearable device on his wrist.

The beauty of the upper and middle class urban consumer in Kenya is that they embrace new tech trends just with a snap. Smartwatches have been in Kenya since 2013, very few have been receptive of this devices which seems confusing and redundant. I mean-why should you have a phone and then another ‘useless’ watch that connects to your phone? According to many people, this is just a way through which tech companies monopolize the market and make you slaves to their products.

Today, smartwatches go beyond their primary use as an audio communication device. These devices boast of other capabilities sci-fi devices lacked in the past. Case example, LG Electronics smartwatches unifies fine craftsmanship and breakthrough innovation as it serves as a fitness tracker with important notification hub making it easier than ever for users to stay up to date on everything from the weather to evening plans. LG’s G watch, G-Watch R and Watch Urbane are paired with users’ smartphone, bringing the full functionality of these devices to the wrist. The most amazing wearable to me is the futuristic LG Watch Urbane LTE with a timeless design which can be used to make and receive calls without being linked to a smartphone.

So, why do you need a smartwatch?

Unfortunately for the companies selling smartwatches, most consumers don't get the opportunity to try-before-you-buy. There are however, real-world benefits that have been discovered, which should be enough to convince even the most ardent smartwatch detractors.

1. Notifications
For many, notifications are the main reason you'd buy a smartwatch. The ease of having them sent to your wrist and being able to identify their importance without removing your phone from a pocket or bag is invaluable. It simplifies your life and it saves time - and time is important.

2. Social etiquette
Checking your phone can be rude. Replacing that with a quick glance at your wrist is quicker, simpler and subtler.

3. Ease of control

You can control the volume of your sound system with a few taps on the wrist. You can also turn hue lights on and off. Again, it's quicker and simpler than retrieving a phone, and the ease of control not forgetting the 'Smart ' technology is only set to expand.

5. Answering calls
Various smartwatches handle answering calls differently. The LG Watch Urbane TE Smartwatch, for example, allows users to accept and decline calls on the watch. This is helpful when walking around with headphones on, or while driving, when your smartphone isn't easily accessible.

7. Music
You can walk around town listening to music on the phone in your pocket, if a track comes on that you don't like then simply hit 'next' on your smartwatch. You can also pause, adjust the volume or line-up the next track. It's sounds trivial, but it really does make listening to music easier.

8. Battery life
One of the biggest drains on your mobile's battery life is that big, high-resolution display .A smartwatch reduces the amount of time that large screen needs to be on, it can have a significant impact on battery life.

And before you question whether being connected to a wearable all-day drains the battery - most use efficient Bluetooth 4.0, which isn't power hungry at all.

9. Customizable
Being able to change your watch face every day is surprisingly fun, on the weekends you can walk around with a dancing ‘Micky Mouse’ on your  wrist, but at the Monday morning office meeting you can wear a more professional watch face.

10. Security
Have you ever found yourself in a rough area at night and too afraid to get your Kes 50,000 plus smartphone out? Luckily a smartwatch is a lot more discreet (well, as long as you don't go flashing your very expensive wearable around).

From the above advantages the main argument against smartwatches is that they simply do everything a smartphone can, which is true, but they're not there to replace your phone - they're there to complement it, and make your life that little bit easier. It is my challenge therefore to tech companies in Kenya to stock these devices in the market at an affordable rate for consumers to enjoy these user friendly and futuristic devices.

I hope with this read, you are able to get persuaded and that the next time you go to the mall, smartwatches will be worth a look!

LG: Thriving on green technology for innovative product development By Maureen Kemunto (Guest post)

World over, the green economy conversations have been going on, from the top echelons of government to the corporate sector. For a longtime, it was a futuristic conversation that was limited to certain levels but with the eminent global warming, the conversation has moved from now.

Many are the times when global brands have been accused not preaching about it but backtracking on the green initiatives in their day to day lives. This conversation have been driven by our global economy that is highly hinged on manufacturing, from automotive, food production and ICT that has revolutionized the way we do business not only in Africa but the entire universe.

But then again what’s all the fuss about the green economy. The green economy is defined as an economy that results in reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment.

From a technical perspective, the Green technology helps protect the environment: the less energy required to operate consumer tech products, the less energy we need to generate at power plants. This in turn reduces greenhouse gas emissions and fights climate change.

As our lives are more and more integrated with our electronic and mobile devices, it is increasingly important to think about the resources those devices are using. Many manufacturers are moving towards more sustainable and greener products.

As an environmentally conscious brand, Electronic giants, LG have been at the forefront in supporting this noble initiative both from a production and distribution perspective. From conserving energy and water in its manufacturing processes and reducing packaging materials to advancing technology that significantly reduces the amount of energy LG products require to operate and designing for recyclability.

The electronics giant efforts have not gone in vain; recently, the eco-friendly LG OLED TV became the first TV in the world to achieve the UL GreenGuard Gold certification. The evaluation was done by UL Environment, a division of the global safety science company UL that focuses on environmental impact of electronic products. This certification is likely to set precedence for TV manufacturers to create improved indoor environments by reducing chemical product emissions as well as coming up with timeless designs for their products.

Without a doubt, Sustainability remains a core business principle at LG, and we will continue to push the boundaries when it comes to addressing the environmental impact of our products. The International Energy Agency has predicted that energy used by consumer electronics and computers will double by 2022 and increase threefold by 2030. This means that we are continuing to focus on meeting the growing demand for electronic devices and home appliances while minimizing the energy needed to power those products.

The writer is the Marketing & Corporate communications Manager at LG Electronics E.A

NIC BANK AWARDS ITS TOP ASSET FINANCE DEALERS AT THE NIC ANNUAL JOHARI AWARDS

Executive director NIC bank Alan Dodd and top sales  overall winner John Ngugi

October 25, 2015…NIC Asset Finance, a subsidiary of listed lender NIC Bank Group, awarded its top performing motor dealers on Friday 23, October at the annual Johari Awards Ceremony.

More than 400 dealers from 46 new motor vehicle & machinery dealerships,   as well as various second hand car dealers in Nairobi converged at Panari Hotel to celebrate this year’s achievement, especially in a competitive volatile environment.

Speaking during the event NIC Bank Executive Director Alan Dodd said the support gained from dealers has enabled the Bank retain its position as the market leader in providing flexible asset financing solutions.

“NIC Bank’s heritage is asset finance and despite many players coming into the market we have continued to be the market leader. As a bank we are working to constantly offer our customers the highest level of business in terms of value through NIC Bank and we appreciate all the dealers, our partners,” said Mr Dodd.

Earlier this year the bank launched NIC Leasing LLP, a new subsidiary offering Operating Leases, to further complement the NIC Bank asset finance offering.

MR John Ngugi of Isuzu- Central Farmers Garage was named this year’s overall winner having supported NIC Bank with the highest value of asset finance business countrywide. 1^st Runners up was Catherine Muthui of General Motors East Africa.

NIC Credit risk director Margaret Kimuma and top sales
used private vehicles winner Angela Wahinya

The dealers are mainly in motor vehicle, machinery and technical equipment financing were drawn from various outlets countrywide dealing with new vehicles and second hand including General Motors, Simba Colt, CMC Motors, DT Dobie, Toyota Kenya, RMA Motors , Porsche, Tata, Isuzu Dealers, Central Farmers Garage (CFG), Transport & Lifting (T&L), Ganatra,  Heavy Vehicles and Plants Suppliers (HPVS) and many more including second hand car dealerships.

“We are committed to provide our customers with innovative asset finance solutions across our branch networks within the region, to expand their businesses or also to improve business performance by acquiring or upgrading their assets. The only security required by the bank for the loan is the asset itself,” said NIC Bank’s Head of Asset Finance Moses Karanu.

LG leading in innovation by realizing Science Fiction (Sci-Fi) predictions

Contrary to the predictions of author Isaac Asimov, the biggest change to life in the 21st century has been the invention and rapid adoption of smartphones and tablets. Predicted by famed inventor Nikola Tesla as far back as 1926, smartphones and tablets have revolutionized the way that we consume media, communicate and even think. 

LG has established itself as a leading innovator by focusing on how past predictions of the future often differ wildly from the technology of the present, we can demonstrate that LG has often surpassed what past visionaries thought possible. LG’s role as an innovation driver in has helped distinguish it from the competition with its futuristic take outs.

Technology is turning this world into a smart place starting with smart phones and tablet PCs which have changed our lives to travel cards people use every day.  LG has taken the lead into turning some of the “Science Fiction” (Sci-Fi) gadgets into a reality.

LG Smart Watch,

Not long ago, wearable computers were confined to the realm of science fiction. However, the rapid progress that LG and other leading tech firms have made in this field has finally made it possible for consumers to experience the next step in technological integration. Unsurprisingly, LG has proven itself to be a consistent innovator in wearable technology, releasing four different smart watch models in less than 12 months. Each model offers users a different wearable technology experience, ranging from the straightforward G Watch to the luxurious, network-connected Watch Urbane LTE which is all user- friendly.

LG WebOS 2.0

LG's award winning Smart TV webOS platform revolutionizes the way you watch and experience entertainment on your TV. Free from the complexities of advanced technology, you can now enjoy Smart TV the way it is supposed to be, simple and intuitive, bringing together some of the best catch-up TV, movies, sport and music services. Whatever you wish to watch, find, launch, or play, you can do it easily with webOS, the efficient and user-friendly OLED Smart TV with a timeless design created with you in mind. Revolutionizing the way you experience entertainment on your TV. Simple and intuitive setup allows you to focus on your favorite content when you want it.

LG IoT at Home

The most striking feature of future kitchens appears to be how we interact with technology. We can already communicate with our appliances today using HomeChat on our cellular phone increasing technological access. Even when you’re not home, you can check the inventory of your refrigerator, schedule the cycle on your washing machine, or give specific instructions to your oven to heat up food while we’re commuting home. Only time will tell if we can tell if we can make our appliances cook food for us.

NAIROBI SECURITIES EXCHANGE LAUNCHES THE REIT MARKET AS STANLIB KENYA ANNOUNCES THE FIRST I-REIT PUBLIC OFFER

On 22nd Oct 2015, the Nairobi Securities Exchange officially launched the Real Estate Investment Trust (REITs) Market at a ceremony that also marked the opening of the STANLIB Fahari I-REIT public offer.

An I-REIT is a collective investment vehicle that allows investors to pool capital, which is then invested in a portfolio of selected properties for a return. Investors gain through capital appreciation and rental income, with the latter being distributed to unit-holders annually.

Speaking during the launch, NSE Chief Executive Mr. Geoffrey Odundo congratulated STANLIB, saying “The launch of the NSE Real Estate Investment Trust (REITs) and Kenya’s first REIT, marks yet another revolutionary achievement in the history of our capital markets as Kenya becomes the third Exchange in Africa to launch this market.”

“The launch of REITs further enhances financial inclusion in our capital markets as average investors will now be able to invest in large-scale commercial, residential and industrial properties, without requiring large sums of money. I urge other property owners and developers to follow in STANLIB’s footsteps, raising funds to finance their developmental projects through our capital markets,” he added.

 CMA chief executive Paul Muthaura (left) Stanlib East Africa regional headof business Felix Gichaga (second left), Stanlib regional director James Muratha and NSE chief executive Geoffrey Odundo (right) at the NSE head office

The STANLIB Fahari I-REIT public offer, which opened at 08h00 at a minimum subscription of Ksh20,000 (1,000 units) and a nominal value of Ksh20.00 each will close at 17h00 on November 12, this year. The offer will then go through an allotment process with a subsequent listing of units on the Nairobi Securities Exchange (NSE).

Commenting on the offer, Anton Borkum, STANLIB Fahari I-REIT CEO said: “We are glad to introduce this landmark IPO, which is the first Kenya. We are offering both retail and institutional investors a stable income stream with long-term growth and capital appreciation through the STANLIB Fahari I-REIT.”

The STANLIB Fahari I-REIT will be listed on the NSE’s Real Estate Trust Market Segment. Like any other listed security, its future value will be determined by market dynamics. This is expected to create liquidity, meaning unit-holders can sell their holdings or buy more. Open trading will also help in price discovery.

Through a transparent and regulated environment, the STANLIB Fahari      I-REIT, a first in the Kenyan listed market, will provide local and international investors with a diversified investment platform that offers the opportunity to invest in a new asset class.

The STANLIB Fahari I-REIT will benefit from the underlying properties’ rental income and capital gains, giving investors exposure to a reliable and growing return profile in the long-term.

The fund’s rigorous and prudent investment criteria will ensure quality assets backed by a sustainable underlying rental income streams. The vehicle is backed by a dedicated specialist team with in-depth collective experience of over 100 years in the local market and in real estate on the African continent.

The pioneering move by STANLIB comes at a time when property as an asset class in Kenya is under-represented in the capital market. According to the 2015 Economic Survey, growth in real estate and property sector is set to continue, driven by demand for new office space and urban housing. The survey notes that high demand for fixed assets, largely property, was a major contributor to a 5.3 per cent expansion in the Kenyan economy last year. Demand for access to quality commercial property in Kenya continues to grow.

STANLIB has a footprint in 10 countries in Africa and manages over $46 billion in assets for both institutional and retail clients across Africa. 

The US has the world’s most advanced REIT market in the world. Australia, France, Japan, Canada, the Netherlands, Singapore and Hong Kong also have active markets for an asset class whose returns averaged 18 per cent in 2012. In Africa, growth in this market has been limited by the absence of enabling legislation. South Africa has traded in REITs for the last 10 years, while Ghana has had access to REITs since 1994 and Nigeria 2007.

James Muratha, STANLIB East Africa, Regional Director concludes: “STANLIB Kenya is excited to be part of the constant evolution in the African capital markets and to empower investors. We are proud to be a contributor to the growth of the property sector and importantly, the economy. We welcome all investors as we launch this offer today, and we look forward to making Kenya’s first I-REIT a success.”

Jambojet launches campaign targeting first time flyers

Since the introduction of low cost flying in Kenya a one and a half year ago, air travel has become accessible to more Kenyans and is no longer considered a preserve of the rich. As such, more Kenyans are opting to fly rather than travel by road or rail especially over long distances.

Encouraged by this trend, Jambojet, the first low cost airline in Kenya, has launched a campaign targeting first time fliers. The main goal of the campaign dubbed ‘Invitation to Fly’ is to demystify flying while highlighting the benefits, especially of low cost air travel, over traditional means of transport such as road or rail.

The campaign which will include advertising , will rely heavily on testimonials of first time flyers, encouraging them to share their personal experiences on how flying has changed their lives. Most first-time flyers are ordinary Kenyans including traders, tourists, students and government, civil society and private sector employees.

The airline will also use the campaign to create better understanding of how the low cost flying concept works so that first time and repeat customers are able to better plan their travel schedules. 

Jambojet CEO Willem Hondius says that since the airline launched operations in April last year, the number of passengers has been gradually increasing. “We have seen strong uptake of low cost flying in Kenya. However, many Kenyans are yet to appreciate how the low cost flying concept works. With this campaign, we are aiming to not only demystify flying but also create better understanding of how lost cost flying works,” said Hondius. 

Although flying is generally considered a faster and safer means of travel, it is however beyond the reach of the majority who would want to fly but cannot owing to high cost of tickets. Low cost airlines like Jambojet seek to address this need by eliminating the frills normally offered on flights such as food and drinks so as to keep the cost of air tickets low.

A bus ride between Nairobi and Mombasa normally takes eight hours and costs an average Ksh2500. A flight over the same distance takes  one hour with Jambojet charging a minimum fare of Ksh3,450 per ticket one way depending on how early one books their flight. 

“The value proposition of low cost flying is there for all to see. Flying cuts travel time especially when one plans their travel in advance which is what we are encouraging Kenyans to embrace so as to enjoy the thrill, affordability and convenience of flying,” Hondius explained.