Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 130th edition of the quiz, we present issues tackled by real-life entrepreneurs in their startup journeys.
What would you do if you were in their shoes? At the end of the quiz, you will find out what the entrepreneurs and innovators themselves actually did. Would you do things differently?
Check out YourStory’s Book Review section as well, with takeaways from over 355 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.
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Q1: Audio content
With much focus on text, video and music, it seems to be challenging to get into the digital market for audio or oral content. But what’s a creative solution to launch and scale a startup in this space?
Q2: AI impacts on startups
In the finance sector, AI-driven algorithms for real-time data analysis can improve decision-making and operational efficiency. In healthcare, AI-powered robots assist in surgery, reducing errors and enhancing accuracy. What can AI contribute to sectors like retail and education?
Q3: Labour shortages
Many tea plantations are hit by labour shortage due to migration for better opportunities or due to lack of innovation in the industry. How can technology help here?
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Q4: Educating children of migrants
Migrant workers at construction sites face challenges in educating their children. Bringing children to construction sites also poses safety risks, and raises challenges of child labour. What’s a way to tackle this challenge?
Q5: Call centres
Large firms have adequate resources for dedicated call centres. However, micro, small, and medium enterprises (MSMEs) are hard-pressed to afford such existing solutions What’s the entrepreneurial opportunity here?
Answers!
Congratulations on having come this far! But there’s more to come – answers to these five questions (below), as well as links to articles with more details on the entrepreneurs’ solutions. Happy reading, happy learning – and happy creating!
A1: Audio content
Rohan Nayak, Co-founder and CEO of Pocket FM, successfully navigated his audio entertainment platform amidst market scepticism. What helped was having good co-founders, “naïve optimism,” and a sustainable business model based on episodic fiction powered by quality writers.
“Building in India gave us the advantage of creating growth playbooks at a fraction of the cost of what it would take in markets such as the US,” Nayak explains.
Read more here about its products like Pocket Novel for Indian writers and its vision to become “the Netflix of audio.”
A2: AI’s impact on startups
“Using AI to estimate demand, personalise marketing efforts, and enhance pricing strategies may also help retail stores become more competitive,” explains Mitesh Shah, Co-founder of Inflection Point Ventures.
“Personalised learning platforms and advanced tutoring systems use AI to give students tailored instructions and relevant feedback based on their requirements,” he adds.
Read more about AI’s impact in other sectors like mobility and transportation here.
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A3: Labour shortage
G Sundarrajan founded Surinova as an agrobotics (agricultural robotics) company. It has developed a range of technology-driven innovations for the farming sector, such as the e-vehicle T-Rover.
“T-Rover can do the work of 28 people, requiring just one operator and two assistants. This helps address the labour shortage faced by tea farms,” he explains.
Read more here about its agri product that blends robotics, mechanical engineering, and AI.
A4: Educating children of migrants
Tara Mobile Creches Pune runs daycare centres near construction sites for the children of migrant workers. It offers them food, education and healthcare facilities.
“Through our creche we aim to provide a nurturing and happy environment to the children to ensure that they become educated, healthy individuals,” says CEO Manjusha Doshi.
Read more here about how it has hired teachers to coach students and holds other activities such as dancing, painting, and drawing to engage children and improve their concentration.
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A5: Call centres
Founded in 2016 by Kaushal Bansal and Rajesh Kumar Dimania, Noida-based CallerDesk provides a virtual help desk offering complete call centre solutions exclusively through cloud-based platforms. It helps SMBs manage large volumes of calls efficiently.
“In just 30 minutes, businesses can run cloud call centres in operational mode, along with remote workforce compatibility,” Bansal explains.
Read more here about its features like call tracking, team productivity analysis, and smooth call routing, which can potentially help 6.3 crore MSMEs in India.
YourStory has also published the pocketbook ‘Proverbs and Quotes for Entrepreneurs: A World of Inspiration for Startups’ as a creative and motivational guide for innovators (downloadable as apps here: Apple, Android).
