Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 103rd 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: AI and recruitment
The process of recruitment is being transformed rapidly by the use of AI technologies. But blue-collar recruitment poses some unique challenges in areas like background checks. How can AI help here?
Q2: Conserving biodiversity
In the face of rapid and rampant urbanisation, threats arise for biodiversity–particularly decline in bird population. Planting more trees as bird habitats is one solution. What else can be done to protect biodiversity?
Q3: The next unicorns
Waves of innovation have created a string of unicorns or startups with billion-dollar valuation. Examples include mobile apps and ecommerce, with fintech and AI being the current wave. What’s the next unicorn opportunity for entrepreneurs?
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Q4: B2C marketing
Clear differentiation from competitors helps companies in their B2C marketing initiatives. So does the use of analytics and AI to deliver message personalisation at scale. What’s another success factor for B2C marketing?
Q5: Bollywood and entrepreneurship
A: Business success for Bollywood actors comes not just from acting roles and brand endorsements, but other ventures and even startups. Examples include Shah Rukh Khan (Red Chillies Entertainment, Kolkata Knight Riders) and Twinkle Khanna (The White Window, Tweak India). What other stars and ventures come to mind?
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: AI and recruitment
“Reliance on human judgment alone introduces biases into the recruitment process, leading to potential hires falling through the cracks, increased time-to-hire, missed opportunities, security, and diversity challenges,” observes Ajay Trehan, Founder and CEO of AuthBridge.
“Whether conducting real-time identity/document verification, large-scale remote onboarding, screening criminal/court records seamlessly, or staying compliant with ever-evolving regulations, AI is becoming a core tool in the organisations’ arsenal to navigate the blue-collar recruitment challenges,” he explains. Read more about AI cost savings in recruitment here.
A2: Conserving biodiversity
Founded in 2008 by Gurpreet Singh, BEERH (Birds Environment and Earth Reviving Hands) has planted more than two lakh trees in the forest areas in Punjab. His organisation has also built 30,000 birdhouses to attract birds.
“While development is necessary, it’s equally important that we take action to support and conserve our biodiversity,” he affirms. Read more here about how the first BEERH birdhouses were made with wood, and now with clay.
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A3: The next unicorns
The next 10 years is going be the window of opportunity for climate unicorns, according to Anirban Mukherjee, Managing Director & Partner at Boston Consulting Group, who spoke at TechSparks 2023.
Many of these unicorns have emerged on the back of policy changes in the US and Europe. Read more about blended finance mechanisms and carbon markets here, as green financing has gone up from $200 billion to $600 billion in the last 10 years.
A4: B2C marketing
B2C marketing is about forging emotional connections for a lifetime, according to Christopher Roberts, Managing Director at Engaged Strategy, a net promoter loyalty partner. “Brands that resonate with customers on an emotional level enjoy benefits beyond transactional value,” he affirms.
“Crafting strategic customer surveys after key transactions that measure not just the satisfaction with the touchpoint, but also emotions transferred, becomes paramount now,” he adds. Read more here about the importance of customer recommendations here.
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A5: Bollywood and entrepreneurship
Deepika Padukone has a private clothing label, ‘All About You’. She has also backed Epigamia, FrontRow, BluSmart, Purplle, Bellatrix Aerospace, Supertails.com, Blue Tokai, and ‘Live, Love, Laugh’ foundation.
Suniel Shetty owns numerous gyms across India, and is an investor in healthtech startups, The Biohacker, Klassroom Edutech, and Vieroots Wellness. Read more here about Bollywood actors who are successful entrepreneurs and investors.
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).
Edited by Megha Reddy
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