Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 91st 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: Climate change startups
There are numerous approaches to tackling climate change, such as creative solutions in renewable energy, circular economy, and waste management. What are some entrepreneurial opportunities here in the construction sector?
Q2: GenAI
Generative AI is making rapid inroads in a number of sectors. It is transforming the automotive industry in areas like design and prototyping. Where else can GenAI help automotive companies?
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Q3: Scale-stage startups
Achieving product-market fit, traction, profitable unit economics, and competitive differentiation helps a startup cross its first set of challenges. At the scale stage, challenges that intensify are in infrastructure, talent, and leadership. What else should scale-stage founders be focusing on?
Q4: Trust and trade
International trade is an important business activity for MSMEs, but they face challenges in timely payments and smooth cross-border transactions. What is an effective solution that combines trust and scale?
Q5: Laundry services
In many smaller towns, travellers face challenges in getting reliable laundry service. What entrepreneurial opportunities lie here in providing consistent and standardised laundry services, and how can they scale?
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: Climate change startups
Founded by Tejas Sidnal, CarbonCraft Designs develops carbon tiles using upcycled carbon for the construction industry. It procures solid carbon waste with material sourced from recycling factories and farmers’ groups.
Particulate matter can even be captured directly from the air. Read more here about CarbonCraft’s tiles, which are priced at Rs 175 per sq ft for plain tiles, and Rs 300 per sq ft for patterned tiles.
A2: GenAI
“Generative AI can generate realistic simulations of various driving situations, providing a rich dataset for training autonomous systems,” explains Shekeb Naim, Vice President at MarketsandMarkets.
“This allows automakers to refine and improve the safety of their autonomous driving algorithms before deploying them on public roads,” he adds. Read more here about how generative AI can aid in real-time decision-making for autonomous vehicles.
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A3: Scale-stage startups
Effective corporate governance can help safeguard the long-term health of a startup and actively contribute to its growth and success, according to Manav Garg, CEO and Founder of Eka Software Solutions.
In the pursuit of growth, entrepreneurs should not view corporate governance just as a necessary evil. “An effective governance structure is inclusive and adopts an ‘ecosystem’ approach by involving and balancing the interests of all stakeholders,” Manav affirms. Read more about the importance of reframing governance here.
A4: Trust and trade
Escrow services can help meet the challenges of trust and security risks in cross-border transactions. Both trading parties involved need assurance that their funds and assets are protected while the transaction is being completed.
“The escrow agent ensures that the terms and conditions of the transaction are met before releasing the funds, minimising the risk of fraud, default, or misappropriation,” explains Ashwin Chawwla, Founder and Managing Director of Escrowpay. Read more about how such agents can boost cross-border commerce here.
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A5: Laundry services
Started in 2019 by Gaurav Nigam and Navin Chawla, the startup Tumbledry aims to build a pan-India laundry services network, particularly in smaller towns. It uses state-of-the-art machines, along with standardised chemicals and packing materials.
Tumbledry has 600+ franchise-owned stores and even plans to go international. Read more here about its growth story, in the face of competition from players like Fabrico and Fabricspa.
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 Kanishk Singh
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