Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 116th 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: Drones in agriculture
Drones provide advanced imaging capabilities for sectors like agriculture via multi- and hyper-spectral cameras. But there can be significant time lags between data acquisition and centralised analysis for decision-making. How can this challenge be overcome?
Q2: Digital opportunity and inclusion
In many emerging economies, the large cities are seen as driving forces for tech innovation, while smaller cities and towns may not be as prominent. How can this trend be bucked, and what are some notable examples here?
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Q3: Crafts and livelihood
Handcrafted products like soaps and skincare creams can offer viable opportunities for entrepreneurs in rural areas. Many, however, tend to depend on procurement of materials from manufacturers outside the state. How can this constraint be overcome?
Q4: The fintech responsibility
Fintech can open up vast opportunities for entrepreneurs through new avenues for wealth generation. But founders also need to ensure that fintech is secure. What kinds of issues should fintech entrepreneurs be addressing to ensure regulatory compliance?
Q5: Ecommerce strategy
Direct-to-consumer brands need to develop a strong web and mobile presence, with interactive and customised features for customers. Offering cash-on-delivery or free returns also helps. What else do D2C brands need to address in today’s fast-changing economy?
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: Drones in agriculture
“By leveraging computing power on the edge, farmers can act swiftly based on up-to-the-minute information, whether adjusting irrigation, applying fertilisers, or addressing emerging threats,” explains Rishabh Choudhary, Director and Co-founder, BharatRohan.
Edge computing deployed directly on drones ensures that the data gathered is processed locally. Read more here about how such edge computing contributes to increased transparency and accountability in the agricultural supply chain.
A2: Digital opportunity and inclusion
Vikas Dubey and Amit Jain launched Annova Solutions in the Tier II city of Indore. Today, their startup has become a notable player in the BPM 4.0 industry, managing healthcare services, AI/ML operations, and digital BPO operations from India.
They have also expanded into the rural heartland of Madhya Pradesh, conducting workshops in places like Ratlam and Mandsaur while serving clients in the US, Europe, and Australia. Read more here about how the founders are creating awareness about careers in medical coding and machine learning in rural communities, with over a thousand employees.
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A3: Crafts and livelihood
Rinzing Choden Bhutia founded organic and handcrafted skincare line Agapi Sikkim, drawing on the talent of local and tribal women in Sikkim to make artisanal soaps. “I wanted to tap into the vast pool of medicinal and heritage plants available in Sikkim for centuries,” she explains.
Instead of procuring material from manufacturers outside the state, Bhutia taps mostly local plants such as mugwort. Read more here about how the brand is now valued at $1 million, and became the first women-led startup in Sikkim to attract foreign direct investment.
A4: The fintech responsibility
Vivek Sridhar, Chief Business Officer, Neokred explains that the fintech company focuses on ensuring that its consumers have control over their personal data. This aligns with the broader industry shift toward enhanced data protection.
In keeping with India’s Data Protection Bill, Neokred also notifies consumers of unwanted data sharing. Read more here about how Neokred works hand-in-hand with law enforcement agencies to support them in multiple ways.
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A5: Ecommerce strategy
The D2C Playbook track at YourStory’s TechSparks Delhi conference featured valuable business insights from Shreyans Gangwal, Principal at Fireside Ventures; Rajit Uboweja, Principal at Stride Ventures; and Zoeb Ali Khan, Senior Associate at Sauce.vc.
Deep cohort-based content strategies, diversified marketplace approaches, and offering quick-commerce services helps meet evolving consumer demands and preferences. Read more here about how D2C founders also need to address other kinds of fundraising options such as leveraging debt financing for working capital needs.
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).
