Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 92nd 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.
Q1: The next big markets
Entrepreneurs in many emerging economies have successfully penetrated the urban affluent consumer markets. Challenges lie in moving to smaller towns and villages. What is one lever that can effectively move the needle here?
Q2: Education and empowerment
Education is regarded as an empowerment tool for children from marginalised or economically-deprived families. Making classroom education affordable is one such approach in this regard. What else can be done to build transformative power in education?
Q3: KYC solutions
Electronic solutions for KYC (‘know your customer’) using biometrics can boost document verification for applications like banking and telecom services. How can such solutions can be taken to the next level for real-time verification?
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Q4: Domestic capital for startups
Venture funding from countries like the US also dominates investments into startups from other countries. How can domestic fundraising be boosted for domestic startups?
Q5: Financial security
Middle classes and economically-backward classes face challenges in financial security in the face of scams, predatory practices, and lack of awareness about investment choices. What’s a way out of this predicament?
Answers!
Congratulations on having come this far! But there’s more to come–answers to these five questions (below) and links to articles with more details on the entrepreneurs’ solutions. Happy reading, happy learning, and happy creating!
A1: The next big markets
“Businesses have always tried to invest in India, but what has changed in India is the digital infrastructure. You can maximise the demand potential from about 400 million people,” explains Bala Srinivasa, Managing Director of Arkam Ventures.
Digitisation has made financial and healthcare services more accessible to labourers, farmers, and SMEs. “The next 400 million typically buy very small ticket items but frequently,” explains Rahul Chandra, MD at Arkam Ventures. Read more about their new fund here.
A2: Education and empowerment
Sports activities and games can also act as a transformative force for children besides classroom education. A notable example here is the Slum Children Sports Talent Education Development Society.
Sports coaches like J Shaktheeshwari believe slum children can become great sportspeople and crusaders for social change. “Sports puts you in the eye of the storm. It makes you calm, perceptive, and extremely confident,” Shaktheeshwari explains. Read more of this inspiring story here.
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A3: KYC solutions
Video KYC (vKYC) solutions take customer onboarding and verification to the next level by digitally facilitating real-time face-to-face interactions, according to Mohan Ramaswamy, CEO, Rubix Data Sciences
“These solutions allow financial institutions to conduct KYC processes remotely through live video calls with customers,” he explains. Read more here about how eKYC and vKYC can help banks and financial institutions protect against financial crimes and boost transparency, trust, and compliance.
A4: Domestic capital for startups
“Only 15% of the capital in the Indian VC ecosystem comes from Indian sources while the remaining 85% is US dollar funding,” explains Vikram Gupta, Founder, IvyCap Ventures. Many local banks consider the VC space risky.
“But active discussions with officials can help with onboarding,” Vikram affirms. Deciding to stick to Series A startups also helps raise funds. Read more here about how IvyCap Ventures is assisting Indian educational institutions to formally set up their own endowment funds.
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A5: Financial security
Financial literacy can help overcome the challenges of social inequality and financial insecurity, observes Pushkina Nautiyal, CMO at Refyne. “For instance, individuals with low financial literacy may need help to open bank accounts, apply for loans, or understand the terms and conditions of financial products,” she explains.
“Promoting financial education empowers workers to make informed decisions, reduce debt, and secure their financial future,” she adds. Read more here about how financial literacy can empower individuals and drive a stronger economy.
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 Suman Singh
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