Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 126th 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: Bottled water
Bottled water can be safer and more convenient to consume, package and deliver as compared to many other forms of distribution. However, the cost of water bottles can be beyond the range of lower-income groups. How can bottled water be made cheaper?
Q2: Women entrepreneurship
Being an entrepreneur is hard enough–being a woman entrepreneur adds another layer of challenges due to societal biases and pressures. What are some ways for aspiring women entrepreneurs to develop the right mindset for success?
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Q3: Impact and investment
At a time of a slowdown in venture funding, many startup founders are finding it hard to raise new funds or maintain current levels of valuation. But entrepreneurs should also have solid unit economics. What is the importance of business viability and long-term roadmaps here?
Q4: Gaming and GenAI
In the gaming industry, GenAI can be used to create new ways to play games and offer personalised experiences to gamers. It can create stories, quests, and character interactions customised to each player’s journey. How else can GenAI enhance gaming?
Q5: Plastic waste
‘Reduce, recycle, reuse’ is a mantra for sustainability. However, it can be tough to repurpose plastic waste into new products or materials, though some applications have been found in upcycled bags and event artworks. Where else can plastic be recycled?
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: Bottled water
Amitt and Kashiish Nenwani co-founded Wahter in 2023 with the aim of selling packaged water for as low as Rs 2 per 500 ml bottle. The Gurugram-based startup allocates 80% of its label space to partnering brands and enables advertisers to design and customise labels.
Its app enables advertisers to place orders, upload brand designs, visualise final products, and even target specific markets down to the PIN code level via a dashboard. Read more here about how advertisers can also monitor real-time merchandise offtake, track performance in specific areas, and formulate strategies to enhance sales.
A2: Women entrepreneurship
“Every woman has potential but they get satisfied very easily. Why are you getting satisfied and why don’t you have a big, large, wild dream?” asks CK Kumaravel, CEO and Co-founder of Naturals Salon. “I think the world will respect you when you become ambitious, dream big, and go out and achieve them,” he adds.
“Indian women do not have financial independence, and that is a problem. But if you flip it it becomes an opportunity and that is my business model,” Kumaravel said. Read more of his inspiring and practical advice here, from his fireside chat at SheSparks 2024.
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A3: Impact and investment
“When investors are investing in your startup, they want good returns. For that, founders must be able to see a clear path to generate that kind of return,” advises Vani Kola, Founder and Managing Director of Kalaari Capital.
Otherwise, there will be a massive mismatch between expectations and outcome, she cautions. Read more here of her advice on the need to create value, strengthen core fundamentals, and learn the basics of financing.
A4: Gaming and GenAI
“Generative AI allows developers to generate realistic graphics more quickly and accurately based on an AI database,” explains Abhik Saha, CTO and Co-founder of OnePlay. It helps developers generate engaging storylines, build music, and create game landscapes.
“In the near future, generative AI will unlock creativity and innovation, ensuring gaming is filled with thrilling adventure,” he adds. Read more here about how GenAI can help create unique content and also enable faster game development.
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A5: Plastic waste
Ricron Panels, a Gujarat-based startup, is transforming the difficult-to-recycle plastic waste into high-quality building materials. Founded by Radhika Chaudhary, it has developed innovative technology to convert non-recyclable plastic waste into waterproof, rust-proof, fire-retardant, and heat-resistant sheets.
Furthermore, Ricron Panels sources its waste from ragpickers, thus empowering the informal waste collection sector while also contributing to a cleaner environment. Read more about its journey here.
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
