Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous 120 editions here). In this 120th 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: Animal care solutions
Many emerging economies face serious challenges in addressing healthcare gaps for rural cattle farming. The penetration of veterinary clinics in rural areas is low, and treatments are generally of a reactive rather a predictive nature. What’s a way out of this predicament?
Q2: AI and ecommerce
The ecommerce environment in many markets is rapidly growing, but challenges remain in sustaining trust and credibility. There are fraudulent activities, fake product reviews, and even account takeovers. How can these threats be handled?
Q3: Online education
Several emerging economies continue to grapple with subpar learning outcomes among school children. These challenges were magnified during the pandemic as well. Digital technology can step in here – but how can challenges of the digital divide be addressed?
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Q4: Founder success
Many entrepreneurs end up constantly chasing the next big thing. Some are fixated on continually raising the next round of funding. What should entrepreneurs really be concentrating on?
Q5: The fintech promise
The fintech movement represents a new shift in innovation in the BFSI space (Banking, Financial Services, and Insurance). It opens the door to reimagining the future of money. But fintech is much more than this – what else does it represent?
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: Animal care solutions
Verdant Impact, Founded by Manish K Prahlad, offers a holistic animal husbandry platform that includes telemedicine and RFID-based health monitoring. This supports real-time diagnostics, remote monitoring, and virtual veterinary consultations for livestock care.
Farmers can upload videos, photos and detailed descriptions of their animals for diagnosis and remedial consultation from a doctor or a paramedic. Read more here about how this Tech30 startup has more than 25,000 monthly active users and 18,000 paying customers, with over 200 telemedical consultancy calls per day.
A2: AI and ecommerce
Companies can address ecommerce challenges by leveraging advanced data analytics, artificial intelligence, and machine learning algorithms, according to Ajay Trehan, Founder and CEO of risk-mitigation solutions provider AuthBridge. AI-powered identity verification solutions help prevent and mitigate fraudulent activities in the ecommerce landscape.
“AI-powered due diligence solutions help identify users and ensure that only genuine users pass the verification process and post reviews,” he explains. Read more here about how AI can monitor suspicious activity to prevent potential account takeovers, and flag patterns like random and repetitive changes in shipping addresses.
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A3: Online education
The upcoming Digital Inclusion Summit will address the challenges of unequal access to technology in education. AI, government initiatives, and industry leadership can help bridge the digital divide for millions of students.
The Summit is an initiative by Muskaan Dreams and the Global Digital Alliance. “Muskaan Dreams aims to bridge societal gaps and cultivate 21st-century skills through digital education, creating a profound impact on the educational landscape in India,” says Abhishek Dubey, Founder and CEO, Muskaan Dreams. Read more about the Summit here.
A4: Founder success
Snapdeal co-founder Kunal Bahl emphasises three critical elements for entrepreneurial success: focus, economics, and culture. He advises entrepreneurs to resist the allure of constantly chasing the next big thing and instead delve deep into solving specific problems.
“Building a profitable business, understanding the market dynamics, and being financially prudent is essential for long-term success,” Bahl adds. Read more here about founder tips on transparent and trustworthy communication within the team, and creating a buffer between personal and professional life for sustained well-being.
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A5: The fintech promise
“Fintech is a pivotal tool in ensuring the next generation is financially literate and empowered,” explains Sunil Shirguppi, SVP and Country Head for Greenlight in India. Financial literacy gaps are a huge challenge in emerging economies, and call for a turnaround in financial education and empowerment.
Fintech helps provide customised assessments and inputs for each individual’s unique financial aspirations, hurdles, and life events. Read more here about how fintech firms can also help increase trust and security via biometric verification, encrypted transactions, and two-factor authentication.
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
