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Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 99th 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: GenAI in marketing

Generative AI tools like ChatGPT have made it significantly easier for marketers to do research and write creative content. How can such capabilities for marketers be extended to images as well?

Q2: The security solutions space

This startup offers security solutions for vehicle scanning, and has expanded into traffic management and smart city analytics. What other opportunities do you think can be tapped in adjacent markets?

Q3: B2B and B2C markets

Exporting products like cashews opens up lucrative B2B trade opportunities for entrepreneurs. The pandemic triggered off B2C avenues as well. How did this happen, and how does it help entrepreneurs?

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Q4: Eco-friendly tableware

The demand for eco-friendly tableware is growing among consumers, as well as planners of eco-friendly weddings, parties, and other events. What entrepreneur opportunities lie here, and how can they be tapped?

Q5: Financial inclusion

Financial products built for urban users are not always in tune with needs of rural consumers due to gaps in price positioning, post-sales support, and trust in one-stop solutions. What can creative entrepreneurs do to enter and capture this rural space?

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: GenAI in marketing

Many AI tools are also being used as image generators to create narratives and compelling content that improve customer engagement and conversion. This applies to videos as well, beyond text and images.

Generative AI models can also conduct rapid A/B testing at scale to optimise marketing initiatives. Read more here about how such applications can even extend to images used in email campaigns to personalise messages.

A2: The security solutions space

Vehant Technologies, co-founded by Kapil Bardeja, has expanded into X-ray baggage scanners and explosive detectors for the aviation sector. Its smart city applications cover traffic signal violations, speeding, absence of seat belts, and unauthorised entry.

During the pandemic, it also developed AI solutions to detect face mask violations, social distancing, and number plate recognition during lockdowns. Read more about the startup’s creative expansion here.

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A3: B2B and B2C markets

Bolas Agro specialises in the import and export of dry fruits, and has recently ventured into the retail space, opening over 70 stores in three years. The COVID-19 pandemic prompted a significant shift towards healthier dietary choices, according to Rahul Kamath, director of the company.

Dry fruit consumption is no longer associated primarily with affluence. The secret to business growth lies in a strong commitment to adapting to the evolving dynamics of the market, according to Kamath. Read more here about the company’s business strategy and growth here.

A4: Eco-friendly tableware

Vinay Balakrishnan and his wife Indira founded Thooshan, an ecofriendly tableware brand that aims to reduce single-use plastic with plates made from wheat bran and straws from rice and tapioca. The bran is sourced every day from nearby flour mills, with the gluten in the bran acting as a binding agent.

After use, the plates can be used as feed for cattle, poultry, or fish, or as organic manure. With the ban on use of plastic in some states, Balakrishnan believes people are waking up to the idea of eco-friendly tableware. Read more about is straw and fork products here.

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A5: Financial inclusion

The startup Finhaat brings together financial product providers and distribution partners to cater to the rural population through an assisted digital model. For example, its tech platform lists multiple insurers and products, and its sales and post-sales support are digitised throughout the product lifecycle.

“Finhaat’s products are the cheapest you will find in the market because we are able to price products lower by achieving large volumes and geographical diversification of risks. This allows us to use statistical assumptions and price products efficiently,” CEO Vinod Singh explains. Read more about the startup’s 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).