Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 165th 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: Electronics components
The electronics components sector faces challenges such as discoverability and sourcing, which leads to prototyping delays and even production halts. How can this problem be addressed?
Q2: Rural empowerment
Rural communities in states like Uttar Pradesh face challenges such as the lack of access to education and high prevalence of child marriages among girls. This affects their social and economic standing. How can this issue be tackled?
Q3: Health insurance
For uninsured individuals, medical expenses can significantly strain or deplete personal savings, making healthcare accessibility even more challenging. How can health insurance be made more inclusive?
Q4: Energy efficiency
A significant portion of electrical energy supplied is lost due to inefficiencies in residential, commercial, and industrial settings. Unattended appliances, outdated equipment, and inadequate energy management systems cause unnecessary extra expenditure. How can this be reduced?
Q5: Agricultural pricing
Many producers of agricultural products face challenges due to unfair pricing by middleman as well as counterfeit products – this affects consumers as well. How can this problem be tackled?
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: Electronics components
Founded by Rishikesh Ranjan in 2019, Electrade offers a streamlined supply chain network for electronics components. “Product manufacturers and startups can utilise our one-click cost-effective procurement solution for prototyping and production component requirements,” he says.
Its solutions utilise AI in a variety of areas including demand forecasting, alternate part recommendation, and part listing. Read more here about how this SaaS-based vertical marketplace for electronics components has raised funding from venture capital firm DeVC.
A2: Rural empowerment
Founded by Dhirendra Pratap Singh, Sharadindu Goswami, Irengbam Debashish Singh, and Annie Gupta, Milaan Foundation is an NGO working towards reducing gender inequality, enhancing life skills, and creating sustainable opportunities for marginalised youth.
Its Swarachna school programme runs a hostel and helps young girls through its K-12 residential school for 700 students. Read more here about its inspiring Girl Icon programme which aims to reach 100,000 girls within the next five years.
A3: Health insurance
Rahul Singh, founder of InsurMonthly, rethinks traditional health insurance models and makes them more inclusive by combining wellness services with insurance. The startup offers virtual and physical doctor consultations, prescribed tests, full body checkups, lung health evaluations and discounted pharmacy options.
“InsurMonthly is a one-stop solution for all your health and wellness needs under one umbrella at an affordable price,” Singh explains. Read more here about its revenue of Rs 3 crore in FY24, and raising of Rs 1 crore in pre-seed funding led by AngelBay.
A4: Energy efficiency
Bharath Rankawat founded Enlog in 2019 to offer AI-powered energy management and Internet of Things (IoT) solutions. They help reduce energy waste, optimise electricity consumption, and promote sustainability across sectors.
Its Smi-Fi energy-saving device helps users monitor their consumption via a cloud-based platform that provides insights and identifies potential savings, enabling proactive energy management. Read more here about how it has over 15,000 users across hospitality, co-living, and commercial spaces, with apparent savings of more than 11,300 MWh of electricity.
A5: Agricultural pricing
Founded in 2023 by Amir Hameed Mir, AMSAA is a D2C brand that empowers local farmers as well as provides consumers around the world with products directly sourced from Kashmiri farmers. It delivers authentic Kashmiri products such as saffron, almond, and honey.
Direct sourcing of products from farmers ensures purity, quality and fair price. Read more here about how Mir has served 2,000 customers and generated Rs 60 lakh in revenue, with 60% of sales coming from international B2B orders.
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).
