Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 113th 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 impacts
GenAI has helped merchants build their marketing approaches and campaigns. Other businesses have used GenAI to drive customer engagement. What are some capabilities of GenAI that can be used to drive transformation in the healthcare and wellness sector?
Q2: Product quality
For startups and large firms, quality of products and services is key for maintaining competitiveness in today’s dynamic market. Culture and processes must be centred around the quality mandate. What else can help ensure quality?
Q3: Workforce health
Workforce health is a key success factor for organisations to thrive in today’s fast-changing world. What kinds of metrics come into play here to assess corporate wellness, and where is the entrepreneurial opportunity?
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Q4: Sustainability practices
Sustainability approaches today include farmers using eco-friendly methods, manufacturers transforming waste into valuable products, and logistics providers minimising carbon footprint. What are examples of sustainability practices in the fashion industry?
Q5: Founders and investors
Some entrepreneurial journeys need funding for product launch and scale, which calls for convincing investors of the startup’s growth potential and profitability. Investors in turn look for a well-rounded founding team and market traction. What else is needed for a good VC-founder partnership?
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 impacts
Leveraging AI, HealthifyMe has launched a food photo recognition system in its app, according to Abhijit Khasnis, Vice President of Technology at HealthifyMe. “We built the entire solution on top of vision foundation models that have been trained on a billion plus parameters, which helps to recognise one and a half lakh Indian foods with a photo,” he says.
GenAI has also helped rebuild the interface for HealthifyMe to engage with its user base in local languages, making its services accessible in multi-modal ways. Read more here about GenAI applications showcased at YourStory’s Techsparks conference in New Delhi.
A2: Product quality
“Quality Control (QC) and Business Intelligence (BI) jointly possess the power to enhance manufacturing standards significantly,” explains Anurag Sanghai, Principal Solutions Architect at Intellicus Technologies.
“BI provides real-time visibility into production processes through data visualisation and interactive dashboards,” he adds. Read more here about how BI helps detect defects early, facilitate swift corrective actions, and identify the root causes of quality issues.
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A3: Workforce health
“Corporate wellness is on the cusp of a transformation, driven by new-age metrics that offer deeper health insights,” observes Vikas Gupta, Co-Founder of the health tech platform Human Fractal. These metrics are based on a data-driven, personalised approach that covers mental health as well.
Tools and frameworks are available now for nutrient deficiency corrections, sleep quality enhancement, behavioural nudges, stress management, and mindfulness training. Read more here about how such metrics help organisations focus on holistic aspects of health, and not just on exercise.
A4: Sustainability practices
Paridhi Sekhri, Creative Director of The Boho Bungalow and Co-founder of TidyUP, offers a range of sustainability practices in the fashion sector. For example, one fashion and lifestyle retailer has invested in energy-efficient heating and ventilation systems.
Another major retailer consistently publishes an annual sustainability report. Read more here about other practices such as using bamboo fibre, ‘zero discharge’ water processes, eco-friendly packaging, and promoting products that have longevity and repairability.
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A5: Founders and investors
“Understanding our shared vulnerability can help us pave the way for an open and collaborative relationship,” explains Galina Chifina, Partner at RTP Global. A VC-founder partnership can last for 10 years or more.
“You celebrate and grieve side by side,” she adds. Empathy from both sides helps cement a strong relationship through success and failures. Read more here about how investors need to see the human aspects of their portfolio founders, and why founders need to share their setbacks and challenges sooner.
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).
