Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 96th 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: The travel opportunity
Mothers can find it particularly hard to travel with young children. But travel can yield endearing and lasting moments of bonding between mothers and their young ones. What entrepreneurial opportunities lie here?
Q2: Digital tools for MSMEs
MSMEs can leverage a range of digital technologies for efficiency and innovation. For example, IoT helps improve supply chain processes via real-time data on traffic conditions and recommendations for carriage performance. What are other areas of digital impact for MSMEs?
Q3: The EV sector
Electric vehicles (EVs) are transforming the mobility sector, but widespread market adoption calls for ecosystem support such as tax benefits from the government with respect to imports and road levies. What other ecosystem support helps here?
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Q4: Customer feedback
Customer feedback is vital for businesses to unearth the pros and cons of products and services. However, the sheer volume and speed of customer feedback can be overwhelming. How can technology help here?
Q5: The value of traditional crafts
Traditional crafts such as handmade applique involve ornamental needlework with pieces of fabric in different shapes that are attached to a larger canvas to form patterns. How can such artisanal value be preserved and promoted?
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: The travel opportunity
Saakshi Gulati and Nikita Mathur, two mothers and avid travellers, founded Travel with Kids in 2021 to organise trips for moms and kids. The startup encourages mothers to fulfil their travel dreams with their children.
The founders themselves faced travel obstacles when they were mothers. Their startup even offers customised features based on the child’s sleeping routines, dietary preferences, and potential allergies. Read more about their inspiring story here.
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A2: Digital tools for MSMEs
The MSME sector can look for digital gains not just in logistics also in gaining customer loyalty. “The integration of the latest technologies can do wonders,” according to Zaiba Sarang, Co-Founder of iThink Logistics.
Data analytics helps in other areas as well. “With proper systems, a business owner can track product sales, categorise products into fast- and slow-selling goods, and obtain region-wise details,” she adds. Read more about tech innovations for SMBs here.
A3: The EV sector
“Financial institutions, such as banks and non-banking financial companies (NBFCs), have a significant role to play in the country’s rapid adoption of EVs,” affirms Anshul Gupta, MD, Okaya Electric Vehicles.
“In an effort to entice customers, automakers are also working with financial institutions to offer special financing deals,” he adds. Read more about EV market dynamics here.
A4: Customer feedback
“The recent advancements in AI are accelerating business operations and streamlining processes for continuous improvement and enhanced efficiency. Integrating AI to manage customer feedback would be table-stakes soon,” observes Anil Bains, Founder and CEO of Attryb.
AI helps clean up, categorise and integrate unstructured data. “Leveraging AI-powered customer feedback analysis, businesses gain actionable insights in real-time, allowing them to respond promptly to customer concerns and showcase their commitment to delivering excellent service,” he adds. Read more about AI contributions to business here.
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A5: The value of traditional crafts
Vishnu Suthar, an applique craft artisan from the town of Tharad in Gujarat, discovered the popular appeal of this art form during exhibitions. He now employs 300 women artisans who produce a range of applique products for consumers across the country.
He has also trained a number of women in the craft, and received support from NGOs like Craft Roots and Kaarigar Clinic. Read more of his inspiring 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).
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