This weekly quiz from YourStory tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 34th 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 330 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.
Q1: Data for making decisions
Big data and analytics powered a major wave in data-powered decision-making. IoT brought in even more sources of real-time data, and AI and ML stepped in to offer another layer of powerful insights. What’s another emerging driver for data availability?
Q2: Edtech frontiers
Student modelling and rich media have powered interactive and engaging frameworks of online education. Immersive media like AR and VR are making the educational experience even more attractive. What’s another educational capability that technology like AI can offer?
Q3: The jewellery experience
Effective marketing and branding, along with a focus on trust and security, helped boost the online retail model for jewellery. Having features like customisation brought in even more customers. What’s the next wave of technology that is making customers more satisfied with the buying experience?
Q4: The customer base
Establishing product-market fit is an important first step in the startup journey. Unit economics, viral effects, and clear differentiation help build the customer base in a sustainable manner. But where do many startups falter even after getting customers?
Q5: IT and beyond
India’s IT wave began with the services industry, and put the county on the global map as a hub for offshoring. Today, product startups are also being launched out of India for the global market. What’s the next tech wave where India can be a significant player?
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: Data for making decisions
“We are at the cusp of the next big industrial revolution that is set to be triggered by 5G,” explains Bhupinder Singh, Head of Data Science, Ecom Express. It will transform sectors like manufacturing, as well as supply chains.
“I believe this is one trend that will bring in very high data efficacy,” he adds. This speed will help derive insights and drive decisions. Read more about data variety, velocity and integration here.
A2: Edtech frontiers
“Personalisation of the learner’s journey will be the most sought-after goal, and in the years to come, education could be driven a lot more by technology than it is today,” explains Gaurav Perti, Founder and CEO of PurpleTutor.
“Getting a teacher who understands the student is very important to maximise learning,” he adds. Read more about how ed-tech can help teachers map challenges students face in issues like communication, and how this can improve teaching methods and pace here.
A3: The jewellery experience
“In general, 98 percent of jewellery shoppers won’t buy jewellery without trying, yet 95 percent of the existing jewellery ecommerce stores don’t provide that experience,” observes Aagam Shah, who launched Plushvie as an ecommerce marketplace for jewellery in 2018.
The Ahmedabad-based startup launched a virtual TryOn feature on its platform, and pivoted to being an AR-based SaaS startup during the pandemic. Read more about how AR is used to map and detect users’ faces, and help them experience the look and feel of jewellery here.
A4: The customer base
“Early-stage startups tend to place a lot of emphasis on acquiring new customers, without taking any further steps to build the relationship,” observes Avadhoot Revankar, Chief Growth Officer and Business Head, Netcore Cloud.
Tools like journey maps help understand user needs and acquire them as customers, but it is important to retain them as well. Avadhoot cites customer retention as a key roadblock that early-stage startups face when it comes to building a customer base. Read more about customer strategies here.
A5: IT and beyond
“India has the advantage of having people with sharp technical skills who also have a creative mindset. Indian companies will play an important role in building and shaping the Metaverse,” explains Zeba Khan, Founder and CEO, Xenvis Solutions.
India’s skills in the IT sector are well established, and there is a strong creative community in the arts, design and entertainment worlds as well. The size of the India market works in its favour, though there are challenges on the regulatory front. Read more about metaverse dynamics 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).
