Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 72nd 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: Human creativity
The internet and social media platforms, along with democratisation of tools for media creation, have led to a boom in the creator economy. Talent, creativity, trendspotting and even trend creation are key success elements here. What else is a major driver of the creator economy today?
Q2: Freight transformation
The freight industry is a core foundational plank of the global trade ecosystem. Is this sector well-penetrated in terms of digital solutions? What are the emerging opportunities for entrepreneurs in this space?
Q3: The role of data
Data is the new oil, gold, or water, depending on how you view its uniquity and value. But just gathering data is not enough – steps have to be taken to ensure data is valid, usable, and relevant. What are other steps in the data maturity journey, in terms of infrastructure and culture?
Q4: Restaurants and beyond
Restaurants have witnessed a significant acceleration in digital transformation during the pandemic era, with online menus, digitised supply chains, and predictive tools. What is another transformative force in this sector, which enables new players to enter the market at lower costs?
Q5: Customer trust
Delivering on the brand promise is a key enabler of winning customer trust. The digital world has added other layers of trust – providing offerings in real time, and in a personalised manner. What are other requirements of digital trust?
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: Human creativity
“I strongly feel, it’s not a creator-based universe anymore, it’s an algorithm-based universe,” affirms BB Ki Vines Co-founder and actor Bhuvan Bam. It is very difficult to predict what kind of content will work today, he adds.
“You have to keep a sane mind and have patience,” Bhuvan advises. Content providers need to generate relatable content and be perseverant. Read more here about the role of talent in succeeding in the chaotic world of social media.
A2: Freight transformation
“The freight forwarding industry is a cornerstone of the global trade economy and despite the massive size, much of the industry remains constrained by manual processes and runs on paper, Excel sheets, and phone calls,” explains Mayank Porwal, VP, Sequoia India.
The company has invested in freight rate management SaaS platform, Freightify. It helps freight forwarders automate rate management and make everyday operational workflows fast and efficient. Read more here about the startup which is headquartered in Singapore with a development team in Chennai.
A3: The role of data
“To effectively turn data into a business advantage, organisations should have a clear and practical roadmap for advancing on the data maturity ladder, invest in attracting and retaining talent, and leverage the right technology to reap the full benefits,” advises Monojit Mazumdar, Partner at Deloitte.
Investing in cloud solutions will help businesses to accelerate their data maturity levels and achieve data-driven insights, he adds.
“The key is to put data to use by analysing it effectively and creating a data-driven culture,” says Puneet Chandok, President of Commercial Business, AWS India and South Asia. Read more about cloud advantages here.
A4: Restaurants and beyond
“With low operational costs, cloud kitchens can encourage entrepreneurship in the country and give consumers access to economical food options,” explains Prerna Kalra, Co-founder of Daalchini Technologies, a retail tech startup.
“Several mainstream food brands and platforms such as Zomato, Swiggy, Biryani by Kilo, and Prasuma, have introduced cloud kitchens,” she adds. She cites research by RedSeer which states that the cloud kitchen market in India is set to reach $2 billion by 2024. Read more about emerging food services startup opportunities here.
A5: Customer trust
“While organisations have always needed security and privacy to earn and build customer trust, today’s business environment has made them mission-critical,” observes Samir Kumar Mishra, Director of Security Sales, Cisco India and SAARC.
“By embedding data protection and privacy into their culture and ongoing operations, organisations can ensure that they are well positioned to meet the challenges of an increasingly data-driven digital world,” he adds. Read more about data strategy 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).
