Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 79th 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?
Q1: Tech in agriculture
Efficiency and profitability across the agricultural value chain leave a lot to be desired in many emerging economies. How can digital technology help farmers who are in the rice sector, for example?
Q2: The aroma of success
Many perfumes in India are marketed as Western products. But India is home to a wide variety of unique aromas and ingredients. What entrepreneurial opportunities can be tapped in this segment?
Q3: Fintech frontiers
A huge percentage of citizens in many countries remains underserved when it comes to credit; many do not have formal borrowing activities. So how can fintech help bring them into the formal sector?
Q4: Global startup ambitions
This city has hosted the Olympics Games as well as the football World Cup. It now wants to become “the most startup-friendly city in the world” by 2040. Which city is this, and how can it realise its ambition?
Q5: The EV ecosystem
As the number of electric vehicles (EVs) on the road goes up, challenges arise in stepping up power grid capacity to manage this workload. What are some solutions that can be designed here?
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: Tech in agriculture
Many agriculture ecosystem stakeholders do not have an online presence. “I saw an opportunity to bring them online and onboard them on our digital platform,” explains Dhanraj H Kidiyoor, Founder and CEO, Pwip Foodtech.
The startup’s platform connects Indian rice farmers, traders, millers, and exporters with importers, and reduces dependency on middlemen. Read more here about how it has onboarded over 23,000 users, partnered with 200 millers, and enabled 45 exporters.
A2: The aroma of success
A business trip to Tehran revealed useful insights into the perfume industry for Rayhan Abdul Rahiman, Founder, Make Your Own Perfume (MYOP). Its formulation is developed keeping in mind Indian climatic conditions.
Its lineup includes Madras Malar, inspired by jasmine flowers worn by women in the city, and Calicut Spice, an ode to the city of spices. Read more here about how its customers get to even choose the compound, concentration, and packaging of perfume.
A3: Fintech frontiers
Anil Pinapala, Founder, Vivifi Finance, observed that many employees do not have access to provident fund (PF) or Employee State Insurance (ESI) accounts. “Even though this consumer never had access to formal credit, they have taken credit from neighbourhood lenders and others,” he observed.
“By tracking and analysing their transactions, we are able to build their credit profile and address their needs,” he adds. Read more here about other emerging fintech opportunities in India, from speakers at TechSparks Mumbai.
A4: Global startup ambitions
The Tokyo government has announced a bold vision by 2040: to become “the most startup-friendly city in the world,” as outlined in the Future Tokyo comprehensive plan. Tokyo recently hosted its first global smart cities event, City-Tech.Tokyo, where ambitious plans were unveiled by Governor Koike Yuriko.
The city plans to invest in the overseas expansion of domestic startups and establish accelerator programmes, as well as collaborate with overseas venture capitalists and accelerators. Read more here about innovation ecosystem challenges in Japan, and plans to overcome them on the way to success.
A5: The EV ecosystem
“Distribution of electricity will need to catch up, and it’ll be up to power distribution companies to create the necessary infrastructure,” observes Sudhir Kumar, Director of Infrastructure Ratings at Credit Analysis and Research.
Solutions here can include efficient batteries and vehicle-to-grid (V2G) technology that allow EVs to feed electricity back into the grid when not in use. Read more here about other possibilities like appropriate time-of-day charging and interconnectivity between grids.
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).
