Resilience, diversity, segmentation: Test your business creativity with Edition 13 of our quiz!
This weekly quiz from YourStory tests your domain knowledge, business acumen, and lateral thinking skills (see last week’s quiz here). In this thirteenth edition of the quiz, we present five 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 themselves actually did. Would you do things differently?
Q1: Pandemic times
There was an opportunity even during the pandemic crisis, as seen in the boom for ecommerce, online learning, wellness coaching, and OTT entertainment. People also spent on WFH digital equipment and interior décor. What’s another sector that did well during the pandemic?
Q2: Investor assessment
A good team, effective use of technology, and notable customer traction can attract the attention of investors. A well-timed market entry is also important, and the offering should be neither too late nor too early into the market. What's another crucial investor metric?
Q3: Gender diversity
Numerous studies indicate that gender diversity can lead to companies becoming more productive and effective. More needs to be done by firms to recruit women in the workforce and in leadership positions. But that’s only a start – what’s the next important step?
Q4: Halal products
Commercial products tuned to the needs and requirements of different faiths and communities constitute a lucrative market. Cruelty-free vegan food and Halal-certified food fall in this category. What’s another significant segment in the Halal-certified category?
Q5: Effective agritech
Making agricultural technology cost-effective is key for improving the productivity of smallholder farmers in emerging economies like India. Farmers need a wide range of information inputs, preferably delivered in local languages. What’s another key success factor for agritech?
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: Pandemic times
The pandemic led to an increasing number of people adopting pets as furry companions – which spurred a wave of pet startups as well. Pet owners also realised they needed more products that could fill everyday needs, according to Rashi Narang, Founder, Heads Up For Tails.
Some of the omnichannel startup’s new stores are also coming up with pet spas, as India seems all set to become the fastest-growing pet care market in the world. Heads Up For Tails is backed by Verlinvest and Sequoia Capital, and has raised $37 million in Series A funding. Read more here.
A2: Investor assessment
“We have a five-T matrix to evaluate startups. It comprises Team, Technology, Traction, Timing, and Total Addressable Market," explains Himanshu Yadav, Founding Partner, Woodstock Fund.
Investors understandably want to put their risk capital into a startup that has much potential for growth. Other related metrics are customer acquisition cost and lifetime value. Read more here.
A3: Gender diversity
“Women often face significant barriers for career advancement rather than for entry into the workplace,” observes Bapsy Dastur — General Counsel and Head — Corporate Risk, Compliance and Legal at VFS Global.
Companies need to view gender diversity as essential, and ensure inclusion at decision-making levels as well across career paths and life journeys. Only then can there be more job satisfaction, organisational dedication, meaningful work, and overall business impact. Read more here.
A4: Halal products
Started by Grishma Teli and Mauli Teli in 2014, Iba Cosmetics is a Halal-certified and cruelty-free cosmetics brand based out of Ahmedabad. The founders realised that many Muslim women experienced restrictions and guilt in the pursuit of beauty due to the unavailability of Halal-certified cosmetics and personal care.
Iba Cosmetics has taken the D2C route online in addition to 2,000+ retail outlets in general trade, with up to three lakh customers monthly. The market size for Halal cosmetics globally is estimated to be $39 billion, with India accounting for Rs 11,500 crore. Read more here.
A5: Effective agritech
“For a tech solution to be effective for smallholder farmers, it needs to be affordable, easy to use, and the information provided should be actionable,” advises Yukti Gill, Co-founder of satellite data analytics startup Satyukt.
The startup has created Sat2Farm, an Android-based app that provides customised crop advisory based on real-time satellite and weather forecast data. Digesting the information feed into actionable chunks helps make it appealing and compelling for farmers. Read more 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).