Innovation, digital, product-market fit: test your business creativity with Edition 22 of our quiz!
This weekly quiz from YourStory tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 22nd 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 themselves actually did. Would you do things differently?
Q1: Product-market fit
Founder passion and customer empathy are great ways to get started on solving a problem. Evolving from MVP (minimum viable product) to a scaled portfolio are other milestones in the journey. But what are other success factors beyond getting satisfied customers?
Q2: The innovation pathway
Investing in R&D, improving employee creativity, and promoting intrapreneurs are proven ways to increase a firm’s innovation quotient. Externally, mergers and acquisitions are other ways to acquire new IP, talent, and market share. What’s another powerful approach to innovation?
Q3: Online healthcare
Online healthcare received a tremendous boost during the pandemic for virtual consultations, medicine delivery, and at-home workouts during the lockdowns. It reduces risk and increases productivity as well. What are other advantages of online healthcare?
Q4: Digital branding
Tapping social media influencers can be an effective way to increase brand visibility. Becoming an influencer is even better. There are multiple channels available now to publish and promote a company’s content, ranging from email newsletters to immersive media. But one foundational media space is often overlooked – what is it?
“Friends, family, and fools” is the most direct way to raise external funding for an entrepreneur. Angel investors, VCs, and crowdfunding are the next obvious sources, along with grants or investments from incubators, accelerators, and government schemes. What’s another fast-emerging source of funding for startups?
Congratulations on having come this far! But there’s more to come – answers to these five questions (below) and links to articles with more details on the entrepreneurs’ solutions. Happy reading, happy learning, and happy creating!
A1: Product-market fit
“Paying and repeat customers are the best indicators of a product-market fit that is working,” explains Shreyans Daga, CTO of MyGate. The product must solve a real problem, and the market should be large enough to offer the potential of scale.
“Entrepreneurs are often extremely passionate about their ideas, which may not be the case with their customers,” Shreyans cautions. One of the leading causes of startup failure is the lack of market need and the inability of the founders to pivot to a new product. Read more on product-market fit here.
A2: The innovation pathway
“Open innovation is the future,” explains Rajiv Mukherjee, Co-founder of IncubateHub. The firm connects corporates to a curated community of startups and facilitates the creation of prototypes and solutions.
The corporate innovation market is expected to reach $750 million by 2023, according to Rajiv. Read more here about the growing popularity of the open innovation model thanks to its advantages of synergy, lower cost of experimentation, and competitive advantage through new revenue streams.
A3: Online healthcare
“One of the many benefits of the internet is that this medium makes mental healthcare more approachable while also being readily accessible,” explains Rakesh Sharma, Director, AtEase. In the pandemic era, online platforms have provided private and confidential access to counsellors to deal with stress.
Rakesh also showcases the importance and advantages of online mental health platforms for women and LGBTQIA+ communities. “Online mental health platforms do not restrict you to a particular geographical radius, allowing you to connect with licensed medical practitioners from all over the country or globe,” he adds. Read more about online mental healthcare here.
A4: Digital branding
“Every other space has its own rules and regulations, but a website is a timeless artefact that people can always visit,” explains Ajit Sivaram, co-founder of U&I. The charitable organisation works towards providing non-formal education to children.
In spite of all the social media craze, websites play a huge role in establishing a brand presence, according to Ajith. “We can organise the data we want, show it the way we want, so I think it’s the best way to portray your brand,” he adds. Read more about the website advantage here.
“Today there is a lot more opportunity to raise capital from the HNIs and family offices,” explains Adith Podhar, founder of Gemba Capital, a micro VC fund. Over the past few years, many family offices have become keen to invest in entrepreneurs.
It is usually the younger generation of these families that take the lead, thanks to exposure to the startup boom. The buoyancy of the startup ecosystem in India is attracting a new breed of investors. Read more of such investor trends 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).