Idea, innovation, investment: test your business creativity with Edition 23 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 23rd 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: Fintech frontiers
Fintech is opening up a range of new markets and customer segments, from equity trading to financial inclusion. Rural and underserved communities can be promising segments as well. So is the youth segment – but what’s an effective way to make them financially savvy?
The pandemic has accelerated digital adoption, and along with it a range of risks and threats to cybersecurity. From data protection and encryption software to biometrics and firewalls, a range of security options has emerged. But another line of defense must be secured – what is that?
Q3: The innovation quotient
Innovation is the name of the game, and large firms are scrambling to increase their innovation quotient in the face of disruptive startups as well as crises like the pandemic. But increasing R&D, M&A, and capacity building for creativity may not be enough. What’s another way for companies to stay innovative?
Q4: Digital trends
The pandemic accelerated digital adoption in a number of sectors like retail, education and healthcare. There is another trend that gathered even more steam due to the restricted movements during the pandemic waves – and it’s not just Work from Home (WFH). What is this sector?
Q5: Investor strategy
Good product-market fit, signs of traction, and opportunity for scale make a startup attractive to investors. Deep industry connections and a competitive moat help as well. But what’s another key factor that investors look at?
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: Fintech frontiers
“The fintech for teens space has grown rapidly in recent years, highlighting the need for innovation and technology adoption to make financial literacy more accessible to teens,” explains Vishwajit Pureti, co-founder of Pencilton.
It teaches children about money via presentations as well as boardgames to demonstrate concepts such as buying a home and securing insurance. The app allows for gamified learning around pocket money, facilitated by interactive community involvement. Read more about its business model here.
“Organisations must work towards fostering privacy hygiene amongst their employees by sensitising them about important data security practices,” urges Sumit Srivastava, Solutions Engineering Manager of information security company CyberArk.
This includes using licensed antivirus software, using strong passwords and two-step verification, and creating backups. Individual awareness about the potential harms of data thefts and the importance of securing one’s personal data is equally important. Read more about the broader implications of cybersecurity here.
A3: The innovation quotient
“Intrapreneurship and corporate accelerators will start embracing entrepreneurs in more strategic and sustaining ways,” explains Anand Sri Ganesh, COO of NSRCEL, IIM Bangalore’s centre for entrepreneurship.
Boundaries of innovation will extend beyond corporate walls, as startups and external innovators are roped in for co-creation engagements. Read more on how incumbents can track innovation trends and emerging opportunities here.
A4: Digital trends
“Faster digitisation, aided by the pandemic and coupled with the availability of popular games/titles, has seen the Indian online gaming industry break new ground,” observes Sunil Yadav, CEO of PlayerzPot Media.
He cites a KPMG report which indicates that the number of gamers in India is expected to rise to 510 million in 2022, up from 360 million in 2020. Read more about gaming trends like the use of blockchain technology in the payment system here.
A5: Investor strategy
“It’s not the business model that you invest in, it’s the founder,” explains Abhishek Rungta, Founder of Seeders VC and Indus Net Founder. He cites OYO founder Ritesh Agarwal as an example of an entrepreneur who pivoted successfully to a new business model.
Abhishek says his years of investment experience and entrepreneurial background have made him less judgmental about the company and people. He has backed over 100 startups, and made eight exits. Read more of his investment insights 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).