Media, ecommerce, leadership: Test your business creativity with Edition 47 of our quiz!
Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 47th 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: Ecommerce opportunities
Catalogue shopping seems to be the dominant form of ecommerce, with social commerce also picking up. What’s another way of building better bonds between buyers and sellers in the ecommerce game?
Q2: The power of simulations
Simulations can help develop solutions in complex domains where a number of interlocking factors come into play. This calls for powerful computation capabilities to render effective simulations. Cloud computing could help here – what’s another option?
Q3: Insurance practices
Buying and selling insurance can be a complex and drawn-out process. Lack of personalisation shuts off a number of potential buyers, and rural markets can be difficult to serve. What’s an emerging innovation in this space that can offer new convenience and opportunity?
Q4: Video ads
In earlier days, video ads were only shown on television, and were complex to direct and create. Video ad campaigns were generally the preserve of large firms. Two factors have changed video ad dynamics today – what are they?
Q5: Dimensions of leadership
Leadership is about bringing people together, forming cohesive teams, and articulating a compelling vision of the future. It is also about guiding the organisation in times of crisis and empowering the next wave of leaders. What are other dimensions of leadership during our current turbulent era?
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: Ecommerce opportunities
“Live commerce is already a big thing in the US and China. In fact, 25 percent of ecommerce in China comes from it,” explains Alok Chawla, Co-founder, Kiko Live. The live shopping and entertainment startup enables users to shop virtually from small businesses in their neighbourhood.
Human-led shopping can lead to better bonds and loyalty between the buyer and seller. Customers get on a video call through the app with a shopkeeper to enquire about products and then place orders. Read more here about Kiko Live, which has raised $1 million in Pre-Series A funding.
A2: The power of simulations
“Large-scale engineering simulations are vital in developing engineering-heavy products, from cars to aircraft or from drug discovery to additive manufacturing. Quantum computing, with its unimaginable power, will unlock the new realm of such simulations,” explains Abhishek Chopra, Co-founder, BosonQ Psi.
The quantum-powered SaaS software venture has raised $525,000 in pre-seed funding led by 3to1 Capital. Its simulation software was launched earlier this year at the Quantum Business Europe conference. Read more about the startup and its sectoral pilots here.
A3: Insurance practices
Embedded insurance offers new conveniences for consumers and new opportunities for banks and fintechs, according to Adrit Raha, Co-founder and CEO of Symbo, an insurtech company.
“Embedded insurance leverages the existing customer data that a customer has provided in the core buying journey,” he adds. Insurers can incorporate technology into their operations to provide consumers with customised hassle-free experiences. Read more here about life and accident insurance opportunities in rural markets.
A4: Video ads
“With user-generated content (UGC) and testimonials becoming popular, we no longer require studios to create ad videos,” observes Anshuk Aggarwal, Co-Founder of marketing automation platform AdYogi.
“We can use a smartphone camera to make TikTok-style engaging videos,” he explains. These can then be leveraged on video platforms like YouTube. Read more here about how video ads are no longer as complex and tedious to create, and how video advertising rides the consumer craze for video content.
A5: Dimensions of leadership
“New-age leadership is about managing change, taking initiative, and being selfless when carrying out a task,” explains Arshdeep Singh, Executive Director of Jujhar Group.
Other dimensions of new-age leadership involve assisting with environmental conservation, collaboration, and future co-creation. Read more here about how leadership is also about adding value to oneself and society.
YourStory has also published the pocketbook ‘Proverbs and Quotes for Entrepreneurs: A World 0of Inspiration for Startups’ as a creative and motivational guide for innovators (downloadable as apps here: Apple, Android).