Data, AI, impact: test your business creativity with Edition 68 of our quiz!
This insightful feature from YourStory tests and strengthens your business acumen! Here are 5 questions to kick off this 68th quiz. Ready?
Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 68th 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?
Check out YourStory’s Book Review section as well, with takeaways from over 355 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.
Q1: Data strategy
The data explosion has driven companies to harness the data advantage through aggressive investments in data storage, collection mechanisms, and hiring data scientists. However, there is more to data strategy than technology–what else should business leaders be looking at?
Q2: The AI advantage
AI brings vast advantages to businesses, ranging from prediction and recommendations to productivity and innovation. However, challenges lie in the propagation and even amplification of biases. How can this be tackled?
Q3: Fintech positioning
A wave of nimble fintech startups has emerged around the world, driving financial inclusion through the power of real-time data insights, analytics, and behaviour models. What are the drivers of their success, and how can they continue to scale?
Q4: Social change
Social progress is driven by techie founders as well as reformers and activists. Forming affinity groups, designing effective solutions, creative marketing of campaigns, and physical demonstrations are some methods used by committed citizens. What’s another powerful tool for social changemakers?
Q5: The EV wave
For reasons of economy and sustainability, the advent of electric vehicles (EVs) has become popular in the business and consumer imagination. EV affordability and sleek design are some success factors for market players. What else should feature in the checklist for popular adoption?
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: Data strategy
Data strategy is not just about technology but also leadership, culture, data literacy, communication, governance, and ethics, explains Jordan Morrow in his book Be Data Driven: How Organisations Can Harness the Power of Data.
“Democratising data is a powerful way to get more eyes, ears, and voices into the data,” he adds. Read our book review for more insights on data skillsets, roles, employee empowerment, and the tasks of a chief digital officer.
A2: The AI advantage
“The importance of diversity within AI teams is connected to one of the biggest challenges facing AI today: biases within AI systems,” observes Yeshasvini Ramaswamy, CEO, Great Place to Work®️ India. “We need women’s perspectives to make sure science and technology works for everyone,” she adds.
“The climate for women in strongly tech companies is not very encouraging for some women, because women do not get the support they deserve,” cautions Jayathi Murthy, President of Oregon State University.
A3: Fintech positioning
“The reason why fintech should exist is that they can provide a level of product capability, innovation, and customer experience the incumbents haven't been able to in over the years,” observes Sanjay Swamy, Managing Partner, Prime Venture Partners.
“Right from the beginning, you have to design it to be where it's always going to be a multi-partner,” he advises. Read more about fintech dynamics and ecosystem partnerships here.
A4: Social change
“Social media is your hidden superpower. It may appear mundane, given its prevalence and its use. But it is a tool of staggering power,” explains Aakar Patel, author of The Anarchist Cookbook: A Toolkit to Protest and Peaceful Resistance.
He cites the Black Lives Matter movement as an outstanding example of online and offline activism. Read our book review for more tips and examples from India such as the Dalit rights protests in 2016, farmers’ protests of 2020, and Pathalgadi land rights movement for Adivasis.
A5: The EV wave
“The EV sector is growing at a rapid pace and consumers are seeking full stack solutions, in one place. Having a trusted dense network of charging/swapping points to find, use, and pay will not only help increase adoption, but also utilisation of charging infrastructure,” explains Arpit Agarwal, Director, Blume Ventures.
“As volumes increase, safety is a big factor that Indian EV manufacturers need to prioritise,” adds Mayank Jain, Founder & CEO, E-Fill Electric. “Delivering on safety, cost-effectiveness, and range anxiety is going to be of utmost importance to ensure more people choose the EV way,” he affirms.
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).
Edited by Megha Reddy