Marketing, technology, ecosystems: test your business creativity with Edition 71 of our quiz!
This insightful feature from YourStory tests and strengthens your business acumen! Here are 5 questions to kick off this 71st 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 71st 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: Effective marketing
The use of Big Data and analytics has transformed the marketing industry. Over the years, many companies have also been using loyalty programmes for marketing. What are some effective ways to improve user engagement while marketing?
Q2: Startup ecosystems
Entrepreneurship support organisations like mentor networks and peer support groups help strengthen startup communities. Government policies and grants also help here. What’s another ecosystem enabler for entrepreneurs?
Q3: Platform advantage
Digital platforms such as marketplaces have transformed the B2C and B2B sectors. Their matchmaking, ranking and speedy responses help generate value for multiple stakeholders. But what are some challenges with this model, and how can they be overcome?
Q4: Success stories and beyond
Success stories offer lots of valuable lessons for entrepreneurs and creators, in terms of playbooks, strategy and inspiration. Much less is said about failures. How can mistakes, setbacks and failures be framed and harnessed for eventual success?
Q5: The wireless edge
New advances in wireless communication, sensors and AI are transforming industries across the board. More powerful capabilities are needed to manage this data explosion, and align it with business strategy. What are some technology models and impacts emerging in this space?
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: Effective marketing
“For any company to expand itself digitally, it needs to start using gamification marketing strategies,” according to Bhavik Parmar, Co-founder of B2B healthcare platform Pharmarack.
A 2021 study shows that gamification increases user engagement by satisfying the needs for competence, autonomy, and relatedness. Read more of gamification applications in marketing here.
A2: Startup ecosystems
Incubators can help nurture critical cross-disciplinary research, new ideas, and technologies through the early phase of entrepreneurship, according to Jagdish Mitra, Chief Strategy Officer, Tech Mahindra.
Better industry-academia collaboration can help make countries like India a hotbed of technology innovation and digital transformation services, adds Clover Infotech CEO Kunal Nagarkatti. Read more here about how government policies and initiatives can boost startups and digital transformation via incubators, centres of excellence, and accelerators.
A3: Platform advantage
“Over the years, B2B marketplaces have become synonymous with affordability, convenience, value and choice. Despite the benefits, no one-sided approach can work for a B2B marketplace to thrive and grow,” cautions Koteshwar LN, head of Flipkart Wholesale Business.
Unit economics, leverage of existing assets, and innovation together can create truly omni-channel experiences for customers. “We must understand that small businesses don't necessarily have the resources to invest significantly in technology,” he adds. Read more about tech models, impacts and customer education here.
A4: Success stories and beyond
“Learning from mistakes and failure is inevitable in every field. The best way to learn from these mistakes is to incorporate the required changes into your work,” affirms Beena Surana, an artist exhibiting at the India Art Festival.
“Accepting that you have made a mistake is the first step to recover from it and learning from your mistakes. This means using your flukes as fuel for creativity,” artist Rohini Choudhary adds. Read more about the twists and turns of the creativity journey here.
A5: The wireless edge
AI capabilities will increasingly be needed at the edge, not just at the core. “Edge AI is critical to multiple industries as data volumes grow exponentially,” explains Sachin Lawande, President and CEO of Visteon Corporation.
“With the emergence of 5G, Industrial IoT, and Intelligent Mobility, the need to improve efficiency, performance, and user experience while reducing costs is becoming increasingly important across industries,” adds Sateesh Andra, Managing Partner of Endiya Partners. Read more here about their investment in deep-tech AI startup Myelin Foundry.
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