Products, platforms, positioning: Test your business creativity with Edition 89 of our quiz!
This insightful feature from YourStory tests and strengthens your business acumen! Here are 5 questions to kick off this 89th 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 89th 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: Real estate
Buying a first home (and a vacation home) can be a complicated process, particularly in markets where information is not readily available. Furnishing and decorating homes can be tricky as well when the players are fragmented. How can tech help here, and how have startups found opportunities?
Q2: Marketing insights
Well-designed websites and apps can make it easy to attract and track online customers. Email and other channels can be roped in for creative marketing messages. How can analytics and ML up the game even more?
Q3: Startup scale
Startup ecosystems can help founders scale by offering them investor connects and mentorship support. What’s another area where entrepreneurs need help, particularly when scandals and misdeeds have surfaced?
Q4: Accessible education
Museums play an important educational role by exposing students to culture, arts and history. However, access to these museum treasures can be a challenge for students from remote areas. What creative solutions can help here?
Q5: Product-market fit – and beyond
Finding a real customer pain point and building an effective solution is a good way for a startup to succeed. Creating a winning culture and a talented team helps sustain such success. What’s another key factor in this journey, which startups seem to miss early on?
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: Real estate
Startups such as Livspace and Homelane have shown how organised players can help improve the home interiors segment. Organised players can also help buyers find second homes in destinations like Goa and Dehradun, a trend which increased during the pandemic.
“Home buying continues to be plagued by information asymmetry,” observe Amit Aggarwal, Principal, and Manish Advani, VP, at Elevation Capital. Read more here about trends in the real estate sector, and how proptech startups can find new opportunities in this segment.
A2: Marketing insights
“With the use of machine learning algorithms and data analytics, merchants can identify their target audience based on their interests, demographics, and online behaviour, and deliver personalised ads,” observes Praful Poddar, Chief Product Officer at Shiprocket.
Retailers can leverage data analytics to constantly learn about dynamic consumer preferences. Read more here about tech solutions for merchants, such as AI-powered chatbots and recommendation engines for choosing the right delivery partners.
A3: Startup scale
The Indian Venture Capital and Alternate Capital Association (IVCA) and Deloitte have launched The Startup Governance Playbook to help startups build transparent and ethical businesses. The playbook is intended to help foster a culture of trust, transparency, and authenticity in India’s startup ecosystem.
The playbook will help entrepreneurs and investors to effectively navigate troubled waters, according to Rajat Tandon, President, IVCA. Read more about IVCA’s members and activities here.
A4: Accessible education
Over a century old, the Chhatrapati Shivaji Maharaj Vastu Sangrahalaya (CSMVS) in Mumbai is a UNESCO World Heritage Site. Its new initiative, Museum on Wheels aims to reach out to children, especially in rural areas, to make learning more accessible.
The air-conditioned bus helps rural children access rare artefacts right at their doorstep. Read more here about how the bus has travelled to over 678 places and reached 14 lakh individuals across the country, covering a distance of 85,359 km.
A5: Product-market fit—and beyond
“Building a successful startup requires more than just a great product or service—it demands a strong brand that resonates with your target audience,” affirms Shashwat Das, Founder of Mumbai-based branding agency Almond Branding.
“Many startups underestimate the power of branding,” he cautions. They neglect market research and choose a non-trademarkable brand name. Read more here about how startups can also master the art of storytelling to describe their brands’ tale.
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 Kanishk Singh