AI, accessibility, awareness: Test your business creativity with Edition 90 of our quiz!
This insightful feature from YourStory tests and strengthens your business acumen! Here are 5 questions to kick off this 90th 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 90th 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: Space technology – new frontiers
NASA has been at the cutting edge of technology deployment, including digital technology. Communications and real-time mapping are some such examples–how can AI can help NASA, and can generative AI like ChatGPT open up new possibilities as well?
Q2: Financial inclusion
Governments and private firms have tried for decades to increase their footprint for those who need financial services but are underserved. Digital platforms are one reliable option–but what needs to be done beyond tech and information access to enable inclusion?
Q3: Sustainable farming
Sustainable farming is picking up widespread attention and adoption. Its benefits include harmony with the natural environment, and minimising adverse ecological impact. What are other outcomes of sustainable farming?
Q4: The crucial MSME sector
Financial sustainability is crucial for the micro, small, and medium enterprise (MSME) sector in any country. This can be achieved via effective cash flow management, accessing capital, mitigating risks, and building investor relations. What’s another strategy that can help financial management for MSMEs?
Q5: Vegan brands
Vegan products offer a compelling proposition for those who support cruelty-free solutions. However, there may not be enough manufacturers of such products and consumers may not be aware of their efficacy either. What entrepreneurial opportunities open up here?
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: Space technology–new frontiers
“An interplanetary communications network with in-built AI will detect, and possibly fix glitches and inefficiencies as they occur,” explains Dr Larissa Suzuki, a visiting researcher at NASA.
AI-powered interfaces can help astronauts get advice on experiments and maneuvers without dealing with complex manuals. Read more here about how NASA is using technology to enhance the efficiency of space missions.
A2: Financial inclusion
Along with financial literacy, communicating with customers in their language would go a long way toward encouraging them to adopt digital financial methods, explains Vidushi Kapoor, Co-founder of Process 9.
Information on conditions for availing loans or blocking stolen debit cards would be easier to follow if the services were available in native tongues. Read more here about how many banks are adopting multilingual localisation strategies in India.
A3: Sustainable farming
Sustainable farming preserves resources for future generations. “By implementing sustainable farming practices, we not only contribute to a greener future but also enhance our own well-being and create a legacy for future generations,” argues Suresh Yadav, CFO of Sanjeevani Farms.
Such farming practices include a focus on organic and regenerative methods. Read more here about the benefits of crop rotation, cover cropping, and composting.
A4: The crucial MSME sector
“Technology plays a pivotal role in enhancing financial management practices for MSMEs. It streamlines processes, improves accuracy, and provides real-time insights into financial performance,” explains Sudhindra Sharma, Executive Director at Seeds.
“Accounting software and financial management apps automate book-keeping, invoicing, and expense tracking,” he adds. Read more here about the benefits of cloud-based solutions for easy access to financial data, automation of tasks, crowdfunding platforms, and decision-making tools.
A5: Vegan brands
When Aakriti and Shaunak Chhaparia launched their vegan venture La Mior, they realised there was a dearth of homegrown manufacturers for clean and vegan skincare products. This presented them with an opportunity to establish their own facility.
They also realised consumers had the impression that vegan cosmetics are not as effective as chemical products. So the founders decided to educate customers about the benefits of clean beauty. Read more about the journey of La Mior 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).