Inclusion, opportunity, monetisation: Test your business creativity with Edition 101 of our quiz!
This insightful feature from YourStory tests and strengthens your business acumen! Here are 5 questions to kick off this 101st 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 101st 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: Responsible consumption
Children often outgrow things quickly, resulting in the discarding of toys and bicycles. Such products end up taking up too much space in homes, and later get dumped in the garbage. What’s a sustainable way of buying such toys and also avoiding global waste?
Q2: Digital lending
The traditional financial lending process can be lengthy, involved and bureaucratic. It involves multiple face-to-face meetings, extensive documentation, and long approval times. How can digital technology help here?
Q3: The Creator Economy
The Creator Economy has spawned a vast content ecosystem which includes podcasts, videos, art, music, writing, and much more. But how can creators effectively monetise their offerings?
Q4: Financial inclusion
Many small businesses continue to be under-financed due to a lack of funding mechanisms. Micro-finance and entrepreneurship grants can help here. What’s another way to empower underserved populations?
Q5: Opportunities for the disabled
Many children with disabilities do not get adequate support in government schools. This hampers their ability to later take up vocational courses, which in turn prevents them from earning income. What’s a way out of these twin problems?
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: Responsible consumption
Founded in January 2022 by Pruthvi Gowda, Hrishikesh HS, Roopesh Shah, and Sapna MS, GroClub is a circular D2C kids subscription brand. Its business model gives parents the opportunity to subscribe to products for their growing children.
“GroClub is a sustainable option to own a product without curbing consumption,” Pruthvi explains. Read more here about its current monthly run rate of around Rs 25 lakh, and its expansion into other related categories like bikes for adults.
A2: Digital lending
From application to disbursement, many steps in digital lending can be completed online, eliminating the need for physical interactions and reducing operational costs for lenders, according to Mani Parthasarathy, Founder and CEO of CloudBankin.
“Lenders can track loan repayments in real-time, reducing the chances of defaults and improving the overall lending experience,” he adds. Read more here about how such transactions are secured with two-factor authentication, and can help reach a large segment of MSMEs that were previously underserved or overlooked.
A3: The creator economy
“As a creator, understanding your target audience is vital. One of the most effective methods is to conduct in-depth research and tailor your content to their needs and interests,” advises Shubham Singhal, CEO and Co-founder of martech company Dot Media.
Creators can also work with brand campaigns that are looking for the most suitable creator that resonates with the brand voice and offers customers a familiar persona. Read more here about the possibility for creators to monetise each aspect of their content, ranging from a video asset to a story campaign.
A4: Financial inclusion
Credit access can be enhanced through a strategic co-lending approach, thus reaching and empowering underserved populations, according to Santanu Agarwal, Deputy Managing Director of Paisalo Digital.
“By bringing together diverse stakeholders, co-lending initiatives have the potential to penetrate underserved communities, empower individuals, and catalyse economic growth,” he adds. Read more here about such collaborative synergies for NBFCs, banks, and consumers, and their impact on borrowers' financial literacy.
A5: Opportunities for the disabled
Sonali Saini founded Sol’s Arc in 2003 to help children and young adults with special learning needs. She develops learning materials and works with educational institutions, NGOs and governments.
She also collaborates with industry and sector councils on certification courses in skilling and inclusive solutions for employment. Read more here about the organisation’s inspiring journey which led to employment for the differently-abled at hospitality and retail firms like Lemon Tree Hotels and Amazon.
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