Diamonds, AI, logistics: test your business creativity with Edition 140 of our weekly quiz!
This insightful feature from YourStory tests and strengthens your business acumen! Here are 5 questions to kick off this 140th 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 140th 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: Image design
Compelling visuals such as ads and marketing brochures are important for business communication. But not everyone is a good designer or can afford to hire one. How can technology assist here?
Q2: Logistics and delivery
Use of technology and a focus on quality can improve effectiveness of the logistics and delivery sector. What’s another way of enhancing the impact and customer satisfaction of such services?
Q3: Diamonds are forever
Natural diamonds are in limited supply, and are also expensive for cost-conscious jewellery buyers. What’s a way to create a market for such buyers, and where is the entrepreneurial opportunity in this sector?
Q4: Supply chain efficiency
Shorter product life cycles, complexities of global supply chains, and disruptions caused by geo-political conflicts pose severe challenges for manufacturers and suppliers. How can technology and new business models help address this challenge?
Q5: Tyre waste
The tyre industry suffers from generation of toxic waste. How can this issue be tackled while also creating new revenue streams?
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: Image design
Launched by Sona J and Ram Ganesan in 2019, Bengaluru-based Sivi is an AI platform that simplifies the media design process. Leveraging AI, it helps users instantly generate ads, social posts, product banners, and profile covers in multiple languages.
“Our plan is to develop Sivi Gen 3, a more powerful model that can achieve up to 90% of professional design standards,” Sona explains. Read more here about how it has attracted users from 140+ countries who have generated over a quarter of a million designs.
A2: Logistics and delivery
The future of logistics and delivery services lies in enhancing transparency and inclusivity of the user experience, according to Saurabh Gupta, Co-founder of ZEUX Innovation. This involves labour innovation and service design as well.
Showing customers behind-the-scenes content such as kitchen operations or food preparation satisfies customer curiosity and builds trust and loyalty. Read more here about other effective practices such as sustainable packaging and clear labeling of product visuals.
A3: Diamonds are forever
“Lab-grown diamonds are physically, chemically and optically the same as natural diamonds but cost a lot less, and they are ethical and sustainable as they were not mined from the earth,” explains Vidita Kochar, Co-founder of Jewelbox, which makes jewellery from lab-grown diamonds.
“Lab grown diamonds cost at least 60-90% lower than natural diamonds, even though they are physically, chemically and optically the same,” she adds. Read more here about how the company raked in close to Rs 3.2 crore of revenue in its first year of operation.
A4: Supply chain efficiency
“The emergence of online marketplaces serves as a pivotal tool for enhancing operational efficiency and meeting market discrepancies,” explains Shashank Donthi, CEO of Semikart. They allow businesses to efficiently compare and procure components.
“Online marketplaces leverage the power of AI and machine learning algorithms to address the disruptions in the raw material supply chain,” he adds. Read more here about how marketplaces can also consolidate demand, thus helping innovators launch products more quickly and cost-effectively.
A5: Tyre waste
Founded in 2021, actor Suniel Shetty-backed Regrip is a refurbished tyre startup that makes new products via shearing and retreading processes. Based in Gurugram, its mission is to reduce waste via sustainable tyre recycling.
The reengineered tyres have around 80% of the lifespan of new tyres at half the cost, according to founder Tushar Suhalka. Read more here about how it uses predictive technology to assess discarded tyres' remaining life, thus enabling refurbishing across 13 facilities.
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