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Lateral Sparks, the weekly quiz from YourStory, checks your area information, enterprise acumen, and lateral considering expertise (see the earlier version here). In this sixty fifth version of the quiz, we current points tackled by real-life entrepreneurs of their startup journeys.
What would you do if you happen to have been of their footwear? At the tip of the quiz, you will see that out what the entrepreneurs and innovators themselves truly did. Would you do issues in another way?
Check out YourStory’s Book Review part as properly, with takeaways from over 350 titles on creativity and entrepreneurship, and our weekend PhotoSparks part on creativity within the arts.
Q1: The lending opportunity
Traditional lending platforms rely on assessments based on credit bureau and banking transaction data. These may work well in many contexts, but can be hard to scale or roll out rapidly. What’s a good tech-driven solution here?
Q2: Better marketing
Marketers are always looking for better ways to generate effective content, engage with customers, and customise updates for target audiences. How can technology help here, and what are some tools that have emerged in this context?
Q3: Climate change
The looming threat of climate change calls for more reliance on renewable energy sources such as solar, wind and tides. How can sustainable energy be brought into the mobility sector, and how can this be financially supported?
This fall: Fear of failure
Slogans like ‘Fail fast and fail early’ are simpler stated than accomplished. Having tactical backup plans is a technique of coping with failure. But the important thing lies within the mindset – what is an effective angle to have to have the ability to body, perceive, and deal with failure?
Q5: Is the client all the time proper?
Much has been stated about discovering product-market match via buyer journey mapping, empathy, and addressing wants and aspirations. The give attention to the ‘voice of the customer’ is vital right here. But the client just isn’t all the time proper – how ought to innovators method them on this case?
Answers!
Congratulations on having come this far! But there’s extra to come back – solutions to those 5 questions (under), in addition to hyperlinks to articles with extra particulars on the entrepreneurs’ options. Happy studying, pleased studying – and pleased creating!
A1: The lending alternative
“To create a process for digitally underwriting subprime customers, I experimented with many ideas like self-psychometrics, machine learning algorithms, and gamification,” explains Sameer Aggarwal, Founder, RevFin.
The startup offers drivers with financing merchandise for several types of electrical autos (two-wheelers, three-wheelers, fleets), and has already financed over 10,000 EVs in 14 states in India. Read extra here about how shopper underwriting and product dangers will be overcome with digital id verification and mortgage disbursal.
A2: Better advertising and marketing
“In digital marketing, Machine Learning caters to the company’s smooth marketing execution in a lot of ways by combining data sources, automating tasks, and by predicting campaign outcomes,” explains Arif Kazi, Founder, Dust Value Media Agency.
“With the help of Artificial Intelligence, generating content automatically, automating chatbot conversations, and customizing news feeds can be simplified,” he provides. Read extra about digital instruments for advertising and marketing here.
A3: Climate change
“Electric mobility is the panacea for the sustainable transportation needs, there is an urgent need for consistent investments in the sector,” explains Ankit Kedia, Founder, Capital-A. “In order to do so, various services need strengthening; one such service is battery swapping,” adds Ashvin Chadha, Managing Partner, Anicut Capital.
Both firms have invested in EV startup Chargeup. “The vehicle emissions will keep increasing; the only way to reduce and stop that is to have an EV fleet,” affirms Punit Goyal, Co-founder of BluSmart, a startup that leases, owns, and operates EVs.
A4: Fear of failure
“Accepting that one doesn’t know everything, and need not either, is a good beginning to learn from mistakes and failures,” explains Karthik Srinivasan, a marketing and branding expert, who spoke at the DesignUp 2022 conference.
“Being open to being wrong about things is another dimension of that humility,” he adds. Read more here for success tips from this communication consultant, as well trends in the creative industries.
A5: Is the customer always right?
“Listening intently to the customers may often be self-limiting, if not outrightly self-defeating. You must know which customer to listen to, especially if you hear conflicting demands,” cautions Pavan Soni, author of Design Your Thinking.
“Essentially, you listen to your customer intently when you are dealing with existing business models and sustaining (read ‘incrementally better’) technologies,” he adds. Read here about how launching disruptive innovation calls for listening to your internal voice, and not just to current customers.
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).
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