side sparks, the weekly quiz of Your story, tests your domain knowledge, business acumen and lateral thinking (See previous issue here). In this 55th edition of the quiz, we present problems tackled by real entrepreneurs on their startup journeys.
What would you do if you were in her skin? At the end of the quiz you will find out what the entrepreneurs and innovators have done themselves. Would you do things differently?
Check out YourStory’s book review with takeaways from over 340 titles on creativity and entrepreneurship as well as our weekend PhotoSparks Section on creativity in art.
Q1: The need for data
The introduction of effective AI and ML applications depends heavily on the quantity and quality of the available data. However, retrieving data from the real world can be expensive and time-consuming, which comes with other privacy and security challenges. What is a good way to get such data to start training algorithms?
Q2: From training to a job
A degree from a top tech, design, or business school is a great way to land the perfect job. But that may not be enough to guarantee short- or long-term success. What’s another approach to getting that job and staying relevant along the long journey of a career?
Q3: Uncertainty and error
Avoiding uncertainty and making sure mistakes are avoided is one way to be risk-averse. However, uncertainties, mistakes and failures are part of the creative journey. What is a better way to frame and deal with such challenges?
Q4: Content and Services
The rise of web and social media content has spawned a whole range of sectors in digital advertising, social media influencer marketing and reputation monitoring. What is one offline services category that is also booming thanks to digital media?
F5: Channels and Brands
There are multiple approaches to launching new brands, and one of the first decisions to make is whether to focus on an online or an offline approach. Which one could you choose first and which one would you weave in later?
Answers!
Congratulations on getting this far! But there’s more to come—answers to these five questions (below), plus links to articles detailing entrepreneurs’ solutions. Have fun reading, have fun learning – and have fun creating!
A1: The need for data
“Synthetic data preserves all the insights from real data, but not the identities. It helps to overcome privacy and regulatory issues related to data sharing,” explains Hardik Dave, Founder of Indika AI.
A well-designed data generation model can produce high-quality data. Continue reading here how synthetic data can approximate the properties of original real-world data, including text, images, video, and voice.
A2: From training to a job
“Modern jobs are more skill-based than degree-based,” notes Ashish Munjal, co-founder of Sunstone. Many companies and recruiters find it difficult to find suitable candidates who match their skill requirements.
Qualification is also not a one-time investment in education. “Retraining has become a common term. People are more aware of the fact that their skills have an expiry date,” he adds Saher Mahmood, Principal Analyst, Gartner.
A3: Uncertainty and mistakes
“Let uncertainty fuel your creativity. Your time and attention and where you put it is important,” she explains Lauren Celenza, a design consultant and author speaking at the DesignUp 2022 conference.
The discussion about failures and slip-ups should also be accepted and even encouraged in organizations. “Making mistakes is a crucial part of learning, and making mistakes is okay,” he affirms Oren Kaniel, co-founder of AppsFlyer. It is important to establish such a corporate culture at an early stage.
A4: Content and Services
“With social media sites like Facebook, Instagram, Tumbler, and Pinterest becoming more popular, the photography market is likely to see rapid growth in the years to come,” he notes Parminder Sahni, Co-Founder, VsnapU.
The startup has raised over Rs 2 crore in a seed round led by Inflection Point Ventures to source more contracts and expand the team. Continue reading here about how they bring together locally available photographers to provide photo solutions for both B2B and B2C clients.
A5: Channels and Brands
“When starting a new brand, digital is the best choice. You can create demand and exposure for your product. But at some point offline is the way to go,” he explains Abhishek Shah, co-founder of Almo.
The loungewear brand ships 15-20,000 products each month and is expanding its presence on online marketplaces. Continue reading here about why it plans to go offline soon and the trade-offs that come with as digital marketing becomes more competitive and expensive.
YourStory also published the paperback “Sayings and Quotes for Entrepreneurs: A World of Inspiration for Startups” as a creative and motivational guide for innovators (downloadable as an app here: Apple, Android).
