side sparks, the weekly quiz of Your story, tests your domain knowledge, business acumen and lateral thinking (See previous issue here). In this 56th 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 actually did 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 wealthtech opportunity
Transactions are becoming easier and easier for online audiences with just a few clicks and swipes. But responsible spending and wealth management can be challenging in this digital age, thanks to impulsive behavior and immediate action. How can technology help here?
Q2: The AI/ML market
AI and ML are making it easier for large companies to collect their vast datasets, from consumer behavior to supply chain activities. These technologies also open up opportunities for other players in this space – how can they be tapped?
Q3: Effective communication
Storytelling is increasingly accepted as an effective form of business communication. A compelling story arc, emotional engagement, and a memorable punch line all help. But how can storytelling be improved in a world full of data?
Q4: Content and Consumption
Competition or addition – what future does the book have in an increasingly digital media world? Reading habits change with technology and user preferences. What is the future of long-form content in an increasingly hectic online world?
Q5: Product-Market Fit
The startup journey really begins when entrepreneurs go from idea to traction. The product should not only meet customer needs better than existing solutions, but also be something customers would pay for. But there is more to product-market fit than satisfaction – what else does it need?
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 wealthtech opportunity
“Wealthtech firms can embed mechanisms that not only incentivize their clients but also enforce financial caution,” he notes Joginder Rana, Vice President and General Manager of CASHe.
“Ask any young person today about investing and chances are they’ll raise concerns that they don’t know where to start investing,” he adds. Read here about how technology can help democratize access to quality investment research and engage users in desirable behavior.
A2: The AI/ML market
“The AI/ML market continues to grow each year, and alongside that, the need for solutions that help companies adopt and leverage this power is growing exponentially,” he notes Anandamoy Roychowdhary, Director, Sequoia Southeast Asia.
They recently invested in Sigmoid, a technology startup focused on data engineering. Citing research by Gartner, the startup found that by 2025, around 80% of companies looking to scale their digital business will fail because they don’t take a modern approach to data and analytics governance. Read more about the AI opportunity here.
A3: Effective communication
“Data helps present points more articulately, argue more coherently, and take our conversations to a higher level—whether among friends or in the wider public,” explains Govindraj Ethiraj, Founder of BOOM FactCheck and IndiaSpend.org.
“The challenge is for the storytellers to communicate more effectively,” he adds. “Think about how we can improve the quality of public discourse,” he advises. Continue reading here about the importance of data storytelling and digital literacy.
A4: Content and Consumption
“Short form content is snack content, there will always be a place for it and there will always be a need and many creators to create content. Even long-form content creators also look at short-form content,” notes Suresh Narasimha, Managing Partner, Cocreate Ventures.
“There is something timeless about a printed book that no e-medium can match. However, people’s attention spans are dwindling, so short-form e-content has its place,” he adds Siddharth Pai, Techproof Me: The art of mastering ever-changing technologies. Read more media insights from the Bangalore Business LitFest here.
A5: Product-Market-Fit
“Product market fit is not when customers stop complaining and are completely satisfied. You will never stop complaining. You will never be completely satisfied,” he states Casey Winters, Chief Product Officer at Eventbrite.
“Product-market fit is when they stop walking,” he adds. Products can be scaled effectively when they become accustomed to their use, switching costs are high, chasms are insurmountable, and new customer needs are accommodated. Read more about the startup scalability lessons here.
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).
