This weekly quiz from YourStory tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 28th edition of the quiz, we present issues tackled by real-life entrepreneurs in their startup journeys.
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What would you do if you were in their shoes? At the end of the quiz, you will find out what the entrepreneurs themselves actually did. Would you do things differently?
Check out YourStory’s Book Review section as well, with takeaways from over 330 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.
Q1: Edtech frontiers
Particularly during the pandemic era, implementations of educational technology witnessed massive adoption. From customisation to personalisation, technologies like platforms, AI and even VR have been used to deliver enhanced experiences for teachers, students and administrators. What’s another edtech frontier, in edutainment space?
Q2: The film industry
The pandemic dealt a devastating blow to the film industry on two fronts: restrictions in shootings as well as theatre screenings. However, even in such adversity, some filmmakers found opportunity. What new avenues opened up for this community during the pandemic?
Q3: Channels of communication
Social media and messaging platforms have opened up a whole new world of marketing and advertising. The creator economy offers lucrative avenues for creators as brand influencers as well. However, another tried and tested channel for marketing and customer engagement is often overlooked. What is that channel?
Q4: Brand attributes
Brands need to clearly communicate their purpose, uniqueness and differentiation. Brand levers like pricing and country of origin can be leveraged via channels such as awards marketing and social media. What else can be marketing hooks, in addition, to core brand attributes?
Q5: Startup challenges
Getting product-market fit, cracking unit economics, and building sustainable revenue streams is key in getting a startup off the ground. Having a solid team, resilient culture, and adequate funding help as well. What’s another often-overlooked success factor for founders at the growth stage?
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: Edtech frontiers
“We're likely entering a golden period of innovation for smart toys,” explains Vivek Goyal, Co-founder of PlayShifu. The startup offers immersive, educational tech toys for kids aged 3-12 years that build foundational STEAM skills.
“AI will be increasingly sophisticated in its role; toys will learn from (and about) children to provide largely adaptive and responsive play experiences,” he adds. Read more about symbiotic relationships with toys as well as their customisable features here.
A2: The film industry
The pandemic spurred the growth of OTT platforms and the desire and willingness of people to experiment with new formats and genres. “People have started viewing and loving content from across the globe, which as a filmmaker gives you the opportunity and platform to collaborate with artists and people across the globe,” explains Minolae Jain.
“Working from home has made this transition of collaborating a lot easier,” adds this production designer and art director from Bengaluru. “I think one of the biggest things for the industry was the popularity of streaming services, which opened a whole world for people,” she explains. Read more about her approach to creativity and global media here.
A3: Channels of communication
“Emails have been the best, low-cost and high-return marketing channel for decades and still continue to be so,” affirms Ramesh Srinivasan, CEO - India Business, Netcore Cloud. He was speaking at the recent Asia Email Excellence Awards.
“In today’s competitive market, hyper-personalised email campaigns with powerful content are one of the keys to drive customer engagement, retention, and loyalty,” adds Chaitanya Ramalingegowda. Director and Co-Founder of Wakefit. Read more about newer trends such as AI’s role in communication segmentation here.
A4: Brand attributes
In her book Marketing Without Money, Jessie Paul divides brand attributes into two categories: core (functional benefit) and surround (useful but not core). Each type can be creatively leveraged.
For example, in addition to its offering of IT services, Infosys developed and marketed its adherence to transparency, governance, and ethics. Paper Boat sells not just drinks but nostalgia. Read more about other examples such as iD Fresh Foods in the book review here.
A5: Startup challenges
“Board governance is important. But fundamentally, it is more important if the founder is a good person or a bad person. That is the starting point,” explains Shekhar Kirani, Co-founder of investing firm Accel.
“Internally, there are enough examples where we have walked away from companies because we are not sure about the founder,” he adds. “Board governance is for people who are good, want to do good, and take the help from the board on how to make it good,” he affirms. Read more about founder-board relations and success factors here.
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 Suman Singh