Test your business creativity with edition 28 of our quiz!



This weekly quiz Your story tests your domain knowledge, business acumen and lateral thinking skills (see previous edition here). In this 28th edition of the quiz, we present the issues addressed by real entrepreneurs in their startup journey.

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What would you do if you were in their place? At the end of the quiz, you will find out what the entrepreneurs themselves actually did. Would you do things differently?

Discover YourStory book review section too, with takeaways of over 330 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.

Q1: Frontiers of Edtech

Especially during the pandemic era, educational technology implementations have been massively adopted. From personalization to personalization, technologies such as platforms, AI, and even virtual reality have been used to deliver enhanced experiences for teachers, students, and administrators. What is another edtech frontier in the edutainment space?

Q2: The film industry

The pandemic has dealt a devastating blow to the film industry on two fronts: filming restrictions as well as theater screenings. However, even in such adversity, some filmmakers have found an opportunity. What new avenues have opened up for this community during the pandemic?

Q3: Communication channels

Social media and messaging platforms have opened up a whole new world of marketing and advertising. The creator economy also provides lucrative opportunities for creators as brand influencers. However, another proven channel for marketing and customer engagement is often overlooked. What is this string?

Q4: Brand attributes

Brands should clearly communicate their purpose, uniqueness and differentiation. Brand levers such as pricing and country of origin can be leveraged through channels such as rewards marketing and social media. What other elements can be marketing hooks, in addition to the basic brand attributes?

Q5: Startup Challenges

Adapting to the product market, breaking the unit economy, and creating sustainable revenue streams is key to getting a startup off the ground. Having a strong team, a resilient culture and adequate financial support as well. What’s another often overlooked success factor for growth-stage founders?

Answers!

Congratulations on getting this far! But there’s more to come – answers to these five questions (below), plus links to articles with more details on entrepreneur solutions. Happy reading, happy learning and happy creating!

A1: Edtech Frontiers

“We are probably entering a golden period of innovation for smart toys,” says Vivek Goyal, co-founder of PlayShifu. The startup offers immersive and educational tech toys for kids ages 3-12 who are developing 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. Learn more about symbiotic relationships with toys as well as their customizable features here.

A2: The film industry

The pandemic has spurred the growth of OTT platforms and people’s desire and willingness to experiment with new formats and genres. “People started watching and liking content from all over the world, which as a filmmaker gives you the opportunity and the platform to collaborate with artists and people all over the world,” explains Minolae Jain.

“Working from home has made this collaboration transition much easier,” adds this Bengaluru production designer and art director. “I think one of the biggest things for the industry has been the popularity of streaming services, which has opened up a whole world for people,” she explains. Learn more about her approach to creativity and global media here.

A3: Communication channels

“Email has been the best, low-cost, high-return marketing channel for decades and continues to be,” says Ramesh Srinivasan, CEO – Indian Affairs, Netcore Cloud. He was speaking at the recent Asia Email Excellence Awards.

“In today’s competitive market, hyper-personalized email campaigns with powerful content are one of the keys to boosting customer engagement, retention and loyalty,” adds Chaitanya Ramalingegowda. Director and co-founder of Wakefit. Learn about emerging trends such as the role of AI in segmenting communications here.

A4: Brand attributes

In his book Moneyless Marketing, jessie paul divides brand attributes into two categories: core (functional benefit) and surround (useful but not core). Each type can be exploited creatively.

For example, in addition to its IT services offering, Infosys has developed and marketed its adherence to transparency, governance and ethics. Paper Boat not only sells drinks but also nostalgia. Learn about other examples such as iD Fresh Foods in the book review here.

A5: Startup Challenges

“Board governance is important. But fundamentally, it’s more important whether the founder is a good person or a bad person. This is the starting point”, explains Shekhar Kirani, co-founder of investment firm Accel.

“Internally, there are enough examples where we’ve walked away from companies because we’re not sure of the founder,” he adds. “Board governance is for people who are good, who want to do good, and who get help from the board to make it good,” he says. Learn more about founder-board relationships and success factors here.

YourStory 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).



Grover Z. Barnes