This weekly quiz from YourStory exams your area information, enterprise acumen, and lateral pondering expertise (see the earlier version right here). In this thirty seventh version of the quiz, we current points tackled by real-life entrepreneurs of their startup journeys.
What would you do when you have been of their sneakers? At the tip of the quiz, you can find out what the entrepreneurs and innovators themselves really did. Would you do issues in a different way?
Q1: Tech expertise
For startups with a heavy concentrate on a tech-enabled services or products, it’s key that they get the correct expertise in place for growth in addition to scaling of the providing. Two key roles on this regard are product supervisor and technical architect. What is the third key function?
Q2: Livelihood and empowerment
Many homemakers and moms are extremely expert in making meals objects for household consumption. For those that are occupied with promoting these merchandise, and to broader audiences, how can expertise assist—past channels like D2C?
Q3: Tech in healthcare
Digital expertise is making important contributions to the healthcare sector. Impact areas embody telehealth, predictive analytics, and genomics. What are some key tech contributions within the area of medication?
This autumn: Marketing effectivity
Thanks to alternatives for gathering client contact data similar to e-mail ids and telephone numbers, entrepreneurs can ship out messages in real-time to their prospects, at a lot decrease prices than earlier channels. But effectivity is just not sufficient—how can tech improve engagement and expertise as effectively?
A unicorn refers to a startup with a valuation of $1 billion and above. Unicorns can convey huge returns to early buyers, whereas additionally spurring extra progressive exercise within the respective domains. What different impacts do unicorns have?
Congratulations on having come this far! But there’s extra to return—solutions to those 5 questions (beneath), in addition to hyperlinks to articles with extra particulars on the entrepreneurs’ options. Happy studying, glad studying—and glad creating!
A1: Tech expertise
“The most important hires will be in your product or solution space. Focus on the three Gods of your technology team—product manager, industrial designer/user experience leader, and technical architect,” advises tech professional Vivek Mansingh, writer of Achieving Meaningful Success.
He advises founders to make sure these three roles are dealt with by A-class folks. “These three people will define the potential success of your venture, especially if your venture is in the technology area,” Vivek provides. Read extra about different facets similar to exterior partnerships right here.
A2: Livelihood and empowerment
Founded by Aman Porwal in 2021, MomsKart leverages the platform mannequin to create an ecommerce market for selfmade meals objects made by moms. Offerings embody merchandise like pickles, jams, and snacks.
“The aim is to connect regional authentic products on a single platform while empowering women in smaller regions,” Aman Porwal describes. MomsKart has sellers from throughout India, with 1,000+ selfmade meals merchandise made by over 500 ladies sellers and a group of 5,000 bloggers. Read extra about its MRR of $2,000-3,000 and different progress metrics right here.
A3: Tech in healthcare
“AI is also contributing towards reducing the cost of new drug discovery,” explains Ram Kishan Agrawal, Senior Director, Technology, Optum Global Solutions (India).
Furthermore, digital instruments that utilise AI-based algorithms can provide you with different medicine. “They constitute the same base substitute but are relatively cheaper and deliver the same value as the prescribed drug,” he provides. Read extra about tech traits decreasing healthcare prices right here.
A4: Marketing effectivity
“The advent of technology and digital accessibility means we are no longer in an era of one size fits all. With the amount of data made available to brands, consumers expect hyper-personalised experiences,” affirms Avlesh Singh, Co-founder and CEO, WebEngage.
“Companies that created customer delight and stood the test of time in the last two to three years were the ones that focused on the most crucial business metric—customer retention,” he provides. Founded in 2011, WebEngage presents a full-stack advertising automation suite. Read extra right here about their current report, Omni Channel User Engagement – A Winner’s Playbook.
Many VCs in India at the moment are specializing in areas the place expertise could make a distinction—similar to SaaS startups, exemplified by Freshworks’ profitable IPO. “Once these valuations turn to real values, more people get rewarded, which in turn creates deeper talent in the ecosystem. This opens the path for more people joining startups,” explains GV Ravishankar, Managing Director, Sequoia Capital India.
“India today has the third-highest number of unicorns after the US and China, and the Indian startup ecosystem is a high priority for almost all global investors,” provides Varun Laul, Partner, Private Equity, Investcorp. Many unicorns are creating white- and blue-collar employment whereas additionally actively innovating for client wants, in accordance with Abhay Hanjura, Co-founder of D2C unicorn Licious. Read extra about unicorn dynamics right here.
YourStory has additionally revealed the pocketbook ‘Proverbs and Quotes for Entrepreneurs: A World of Inspiration for Startups’ as a artistic and motivational information for innovators (downloadable as apps right here: Apple, Android).