side sparks, the weekly quiz of Your story, tests your domain knowledge, business acumen and lateral thinking (See previous issue here). In this 61st 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: Surgical support
Maintaining accuracy during surgeries is a primary concern for surgeons, and hospitals are in great need of such skills as well. Some types of surgeries are fairly routine and common. How and in what ways can technology help in such situations?
F2: Speed and scaling for video
The growth of video content for e-commerce is a major trend driving online retail, and digital games are also experiencing a significant boom. What technology can scale the use of such media and how will it affect other sectors as well?
Q3: The first step
Finding a problem worth solving is the first step for a budding entrepreneur. The solution must also match the needs of other potential customers. But there’s more to starting a startup than focusing on the problem—what else is critical at this stage?
Q4: Business success
Corporate success can be measured by sustainable profits and customer satisfaction. The uniqueness of the brand and investor interest are further benchmarks. But there are other success factors beyond the financial indicators: where else does the success lie?
Q5: Funding Sources
Impact investing and government support are key to ensure the social sector thrives and environmental goals are met. Development agencies also play a major role here. What is another key source of funding to ensure social and environmental goals are met?
Congratulations on getting this far! But there’s more to come—answers to these five questions (below), plus links to articles detailing entrepreneurs’ solutions. Happy reading, happy learning – and happy creating!
A1: Surgical support
“Advancements in motion control technologies have resulted in surgical robotic assistants becoming more precise. Such robots help surgeons and physicians achieve high levels of accuracy and speed while performing complex surgical procedures using computer vision-enabled and AI-enabled technologies,” explains Vineet Aggarwal.
“Robotics are also used in laboratories and hospitals for repetitive tasks, rehabilitation and physical therapy, and to support patients with long-term illnesses,” he adds. Read more about how robots are also pre-programmed to perform common orthopedic surgeries here.
A2: Speed and Scaling for Video
“As 5G drives video content consumption, live commerce will become more common and e-commerce platforms will host more such sessions during the holiday season and business-as-usual periods,” predicts Amit Relan, co-founder of mFilterIt.
“There is a consensus in the 5G community that cloud gaming is an immediate opportunity for consumers in the 5G era,” he adds. Read more about the impact of 5G on influencer activity here.
A3: The first step
“To get into a business, it is very important that you like that business, that you know about it and that you have a certain passion for it. Otherwise it will be very difficult for a first-generation entrepreneur,” explains Ashish Anthony, co-founder of pet care startup JUSTDOGS.
When he left his job at the company, Ashish pondered what to do next to start his own business. He chose what he was good at, which also had a niche in the market: pet product selection. Read more about the start-up journey in the field of pet food and accessories here.
A4: Business success
“The kind of impact that upstate entrepreneurs have had in creating jobs, education and livelihoods for other women in their area shows that the success of a business isn’t just about the financial numbers, as we’re often led to believe, but,” explains Vishwajyoti Ghosh, co-author of WE Mean Business – 20 Women Entrepreneurs, 20 Stories.
Businesses have a broader impact on the communities and environments in which they operate. The broader social and environmental impacts of business, particularly social enterprise, should also be considered. Read more from the stories of 20 entrepreneurs here.
A5: Funding Sources
“CSR will play a key role in India in achieving the Sustainable Development Goals (SDGs) by 2030 and achieving net-zero emissions by 2070,” explains Anas Rahman Junaid, MD and Chief Researcher, Hurun India .
“The cohort of veteran and junior tech entrepreneurs has the potential to play a crucial role in meeting the country’s social sector funding needs,” he adds. Read more about the importance of altruism and philanthropy 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).