StartupTalky

Tag: Social Impact 🙏

  • Use of Technology Can Script the Roadmap for Availability and Accessibility of Safe Water

    The article is contributed by DR. PARAG AGARWAL, Founder & CEO, JanaJal.

    Access to safe water for all is a fundamental human right and the water sector in conjunction with local administrative bodies are striving to achieve this goal. However, the sector is encountering numerous challenges such as continued unregulated industrial discharge into water bodies besides contaminating ground water tables, lack of adequate sewage treatment plants, etc. In addition to these, there is considerable variation in the quality of raw water across different parts of the same District that does not permit use of any single uniform solution to treat water and make it available to people. In the endeavour to deliver safe water to all, use of cutting-edge technology-based solutions in an agnostic manner can be incredibly beneficial for the sector. Such an approach can transform the water sector through increased optimization and driving efficiency in their performance.

    India is currently witnessing the world’s largest initiative in the form of Jal Jeevan Mission that aims to make safe water available to 1.3 Billion people by 2024. Millions of people have already benefitted from this initiative through pipelines being built to deliver water to homes. Though the progress is slow, it has been most commendable. However, dependence on pipelines can never cater to 100% of the people and provide comprehensive coverage as desired by the administration whether in urban, semi-urban or rural areas.

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    The Government of India has already approved innovative water treatment and safe water distribution technologies that can help bridge this gap. The Jal Jeevan Mission is a two-pronged initiative; Nal se Jal and Har Ghar Jal. While Nal se Jal is piped water to households, Har Ghar Jal allows for the adoption of these innovative technologies that deliver water to the doorstep of households through IOT technology controlled last mile delivery solutions. Clean fuel-powered three-wheelers using CNG or Lithium-ion batteries that are completely IOT monitored and supervised for GPS location, quality of water, and quantity of water have the power to not only make safe water a reality in the lives of people but also help create jobs, social entrepreneurship opportunities, skill development, women empowerment and above all, better health and wellness for people. The uberisation of water is here to stay and perhaps the only way to deliver safe water to 1.3 Billion people in India.

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    Only suitable use of technology has the potential to mitigate the issue and facilitate the purpose of the sector to guarantee the availability and accessibility of clean water for all.

    The world has adequate water, but very little of it is portable and fit for consumption. After all, the availability of water can only be stretched through maximizing management and minimizing wastage. A better future can be ensured with the immediate use of such innovative technologies.

  • How Does Category Design Help in the Success of Your Business?

    Surviving and thriving in the business world requires forward-thinking and innovation. Category design is a strategic approach that uses points of view to win customers and increase brand awareness. The traditional method of creating products followed by rigorous marketing doesn’t always guarantee results.

    If you’re looking to establish yourself in a certain niche, the category design principle is the way to go. Even in specialized niches, there’s a possibility of crowding. Category design helps create a unique company powered by unique processes and a great brand—ultimately achieving the ‘Category King’ title.

    The concept is premised on owning the market and tilting the thought process of your target clients in your favour. The mental shift in the appreciation of your brand is the end goal. In this article, we will talk about how category design helps businesses to achieve success.

    Harmonized and Laser Focus of Marketing Campaigns
    Discovering and Dominating New Category of Business
    Creating Dominant Products
    Tapping Into Existing and Working Systems
    Create Loyal and New Customers
    Impacting the Society Positively

    Harmonized and Laser Focus of Marketing Campaigns

    Marketing efforts and campaigns may contain different messages making it a trial and error method. The effectiveness of marketing efforts is a big success factor in a business. To dominate markets, a harmonized marketing campaign backed by a solid product can lead to ultimate success.

    One of the key marketing originators is your staff. A clear understanding of the Point of View (POV) can be beneficial in a variety of ways. This includes: –

    • Campaigns in Media– This will create an overall standard angle of blogs, messages in the radio and TV ads, and other assets such as influencer marketers.
    • Employee Marketing– They’ll have a harmonized way of tackling issues like customer service leading to brand authority.

    Brands that command markets use a standard way of doing things. Harmonized marketing messages can help a lot in achieving this.

    Discovering and Dominating New Category of Business

    Popular brands like Twitter, Coca-Cola, Airbnb, Uber, and Apple have one thing in common. They take time to study the market, develop a product that answers the needs and create a winning and unique marketing campaign.

    These companies don’t necessarily create new inventions. For instance, taxi services existed before, but Uber’s business model was created to meet a certain market need. This propelled them to become a global household brand.

    Creating a mind shift and new demand is what revolutionizes markets. Airbnb for instance is a unique service that offers cheaper alternative accommodation for guests around the world. Since it was launched in 2008, it has hosted 400 million guests and is present in 191 countries.

    The huge success of these unique companies is inspired by daily problems. These companies leverage existing technology, existing industries, and marketing platforms to monopolize these categories.

    Creating Dominant Products

    In a bid to make money in business, people tend to go with the flow. This leads to continued production of mediocre products, shrinking value to the customers, and, ultimately, poor response from the market.

    Listed below are ways in which great and legendary products are created and established: –

    • Study Competitors– This is an old principle but it’s very important in any business for success. Look at the model of operation to spot areas of improvement. Sealing loopholes in a competitor’s product can be a springboard to a great product.
    • Customer Pain Points– Words on the street, online reviews, and professional reviewers can help discover product ideas. Category design aims at creating products that offer genuine and niche solutions.
    • Product Presentation– Packaging products to dominate markets involves branding messages and an overall presentation that seals the existing loopholes.

    Using category design, your product can achieve the dominant player status. This is achieved through a thorough product development cycle.

    Tapping Into Existing and Working Systems

    One of the biggest reasons for creating businesses is making revenues, profits, and generating wealth. To shorten the journey to success, re-inventing an old principle doesn’t always translate into revenue. If a business can use the already existing models and systems, it’s much better.

    Let’s look at two businesses that utilized this model to succeed.

    • Netflix– Netflix and other similar programs made watching movies and other TV programs very affordable. Instead of paying a huge cinema entry fee, Netflix offers a revolutionary service where a nominal monthly subscription can provide access to unlimited movies and programs. The model of business is an agency that sign-ups movie productions and brings them to the masses.
    • Amazon– This e-commerce company made a $3.3b net income in 2019. Amazon doesn’t manufacture any of the products it sells and doesn’t own the internet or the delivery channels. This is an example of a successful company that brings ideas into an existing ecosystem.

    Leveraging existing business models helps eliminate huge capital expenditure. This lets you focus on solving customer pain points and popularizing your unique viewpoints.

    Create Loyal and New Customers

    Category design doesn’t bring big business to you, but loyal and new audiences do. People and the market get excited by new products, unique innovations, and ground-breaking ideas. This makes them reward you with continuous business and social applause.

    Loyal customers give you positive reviews and recommend you to other clients. This, in turn, creates a spiral effect that brings new customers to you. Ultimately, you can use customer support and free endorsement from them to create new and better products.

    Impacting the Society Positively

    Apart from profits, social impact at the community and the global level is one of the major objectives of a business. Category design can help create products coupled with marketing messages that can drift people’s mindsets.

    Apple, for instance, uses the tagline ‘Think differently’. Its products and brands reinforce the message. This makes such a brand have a positive impact on future business leaders and innovators. This has propelled the success of multiple brands such as iPod, iPhone, Apple Store, and iTunes.

    Conclusion

    Category design is a unique way of improving your business and putting it on the path to success. The idea is founded on creating a highly specialized niche that can help you dominate markets. Forward and revolutionary thinking are the secrets of the success of big and wealthy brands. To fully tap into this strategy in business, investing in your innovation hub should be a top priority. This will help you research, develop, and tilt viewpoints so that your company can thrive.

    FAQs

    What is Category Design?

    Category design is a strategy that helps a business develop its own classification of products and services.

    When was Category Design proposed?

    Category design was first proposed in a book called Play Bigger.

    Who was the writer of Play Bigger?

    Play bigger is written by Al Ramadan, Dave Peterson, Kevin Maney and Christopher Lochhead.

    What is a Category blueprint?

    A category Blueprint is a design of how a product or service will work in the future.

  • How Social Impact is Evolving the Startup Ecosystem

    A startup ecosystem is a creative environment to promote entrepreneurship and innovation. These days, startups are taking different approaches with a variety of innovative ideas and products to create Social Impact around the world. They are focussed towards creating social impacts on several sectors – Technology, Education, Health, and others.

    Aspire Impact is a Delhi based Impact Rating & Certification initiative. The startup is focused on leadership and ecosystem development in social and environmental impact space.

    StartupTalky interviewed Amit Bhatia, Founder & CEO of Aspire Impact to get insights on how he got the idea of building an Impact Rating Startup.

    Here is an excerpt of Interview with Amit Bhatia, Founder & CEO- Aspire Impact

    How did this idea of social impact come up which inspired you to make Aspire Impact?

    In 2020, after concluding my term (2017-2020) as Inaugural CEO of G7’s Global Steering Group for Impact Investment, I was convinced that we will not nudge the Impact Movement past its tipping point unless we get the world to agree on a common standards-based impact measurement system. Whereas there were couple of efforts underway around the world, as former Founding CEO of India’s Impact Investors Council, I believed I could deliver a breakthrough by making Impact empirical and comparable between companies. I believed that if a standardised impact measurement system, which subsumes ESG & Sustainability ratings is created, we will contribute solutions for the apparently intractable challenges like poverty and inequity and make corporations a partner in the solution. It was with this inspiration we created Aspire Impact, a start-up with an ambitious and audacious goal of creating world and India’s first Impact Rating venture.

    Do you think India has evolved and adapted the concept of social Impact?

    The ESG, Sustainability & Impact Movement has already attracted $59 trillion worldwide, ~40% of global Assets Under Management (AUM) and is an unstoppable trend. Despite the pressing need to address social and environmental challenges, India has attracted only -1% or $51 billion of this global capital pool: $30 billion in Responsible or ESG Investments, $10.3 billion of sustainable or green investments, and, $10.8 billion of impact investments. The root cause is lack of corporate alignment with impact, as there is no mandatory Sustainability or Impact Reporting framework.

    BRSR (Business Responsibility & Sustainability Reporting) for the top 1000 listed companies, India’s version of ESG, with >130 disclosures, requires much synthesis to be valuable. Moreover, the environment is opportune, and the need is clear, as a recent HBS publication of environment costs for top 250 Indian companies shows India Inc. is gravely uncompetitive in the global Impact economy:

    Company
    (2018 or 2019 data)

    Environment Cost ($mn)

    Net Profit
    ($mn)

    Company
    (2018 or 2019 data)

    Environment Cost ($mn)

    Net Profit
    ($mn)

    Tata Power

    126,389

    365

    TCS

    4,101

    118

    Reliance Industries

    7,503

    4,797

    Infosys

    2,006

    63

    State Bank of India

    145

    99

    Godrej Consumer

    239

    21

    Indian corporations must therefore prepare for the era of Impact Accounting, beyond ESG and must adapt to the era of social impact assessment, ratings, and reporting.

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    What would be the social impact areas in 2022 in the Startup Ecosystem?

    On the basis of historical evidence: Financial Inclusion, Renewable Energy, Agriculture, Health, Technology and Education have received the most impact investments over the last decade. However, in the decade ahead- the fastest growth will be delivered by Tech for Good sectors where technology intersects with traditional impact sectors like EdTech, HealthTech and AgriTech.

    Since Aspire Impact has launched a few social impact reports recently, which sector do you think has huge potential and how?

    We believe, India’s immediate goal should be growth with job creation and we have empirical evidence that Impact sectors create 10-14 x more jobs for each $1 mn invested. Therefore, India must focus on three areas:

    1. Catalyse Tech for Good sectors –  CleanTech, EdTech, HealthTech, AgriTech, FinTech & FemTech which promise steepest growth, from $65 bn to $177 bn market between 2020 to 2025;
    2. Support specific investment themes. Our analysis of five sectors (Agriculture, BFSI, Education, Water/Waste & Disabilities) shows India can create ~50 million new jobs in 5 years in Dairy Farming (22 mn) Tech-enabled K-12 (3 mn); Digital Consumer Savings Products (1.3 mn) Supplemental & Extra-Curricular Education (1 mn); Student Housing Solutions (1 mn); Neo-Banking (0.6 mn); & Digital Lending (0.5 mn);
    3. Promote Micro Entrepreneurship in rural India, i.e., job creators not job seekers as with small micro loans of INR 2-3 Lacs, a micro-entrepreneur can create self-sufficiency while creating 1-3 local jobs!

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    How are the key industry leaders supporting the concept of Aspire impact?

    Indian leaders realise that to deepen and widen the Impact Movement in India, the leaders must do the following:

    1. Enhance corporate alignment with impact, and in absence of regulatory Sustainability or Impact Reporting, voluntarily publish Impact Reports, to slowly but surely build an Impact DNA for an era of Impact Capitalism for risk management, brand building, fund-raising, future competitiveness and authentic citizenship;
    2. Support research & knowledge, education & training, and, awareness & advocacy about the sector. Last year, 207 India Inc. leaders came together for co-authoring and publishing 8 Impact Future Project reports- a rare collaboration. This year, in 2022, another group will take the initiative forward; and,
    3. Solve the missing piece of the Impact Economy jigsaw- i.e., a standards-based Impact Measurement framework. In 2022, along with partners like Capgemini & University of Chicago’s ESG Centre, 25+ CXOs will release a standards-based framework of Impact Measurement for India- another rare first!