MeitY Startup Summit 2019

Focused on Deep tech and the associated use-cases. India can utilize massive data since the associated demographics is supportive. India needs to create data sets, in healthcare, education as it’s the key to creating innovative solutions. 10,000 startups which Meity envisages to create would be easy to create if the government provided the datasets through which startups can be built.

Bounded rationality and the prospect theory

Bounded rationality is part of a wider part of economics that looks at how we decide between different choices (or prospects), called prospect theory. Prospect theorists think we’re loss-averse; we remember losses more than gains and go way out of our way to protect against any loss, even the smallest ones. At the same time, though, we rarely take low probability events seriously. This makes us likely to do some extremely risky things without properly considering the worst case scenarios.

Cloud Kitchens – The next big opportunity?

Dark Kitchens / Ghost Kitchens / Cloud Kitchens / Virtual Kitchens are fully equipped kitchens that you can find in most of the restaurants but they don’t have dine-in or takeaway, they run solely for the online delivery services.

The Random Numbers Fallacy

The easy thing to do is to ask someone “Hey, pick a random number from 1 to 10!”. The person replies “7!”. Great! Now you have a number. However, you start to wonder, is the number uniformly random?

The Pareto Principle (The 80/20 Rule)

In economic terms, there is a diminishing marginal benefit. This is related to the law of diminishing returns: each additional hour of effort, each extra worker is adding less “oomph” to the final result. By the end, you are spending lots of time on the minor details.

Marketing Myopia

First expressed in an article by Theodore Levitt in Harvard Business Review, it is a short-sighted and inward-looking approach to marketing which focuses on fulfillment of immediate needs of the company rather than focusing on marketing from consumers’ point of view.

Priming and the Psychology of Memory

How do you pronounce the letters S-H-O-P? and What do you do at a green (traffic) light? Priming is the psychological phenomenon in which the exposure of the stimuli influences the behavior of the individual, without even letting individuals aware that the first thing they listened to or got exposed to, has influenced their behavior… Continue reading Priming and the Psychology of Memory

The Sunk Cost Fallacy

“The sunk cost effect is the general tendency for people to continue an endeavor, or continue consuming or pursuing an option if they’ve invested time or money or some resource in it” Christopher Olivola, assistant professor of marketing at Carnegie Mellon University – Tepper School of Business In both economics and business decision-making, sunk cost… Continue reading The Sunk Cost Fallacy

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Dunning-Kruger Effect for Business Management

A type of illusory superiority, it is a type of cognitive bias in which people believe that they are smarter and more capable than they really are. To avoid the Dunning–Kruger effect (or make it less painful): • Admit the fact that there is something you don’t know and always be ready to improve yourself.… Continue reading Dunning-Kruger Effect for Business Management

Blockchain has the potential to revolutionize the digital economy

Blockchain technology has gathered a lot of attention in recent times but for its usage in cryptocurrencies like Bitcoin. The capabilities of this technology are not restricted to the innovation of usage in the form of digital token but go far beyond that. It makes it able to implement some of the technologies that were… Continue reading Blockchain has the potential to revolutionize the digital economy

YOLO: You only live once

What does the phrase ‘You Only Live Once’ conjure in your mind? Is it the possibility of being limitless or the adventure associated with brevity or the recklessness? The expression usually attempts to justify the attempt of things that one wouldn’t normally do. It was catapulted into the social media hotspot by one of the… Continue reading YOLO: You only live once

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