Frugal innovation is the ability to generate more business and social value while significantly reducing the use of scarce resources. It’s about solving the paradox of “doing more with less”. Frugal innovation is for the “Age of Austerity” in which firms are compelled by cost-conscious and eco-aware consumers, employees, and governments to create offerings that are simultaneously affordable, sustainable, and of high quality. This is a whole new mindset, a flexible approach that perceives resource constraints as a growth opportunity.
Navi Radjou, independent thought leader and strategy consultant, came for a visit to discuss this new game-changing strategy based on his book, "Jugaad Innovation." Radjou is a sought-after speaker by our own Front End of Innovation (FEI) event, as well as the World Economic Forum, Council on Foreign Relations, The Conference Board, Harvard University, and Asia Society. He has even coined business concepts such as ‘Global Innovation Networks’, ‘Polycentric Innovation’ and ‘Jugaad Innovation’.
To hear more about frugal innovation, listen to the video below featuring Radjou alongside a panel of thought leaders.