Navi Radjou, co-author of the best seller “Jugaad Innovation” and winner of the 2013 Thinkers50 Innovation Award, discusses the concept of frugal innovation in the video below, being pioneered by thousands of ingenious entrepreneurs in emerging markets like India, China, Africa, and Brazil to innovate cost-effectively and sustainably under severe resource constraints, after his FEI EMEA talk on Frugal Innovation: Creating Greater Value in an Age of Austerity.
Frugal innovation is now making inroads in Europe, with visionary European firms such as Renault, Siemens, Pearson, and Unilever using this new approach to streamline lean innovation. Navi shares the best practices of the European pioneers of frugal innovation and how you can apply this disruptive new business paradigm in your own organization to accelerate growth and deliver greater value to customers and other stakeholders using limited resources.
Emerging markets are a hotbed for this kind of innovation, where the use of financial and natural resources and time is being minimized while maximizing the value. But also in Europe companies are being forced to innovate faster, better and cheaper, as poverty is still very prevelant. This requires more open, flexible and cost-effective innovation models.