Nothing beats a creative idea, and in a high-speed world Jugaad (in short, an innovative fix) hits pay dirt as a way to win. A few years ago I wrote the foreword for the book Jugaad Innovation, and was only too happy to recently endorse the follow-up, now out, Frugal Innovation: How to do more with less by Navi Radjou and Jaideep Prabhu.
I love the approach of Jugaad innovation. It’s improvised edge from the developing economies is at the crux of how to win in pressure cooker times. Frugal Innovation carries the torch of inventiveness into a future where priceless value comes standard.
In the audience-owned speedy era, where the customer cycle is see it; search it; shop it; share it, priceless value is about improving people’s lives everywhere. Frugal Innovation hits a homer with “the art of doing more, and better, with less.” The case study-loaded book illuminates the frugal trajectory for the developed-economy space, looking across sectors at developed-world frugal exponents and the benefits they are reaping.
Off an introductory platform, six example-supported principles of a frugal innovation strategy are rolled out, along with how to use these principles for frugal reinvention: Engage and iterate; Flex your assets; Create sustainable solutions; Shape customer behaviour; Co-create value with prosumers; Make innovative friends. This is followed up with fostering a frugal innovation culture, backed by examples, before concluding words. Further details from research director and editor Madanmohan Rao.
Frugal Innovation is a clean hit. Well worth a check out.