Frugal Innovation/ Jugad Innovation
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FRUGAL INNOVATION IS THE PROCESS OF REDUCING THE COMPLEXITY AND COST OF GOODS AND ITS PRODUCTION. FRUGAL INNOVATION IS KNOWN BY THE NAME JUGAAD IN INDIA.
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Frugal innovation focuses on affordability, simplicity, quality and sustainability to lower the cost and complexity of products. Examples include Tata Nano's inexpensive car, BlaBlaCar allowing people to share transportation costs, 3D printed houses that reduce construction waste and costs, solar products in Kenya paid for through small daily payments, and Ikea's flat-pack furniture that customers can assemble themselves.
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To consider the regulatory environments of the Asia–Pacific within which a new venture must exist
To examine intellectual property protection, including copyright, patents, trademarks and domain names
To recognise the important international protection regimes for intellectual property
To critically examine the IP practices of Asia–Pacific countries
To compare the common legal forms of business organisation in the Asia–Pacific, such as sole proprietorship, partnership and corporation
To be aware of the signals that foreshadow insolvency and bankruptcy
To examine the trend for environmental regulations that will affect business entrepreneurship
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Projections estimate that we will need the equivalent of two planets by 2030 to meet our annual demands. The only way, we can reduce our footprint is by producing more with less, and consuming better, wiser and less - the way forward is better and 'frugal' choices!
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We conclude our report with 3 thought provoking future scenarios.
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creativity and innovation in entrepreneurship
1) Shiv Nadar is the founder of HCL, one of India's largest IT companies, and is considered the father of India's IT industry.
2) In 1976, he founded HCL with a vision to manufacture computers in India. He raised initial funds by selling scientific calculators.
3) Under his leadership, HCL became the first company to launch many IT initiatives in India such as the country's first desktop PC, home PC, and Pentium 4 PC.
4) Today, HCL is a $4.1 billion conglomerate with 47,000 employees across 17 countries and over 500 global clients. Nadar has received several honors for his contributions to India's
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Innovation is critical for startups as it provides a competitive advantage over larger established companies. For startups to innovate effectively, they must focus on three key areas: ideas, experimentation, and customer intimacy. Ideas can come from identifying problems, observing waste or discontinuities, or understanding unarticulated customer needs. Experimentation is important to validate assumptions through low-cost, high-speed trials. Customer intimacy involves gaining deep insights into customer experiences and emotions. Startups also need to ensure they capture value from their innovations through continual improvement, product platforms, or legal strategies like patents. Being a first mover provides advantages if it helps build reputation, creates cost advantages, or makes imitation difficult.
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This document summarizes a lecture on innovation and innovation management. It discusses the role and types of innovation, including product, process, position, and paradigm innovation. It also covers innovation management, noting it must be understood as a core organizational process and deal with complexity. Innovation depends on factors like the type of firm, its goals of survival, growth and profit. Managing innovation requires being systematic by developing routines. Key aspects include invention, technology, knowledge, uncertainty, and moving ideas from tacit to explicit knowledge.
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Presentation based on Harvard Business Review article: "What is Disruptive Innovation?", by Clayton M. Cristensen, Michael E. Raynor, and Rory McDonald – December, 2015 issue.
The theory of disruptive Innovation was introduced in the article: "Disruptive Technologies: Catching the Wave", by Joseph L. Bower and Clayton M. Christensen from the HBR january–february 1995 issue.
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The Process of Innovation
Innovation is the glue between invention and investment, and transforms ideas into businesses. The process of innovation shapes your idea into something people will value and ultimately purchase.
The innovation process cycles through 4 key steps:
1) Ideas and Solutions
2) Business propositions
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4) Business planning
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The document discusses startups and managing startups. It describes how startups have disrupted many industries like taxis, grocery, books, hotels, shopping, media, and more. Some key points made include that India needs more entrepreneurs for growth, the top reasons startups fail include building something no one wants and poor hiring. It provides tips for starting a successful startup such as choosing the right target audience and need, and avoiding mistakes. Overall, the document emphasizes that change is important for startups to succeed and that professionals need to embrace changes from new technologies.
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To introduce the importance of legal and regulatory issues to entrepreneurs
To consider the regulatory environments of the Asia–Pacific within which a new venture must exist
To examine intellectual property protection, including copyright, patents, trademarks and domain names
To recognise the important international protection regimes for intellectual property
To critically examine the IP practices of Asia–Pacific countries
To compare the common legal forms of business organisation in the Asia–Pacific, such as sole proprietorship, partnership and corporation
To be aware of the signals that foreshadow insolvency and bankruptcy
To examine the trend for environmental regulations that will affect business entrepreneurship
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The document outlines the 5 key stages in the entrepreneurial process:
1) Discovery - generating business ideas and recognizing opportunities
2) Concept Development - creating a business plan and choosing a location
3) Resourcing - identifying financial, human, and capital resources for startup
4) Actualization - operating the business and utilizing resources to achieve goals
5) Harvesting - deciding on the business's future growth, development or demise
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What are startup incubators?,
What do they provide?,
Incubator companies in India,
services provided by Incubators,
Phases of Incubation,
Reasons to join business incubators,
Process of Startup Incubators,
The key ingredients,
The changing role of startup incubators,
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A attempt to inspire and motivate graduate students in american universities to think about our country. Frugal and Innovative thinking to improve conditions in our country.
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To win in today's fast-paced and hyper-competitive business environment, companies must learn to collaborate and partner extensively to innovate cost-effectively and sustainably under severe resource constraints. In this engaging presentation, Navi will unveil a groundbreaking business paradigm: Frugal Innovation. Frugal innovation is the ability to actively engage internal and external partners to do more with less: that is, to co-create significantly more business and social value for the entire ecosystem while minimizing use of increasingly limited resources. Thousands of inventive firms in resource-constrained emerging markets like India, China, Africa, and Brazil apply frugal innovation techniques to co-develop with partners affordable and sustainable solutions that deliver more value to customers at lower cost. These innovators extensively leverage public, private, and non-profit partnerships throughout the entire product development cycle. In this keynote, Navi will vividly describe how frugal innovation is practiced today by leading firms worldwide, and show how you can apply new collaborative tools, techniques and mindset to deeply engage partners to address the needs of cost-conscious and eco-aware consumers worldwide.
Navi Radjou is an independent thought leader and strategy consultant based in Silicon Valley. He is an internationally-recognized voice of business innovation and leadership.
Navi is a Fellow at Judge Business School, University of Cambridge, and a faculty member of the World Economic Forum (WEF). He is a member of WEF’s Global Agenda Council on Design Innovation and a columnist on Harvard Business Review.
Navi has consulted with leading international organizations—including Ernst & Young, GM, Hitachi, IBM, Marks & Spencer, Microsoft, Procter & Gamble, SAP, Sprint, and TCS—on innovation and leadership strategies.
Most recently, Navi served as the Executive Director of the Centre for India & Global Business at Cambridge Judge Business School. Previously, Navi was a longtime VP/analyst at Forrester Research in Boston and San Francisco advising senior executives worldwide on breakthrough growth strategies.
Navi is a sought-after speaker by the World Economic Forum, Council on Foreign Relations, The Conference Board, Harvard University, and Asia Society. A prolific writer, Navi has coined and popularized several business concepts such as ‘Global Innovation Networks’, ‘Polycentric Innovation’ and ‘Jugaad Innovation’. Navi has been featured in The Wall Street Journal, Bloomberg Businessweek, CNN, The Economist, The Financial Times, and I-CIO.
Navi is the co-author of Jugaad Innovation: Think Frugal, Be Flexible, Generate Breakthrough Growth (Jossey-Bass, 2012), which The Economist calls “the most comprehensive book yet to appear on the subject” of frugal innovation. Navi is also coauthor of From Smart to Wise, a book on next-generation leadership (Jossey-Bass, 2013).
high-tech-low-cost-nordic
This document discusses how new technologies are changing the landscape for frugal innovation opportunities. Connectivity technologies like smartphones and broadband internet access are becoming much cheaper globally and spreading widely. By 2020, 80% of the world's population is estimated to have a smartphone. These connectivity technologies allow for new digital services and disrupt existing business models that previously required extensive infrastructure. Technologies like 3D printing and biotech also have the potential to enable new affordable products through continued cost reductions and maturity. Nordic companies are well-positioned to create highly sophisticated, high-utility solutions at lower prices by leveraging technical trajectories and new infrastructures.
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This document provides instruction on using singular and plural verbs in English sentences. It explains that singular verbs like "is", "am", "does", and "has" are used with singular subjects. Plural verbs like "are", "do", "were", and "have" are used with plural subjects, except "have" is only used with plural subjects "we" and "they". Examples are given of sentences using these different verbs in the singular and plural forms.
Asian Paints
Asian Paints is India's largest and Asia's second largest paint company with over 70 years of innovation in paint. It was founded in 1942 by four friends and has since grown to operate in 19 countries with 26 manufacturing facilities worldwide, serving consumers in over 65 countries. Starting from small beginnings, Asian Paints became India's leading paint company by 1967 and has remained the market leader. The company's vision is to become one of the top five decorative coatings companies globally by leveraging expertise in emerging markets and building long term value in industrial coatings through global partnerships. The Board of Directors includes the founders' families as well as independent directors with expertise in fields like banking, engineering, chemicals, and marketing.
Innovation Workshop –Games and Reality
This presentation is part of a 4 hours workshop called "Innovation Workshop –Games and Reality". During the workshop students from the Recanati School of business in Tel Aviv University thought of games and startup related games ideas and "fought" against each other discovering if their idea has a chance to become the great big next hit.
I really liked some of the ideas, for example: a game you need to run in real life in order to "charge" your character in the game. A game you "scan" your real pet and play with it in a virtual world, including a virtual dog fight with real dogs . A real cart driving game you play wearing Google glass. The glass allows you to see virtual power ups or virtual avatars to enhance your driving experience (did someone say zombies)
For me the workshop was really fun. I hope the students had fun as well and I do hope some of these ideas will become actual games.
Thoughtworks Away Day Quiz
This is a general quiz that i did for our annual away day last year. Ping me for answers. Will post them later.
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In this dynamic session titled "Future-Proof Like Beyoncé: Syncing Email and Social Media for Iconic Brand Longevity," Carlos Gil, U.S. Brand Evangelist for GetResponse, unveils how to safeguard and elevate your digital marketing strategy. Explore how integrating email marketing with social media can not only increase your brand's reach but also secure its future in the ever-changing digital landscape. Carlos will share invaluable insights on developing a robust email list, leveraging data integration for targeted campaigns, and implementing AI tools to enhance cross-platform engagement. Attendees will learn how to maintain a consistent brand voice across all channels and adapt to platform changes proactively. This session is essential for marketers aiming to diversify their online presence and minimize dependence on any single platform. Join Carlos to discover how to turn social media followers into loyal email subscribers and ultimately, drive sustainable growth and revenue for your brand. By harnessing the best practices and innovative strategies discussed, you will be equipped to navigate the challenges of the digital age, ensuring your brand remains relevant and resonant with your audience, no matter the platform. Don’t miss this opportunity to transform your approach and achieve iconic brand longevity akin to Beyoncé's enduring influence in the entertainment industry.
Key Takeaways:
Integration of Email and Social Media: Understanding how to seamlessly integrate email marketing with social media efforts to expand reach and reinforce brand presence. Building a Robust Email List: Strategies for developing a strong email list that provides a direct line of communication to your audience, independent of social media algorithms. Data Integration for Targeted Campaigns: Leveraging combined data from email and social media to create personalized, targeted marketing campaigns that resonate with the audience. Utilization of AI Tools: Implementing AI and automation tools to enhance efficiency and effectiveness across marketing channels. Consistent Brand Voice Across Platforms: Maintaining a unified brand voice and message across all digital platforms to strengthen brand identity and user trust. Proactive Adaptation to Platform Changes: Staying ahead of social media platform changes and algorithm updates to keep engagement high and interactions meaningful. Conversion of Social Followers to Email Subscribers: Techniques to encourage social media followers to subscribe to email, ensuring a direct and consistent connection. Sustainable Growth and Minimized Platform Dependence: Strategies to diversify digital presence and reduce reliance on any single social media platform, thereby mitigating risks associated with platform volatility.PickUp_conversational AI_Capex, Inc._20240611
PickUp, Improve conversions with scenario-based conversational AI.
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Frugal Innovation/ Jugad Innovation
- 2. FRUGAL INNOVATION • IN SIMPLE WORDS FRUGAL INNOVATION IS THE PROCESS OF REDUCING THE COMPLEXITY AND COST OF GOODS AND ITS PRODUCTION. FRUGAL INNOVATION IS KNOWN BY THE NAME JUGAAD IN INDIA.
- 3. FRUGAL INNOVATIONS OF INDIA High End Fridge which Costs about Rs1,80,000 Mitti Cool Fridge Costs Rs1,800 uses properties of Clay And Water to keep vegetables fresh for at least 5 Days
- 4. EXAMPLE TWO Baby Incubator costing Rs12,00,000 Baby Warmer Does 80% of Job that a Incubator does costing Rs12,000
- 5. SIX PRINCIPLES OF FRUGAL INNOVATION • THINK AND ACT FLEXIBLY • KEEP IT SIMPLE • INCLUDE THE MARGIN • FOLLOW YOUR HEART • DO MORE WITH LESS • SEEK OPPORTUNITY AND ADVERSITY
- 6. THINK AND ACT FLEXIBLY JUGAAD REQUIRES IMPROVISATION RATHER THAN STRATEGIC PLANNING AND FORECASTING. THESE ENTREPRENEURS JUMP IN WITH A PROTOTYPE, AND CORRECT THEIR COURSE AS THEY GO ALONG. WHEN THINGS GO WRONG, THEY ADAPT. THEY START WITH SMALL BUDGETS, TAKE SMALL RISKS, AND CAN QUICKLY CORRECT AND REBOOT AFTER SMALL FAILURES.
- 7. WHAT WAS INNOVATIVE IN TATA NANO ? • IT HAD A UNIQUE DESIGN AND FIRST TIME TWO CYLINDER GASOLINE ENGINE HAD BEEN USED IN A CAR. • SAFE AND CONVENIENT FOR ALL WEATHERS. • AFFORDABLE ( CHEAPEST CAR OF WORLD) • ECO FRIENDLY
- 8. KEEP IT SIMPLE JUGAAD INNOVATORS ARE LOOKING FOR LOW-TECH “GOOD ENOUGH” SOLUTIONS THAT ARE SIMPLE TO MAKE, USE AND REPAIR. “CREATIVE SIMPLICITY IS JUGAD KEY PRINCIPLE”
- 9. WHAT WAS INNOVATIVE IN GINGER GROUP OF HOTELS? • THE TARIFF OF THE HOTELS IS ONE THIRD OF THE OTHER HIGH END HOTELS IN THE SAME CATEGORY. • LOW INVESTMENT COSTS (100 ROOM GINGER HOTEL CAN BE MADE ON 40,000 SQ. FT. WHICH IN CONSIDERABLY LESS THAN THE AREA REQUIRED FOR LUXURY HOTEL. • PARTICIPATING IN SPECIAL ECONOMIC ZONES. • ADAPTING THE MODEL FOR MIXED DEVELOPMENT IS MALLS.
- 10. INCLUDE THE MARGIN JUGAAD INNOVATORS CAN SEE, FIRST-HAND, WHAT THE UNSERVED OR UNDERSERVED MARKET NEEDS. THEY ARE DRIVEN BY A SENSE OF FAIRNESS, THAT EVERYONE IS ENTITLED TO BASIC SERVICES LIKE EDUCATION, INFORMATION, HEALTH CARE, BANKING AND ENERGY.
- 11. WHAT WAS INNOVATIVE IN TATA HOUSING? • TATA SONS REALIZED THE TREMENDOUS OPPORTUNITY IN AFFORDABLE HOUSING SEGMENT. • IT LAUNCHED “SHUBH GRIHA” ALSO KNOWN AS NANO HOUSING. • THE APARTMENTS IN NANO HOUSING RANGED FROM RS. 90,000 TO 6,70,000 WHICH WERE AFFORDABLE FOR PEOPLE IN LOWER INCOME RAGE. • IT STARTED IT FIRST MUMBAI IN INDUSTRIAL AREA HAVING POPULATION MORE THAN1,25,000 • IT OFFERED FEATURES LIKE TOP QUALITY LIGHTING, VENTILATION, OPEN SPACE, NURSING CARE, SCHOOL, COMMUNITY HALL ETC
- 12. FOLLOW YOUR HEART JUGAAD INNOVATORS DO NOT RELY ON FORMALIZED MARKET RESEARCH AND FOCUS GROUPS TO DECIDE WHAT PRODUCT TO MAKE. NOR DO THEY WORRY ABOUT HOW INVESTORS WILL REACT TO A NEW PRODUCT STRATEGY THEY KNOW THEIR CUSTOMERS AND FOLLOW THEIR HEARTS.
- 13. WHAT WAS INNOVATIVE ABOUT TATA GOLD PLUS? • TATA LAUNCHED A UNIQUE TOOL CALLED KARAMATER WHICH MEASURES THE PURITY OF THE GOLD BEING SOLD. • ITS WAS THE FIRST COMPANY TO INTRODUCE BRANDED JEWELRY IN THE COUNTRY. • IT INVESTED IN THE HIGH END JEWELRY DESIGNS. THUS CUSTOMER WAS NOT CONFINED TO TRADITIONAL DESIGNS. • IT GAVE PROTECTION TO THE CUSTOMERS BY GIVING THEM GUARANTEE AGAINST PURITY OF THEIR GOLD PRODUCTS.
- 14. END OF SLIDE THANK YOU