Harveer Singh 1

Frugal Innovation

By: Harveer Singhtwitter.com/iastoss+91-880-2009-420

This PPT is for educational purpose only. The learner is expected to supplement the video lecture with this ppt. The content is taken from various daily and weekly publications. Due care has been taken in preparing the material but the tutor or superprofs would not be responsible for any error or consequences arising out of it.

Harveer Singh 2

• Frugal innovation, means making clever products from limited resources and seeing poorer populations as a market to serve not as an object of charity.

• Due to the scarcity, people demand for more value.

• Companies deliver to that need by focusing on product reorientation and local solutions.

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Myth 1: Frugal innovation is about cutting corners:

• Some people have associated frugal innovation with jugaad and quick-fix solutions.

• A product that lacks “integrity” and fails to provide a smooth user experience will be is no frugal innovation. Touch and Feel also matters.

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Myth 2: Frugal innovation doesn’t require good engineering

• Successful frugal innovation often involves transcending what were earlier seen as tradeoffs (for example, in the automotive context between power and fuel economy), and, hence, needs high quality engineering.

• It actually pushes the Bar of engineering excellence.

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Myth 3: Frugal innovation requires low-cost engineering talent

• One of the important drivers of frugal innovation is a frugal mindset. This is characterised by a burning desire to find alternate, low-cost ways of solving a problem. It comes from being used to working with limited resources, and, hence, not seeking expensive solutions.

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Myth 4: Frugal innovation doesn’t need market/consumer insights

• It is just not about cutting cost.• Tata Nano v/s Ace

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Thank You.

• For any feedback/query/word of thanks, the Tutor can be contacted at harveersinh@gmail.com