In Lima, Peru, innovators erected a billboard that pulls humidity from the air to produce drinkable water. This is an example of “frugal innovation,” the art of making more with less, which is prevalent in developing nations. Innovation strategist Navi Radjou predicts that the decline in natural resources and high cost of living in the West will bring this type of innovation to developed countries. And when innovators from around the world work together, wonderful things happen. getAbstract recommends his forward-thinking spin on R&D to all innovators.
In this summary, you will learn
- Under what conditions Jugaad, or “frugal innovation,” thrives;
- How frugal innovation provides much-needed solutions in developing nations; and
- Why this innovation paradigm is gaining ground in developed economies.
About the Speaker
Innovation strategist Navi Radjou is a fellow at Judge Business School, University of Cambridge.
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Comment on this summary
4 years agoGreat Summary. With so much information out there the idea of frugal innovation helps us reduce cognitive overload and reuse, recycle ideas we currently have and synthesize in new ways.