What is Frugal Innovation?
Frugal innovation is the ability to “do more - and better - with less.” It is a breakthrough growth strategy that enables companies to develop high-quality products and create more business and social value while minimizing the use of vital resources such as energy, capital and time. Once the preserve of companies in developing markets, frugal innovation is now being adopted by global enterprises, large and small. It is not only a game-changing business strategy but also a new frame of mind – one that perceives resource constraints as an opportunity, not a liability.
With an estimated trillion-dollar global market for sustainable products and huge cost savings to be gained, frugal innovation is revolutionizing business across industries and reshaping management thinking worldwide. As such, frugal innovation is the key to success in a business landscape increasingly defined by mega-trends such as collaborative consumption, the circular economy, and the maker movement.
Learn more about frugal innovation in the book Frugal Innovation: How To Do More With Less.
What is Frugal Innovation Hub?
This hub is a virtual gathering place for individuals and organizations from around the world who want to learn about frugal innovation, share best practices, and network. In this hub, you will find case studies on companies pioneering frugal innovation across sectors including manufacturing, retail, financial services, health care and education. This hub will also provide insights, tools and techniques for managers and leaders striving to implement frugal innovation within their organizations. We envision the hub as a key resource for all things pertaining to frugal innovation and a networking platform for everyone interested in co-creating a “frugal economy” that is socially and environmentally responsible.
Innovation & Leadership advisor
Navi Radjou is a Silicon Valley-based innovation and leadership strategist. A Fellow at Cambridge Judge Business School, Navi has served on the World Economic Forum’s Global Agenda Council on Design Innovation and contributes to Harvard Business Review online. Navi won the 2013 Thinkers50 Innovation Award and spoke at TED Global 2014. He is ranked as one of the 50 most influential persons shaping innovation in France.
He is the coauthor of Frugal Innovation: How To Do More With Less, which won the CMI Management Book of the Year 2016 Award.
A sought-after keynote speaker widely quoted in international media. Navi is Indian-born French national, who lives in Palo Alto, California.
Professor of Business & Enterprise
Jaideep Prabhu is the Jawaharlal Nehru Professor of Business and Enterprise at the Judge Business School at the University of Cambridge, England. The Professorship was established by the Government of India with an endowment of £3.2 million.
Professor Prabhu is also the Director of the Centre for India & Global Business (CIGB), whose Executive Director was Navi Radjou. He is the co-author of Jugaad Innovation: Think Frugal, Be Flexible, Generate Breakthrough Growth, described by The Economist as "the most comprehensive book" on the subject of frugal innovation.