In this episode, Dr. O talks about frugal innovation and why the world’s developed nations need to embrace this necessary method of advancement.
Frugal innovation is about reducing the complexity and cost of goods in order to sell to low-income consumers typically at the bottom of the economic pyramid. Frugal innovation has mostly been associated with developing countries such as India, China, or Brazil. But many global multi-national firms are now seeing the possibilities to applying frugal innovation techniques to developed countries as income inequality increases globally.
Show notes (with time stamps)
Introduction: 00:00 - 004:44
Basics: 04:48 - 16:32
Lean Production: 16:37 - 24:55
Grameen Bank: 25:00 - 35:24
Examples: 35:28 - 54:34
The West & Frugal Innovation: 54:39 - 1:12:53
Become a Frugal Innovator: 1:12:58 - 1:28:33
Conclusion: 1:28:38 ~
Music
Artist: Scott Holmes
Album: Road Trip
Track: Indie Rock
Resources
The Machine that Change the World by James P. Womack, Daniel T. Jones, and Daniel Roos
The Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits by CK Prahalad
Jugaad Innovation: Think Frugal, Be Flexible, Generate Breakthrough Growth by Navi Radjou and Jaideep Prabhu
Frugal Innovation: How to Do More with Less by Navi Radjou and Jaideep Prabhu
The Frugal Innovator: Creating Change on a Shoestring Budget by C. Leadbeater
Banker to the Poor: Micro-lending and the Battle Against World Poverty by Muhammad Yunus
References
https://en.wikipedia.org/wiki/Frugal_innovation
https://en.wikipedia.org/wiki/Lean_manufacturing
https://en.wikipedia.org/wiki/Grameen_Bank
http://www.scpr.org/programs/science-friday/2017/01/27/31013/ (interview begins at 32:30)
https://en.wikipedia.org/wiki/Frugal_innovation
http://www.frugal-innovation.com/what-is-frugal-innovation/
https://hbr.org/2002/09/serving-the-worlds-poor-profitably
https://www.strategy-business.com/article/11518?gko=9b3b4
https://hbr.org/2011/12/think-like-an-indian-entrepren
https://hbr.org/2002/09/serving-the-worlds-poor-profitably
https://hbr.org/2011/12/think-like-an-indian-entrepren
https://www.strategy-business.com/article/11518?gko=9b3b4
https://www.cnn.com/2013/06/25/tech/innovation/frugal-innovation-india-inventors/index.html