EP# 037: Frugal Innovation

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://news.stanford.edu/2017/01/10/whirligig-toy-bioengineers-develop-20-cent-hand-powered-blood-centrifuge/

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