The Frugal Innovation module is all about learning how to create more value with less.
Frugal innovation avoids over-engineering by adopting a “good-enough” technology approach to meet the needs for an identified market constrained in different ways such as requiring reduced cost or addressing unique usability or societal considerations.
Corporations, big and small as well as start-ups and social enterprises are under some form of constraint, whether they be financial, social, environmental or physical circumstances of the situation. They all need to develop frugal solutions for their needs and problems.
Emerging markets are often the source of frugal innovations. People in these markets are forced to create more value with less in order to overcome significant local constraints. In recent times, however, resources are becoming increasingly limited even in developed economies as well. Consequently, firms in developed economies are also faced with a similar mantra —to “do more with less”.
Thus, frugal innovation has also become relevant to MNCs and Small to Medium Enterprises (SMEs) as they continue to become more efficient and ingenious by adopting frugal principles with ways of doing more with less.
This module provides a unique action-learning experience that assembles cross-disciplinary teams to work on identifying technological solutions for specific pre-selected real problems in the emerging markets and from industry.
If you are someone who prefers the hands-on approach, who likes to work with others to develop a real practical solution with a societal impact, this module is for you.