5 PRINCIPLES THAT GUIDE FRUGAL INNOVATORS
Frugal Innovation in simple terms is
the process of reducing the complexity and cost of a good and its production
and stretching the available resources to its maximum potential. Based on the
Indian concept of “Jugaad” frugal innovation is an ingenious and creative way
to solve problems with limited resources. Going against the traditional belief
that the innovation is made possible by extensive research and development and utilizing large amount of resources, frugal innovators argue that stricter
budgets and other constraints give way to much more creative outcomes.
Here are some of the principles that
guide frugal innovators:
- Do More With Less
- Keep It Simple
- Think And Act Flexibly
- Seek Opportunity In Adversity
- Follow Your Heart
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