Question

Please explain what frugal innovation is in your own words.

Q 2: What does Navi Radjou believe for sustainable growth and prosperity in the West?

Q 3: What are the two examples of frugal innovations about growth and prosperity that N. Radjou explains?

Q 4:According to Navi Radjou how do you go about adopting frugal innovation?

Q.5. What differentiates frugal innovation from other innovation types?

Answer 1

1. As the population is increasing at a increasing rate, consumption is also increasing. To meet the needs of the consumers resources are getting replenished. It is harming our environment. To cope up with the situation, frugal Innovation says that one should do any thing with less resources and produce products targetting only the requirements. It will ensure economic sustainibility.

For eg: MOOCs is a well renowned institution ,Earlier the information provided by them were accessed only by the students who go there but now due to online platform the information can be accessed globally. It meansgiving maximum utilisation while minimising the use of resources.

2. Navi Radjou believes for sustainable growth and the prosperity in the west is when we will learn how to do more with the less resources. If we learn to do this then it will lead to economic stability and can use the reources for a longer period of time. They also mentioned that creative entrepreneurs are brainstorming by giving amazing solutions to the common problems.

3. Two Example of Frugal Innovation which were given by Navi Rajou are Silicon valley startup and Compte Nickel.

4.

a) Keep it Simple- Always focus on the requirements. Do not make it complex by adding other uses also. Do not make products to impress consumers, make it tp satisfy the needs of consumers. Focusing on the requirement will result in affordability and widely accessibility of the product.

b) Do not reinevent the wheel- Dont add extra features to a product and sell it into the market as a new produt. Instead of this you can mix 2 or more technologies to make a new product. Try to develop a product which is not available in market. It should be affordable and could access by most of the population.

c) Think and Act horizontally- Focu on the expansion of the business horizontally instead of vertically. Basically which means that a company should think about distributiong their products to each and every market whether it is in village as compared to the growng your business vertically by opening factories, warehouses and etc.

5. Considering about the economic stability, using of less resources and still producing unique products to satisfy the needs of the consumers differentiates the frugal Innovation from other innovation types.