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Frugal Innovation: How to do more with less (Economist Books) Paperback – February 10, 2015
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Radjou and Prabhu demonstrate that frugal innovation is one of the most critical emerging models of value creation for both businesses and the customers they serve.”Indra K. Nooyi, chairman and CEO, PepsiCo, Inc.
Required reading for executives who want to get to market faster and more efficiently while delivering what customers want.” Beth Comstock, Senior Vice President and Chief Marketing Officer, GE
The practical roadmap and numerous cases in this book find the beat of the new customer-led world orderwhere velocity, synergy, empathy and involvement come standard. The future will be about doing more with less, and here we see how.”Kevin Roberts, CEO Worldwide, Saatchi & Saatchi
Health care may be the global sector most urgently in need of Radjou and Prabhu's insights in this book. Innovation must be harnessed to create massive, sustainable improvements in health delivery systems without crippling economic growth. Frugal innovation sets forth a compelling roadmap for delivering better care at lower cost for more people.”Molly Coye, MD, Chief Innovation Officer, UCLA Health
Insightfully articulates how Western companies can evolve to capture opportunities presented by the burgeoning do more with less” economy."Dominic Barton, Global Managing Director, McKinsey & Company
An engrossing masterclass from two business school academics in how companies can develop high-quality products with limited resources.” Independent
"The book is enlivened by fascinating case studies” Financial Times
"This book lists practical solutions for companies who want to do more innovation with less, no matter where you are in the world."Henry Chesbrough, Faculty Director, Garwood Center for Corporate Innovation at UC Berkeley's Haas School of Business, and author, Open Innovation
"The authors make a compelling case for a feedback-rich economy that is restorative and regenerative rather than extractive, heading for the upcycle”. (They) are to be congratulated for their stimulating guide to the future."The Ellen MacArthur Foundation
Frugal innovation is now becoming a strategic business imperative in developed economies, where consumers demand affordable and sustainable products. No business leader in the 21st century can ignore the paradigm shift fully described in this book.” Carlos Ghosn, Chairman and CEO, Renault-Nissan Alliance
About the Author
Jaideep Prabhu is a writer, consultant and Director of the Centre for India & Global Business at Judge Business School, Cambridge, specializing in marketing, innovation, strategy and international business. Jaideep Prabhu is a member of the editorial boards of the Journal of Marketing, the Journal of the Academy of Marketing Science, the International Journal of Research in Marketing Science and the Journal of Management Studies, and a member of the senior advisory board of the European Journal of Marketing.
He has consulted with or taught executives from ABN Amro, Bertelsmann AG, British Telecom, the UK's Department of Trade and Industry (DTI), EDS, Egg, IBM, ING Bank, Laird, the NHS, Nokia, Oce Copiers, Philips, Roche, Shell, Vodafone and Xerox among other organisations in Colombia, Finland, Germany, Netherlands, Portugal, Switzerland, UK and US. He has been interviewed by or has had his work profiled on BBC News 24, The New York Times, MIT Sloan Management Review, BusinessWeek, US News & World Report, The Financial Times, Le Monde, The Times, The Times of India, and elsewhere. He earned his PhD at the University of Southern California. He lives in Cambridge, England.
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Frugal innovation is an interesting name to a cluster of business models emerging – whether it is through larger sharing model , open innovation models , resource constrained model or bottom of the pyramid model. It is the proliferation of the net which is playing a strong enabler in this. And yes, the driving ideology being - fail early, fail fast and fail often.
This book is very contemporary and gives a good compendium of cases in each of the models. I am quite amazed to think about the amount of research which would have been undertaken to compile this. But given the models are very new and growing means that the research must have taken at a very good speed. I found so many cases which I wanted to highlight when I realized that I might end up highlighting the entire book !! So, had to curtail the impulse for that.
While the case studies are in a way educative enough , Navi and Jaideep have tried to extract some six common principles driving frugal innovation. I found Engage & Iterate and Co-create with Prosumers to be very interesting . While I have interacted with Techshops, but the way they are getting adopted by big manufacturing corporates was very interesting. Surely, customers are the most powerful source for any innovation , and more so for frugal innovation.This book can tell you how to get around doing it
Micro factories was another interesting case being discussed here. While it may not find application in major metal and petrochemical operations, but surely there are many other applications of this.
Tarkett was a very good case study in Sustainability in true sense of ensuring growth of an organization, which is relying on resources which are not going to last long. Cradle to cradle being practiced at its best. Method was another good case in the same.
It was also interesting to see how sharing business models (Airbnb, Relayrides, BlaBlaCar, Parkatmy house, yerdle, etc ) are forcing established manufacturers like BMW to innovate new business models. However, if such models proliferate, what will be the impact on the manufacturing economy also could have been spoken about.
There are so many other cases that referring to all of them would amount to almost reproducing the book.
So, if you are one of those in the larger 80% group of companies who are wondering what frugal innovation is all about and wondering how totally unrelated models have the potential to devastate an existing business, do read this book. It is almost like a guide to innovation – the last chapter actually helps one answer the question of why should one innovate. The book may have a slow start as the topics seem to be jumping frequently, but keep reading on and it gets very interesting. Yes, it could have been stitched better, but a stitch in time is more critical, so with this book.
If you are still on the fence read the Case study on page 42. If you find that valuable or interesting consider buying the book. It doesn't get better.
Most recent customer reviews
Mukherjee Das, A. (2016). Frugal Innovation: How to Do Better with Less. Journal of Scientometric Research, 5(2), 168-169. [...]
It doesn't cover deeper knowledge on how to innovate.Read more
We were very taken by a book called “Leading from the emerging future”, which starts with some frightening statistics (with “Frugal...Read more