Frugal Innovation: How to do more with less

Frugal Innovation: How to do more with less

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Overview

Frugal Innovation: How to do more with less by Navi Radjou, Jaideep Prabhu, The Economist

Winner of the CMI Management Book of the Year 2016

Frugal innovation is a way that companies can create high-quality products with limited resources. Once the preserve of firms in poor markets, Western companies are now seeking ways to appeal to cost-conscious and environmentally-aware consumers at home. With an estimated trillion-dollar global market for frugal products, and with potentially huge cost savings to be gained, frugal innovation is revolutionizing business and reshaping management thinking. This book explains the principles, perspectives and techniques behind frugal innovation, enabling managers to profit from the great changes ahead. The book explains:

How to achieve mass customization, using low-cost robotics, inexpensive product design and virtual prototyping software.

How consumers and other external partners can help develop products

How to implement sustainable practices, such as the production of waste-free products

How to change the corporate culture to become more frugal

Product Details

ISBN-13: 9781610395052
Publisher: PublicAffairs
Publication date: 02/10/2015
Series: Economist Books Series
Edition description: First Trade Paper Edition
Pages: 272
Sales rank: 780,747
Product dimensions: 5.30(w) x 8.40(h) x 0.80(d)

About the Author

Navi Radjou is an innovation and leadership advisor based in Silicon Valley. A Fellow at Judge Business School, University of Cambridge, he won the 2013 Thinkers50 Innovation Award and spoke at TED Global 2014. He is a regular contributor to Harvard Business Review online. Previously, he served as Vice President at Forrester Research in Boston and San Francisco. Over 18 years, he has consulted for leading global firms including BP, Campbell Soup, Cisco, E&Y, Fujitsu, GM, Hitachi, IBM, Microsoft, P&G, Rolls-Royce and SAP. He co-authored the international bestsellers Jugaad Innovation and From Smart To Wise. He is a sought-after keynote speaker who is widely quoted in international media. An Indian-born French national, Navi lives in Palo Alto, California.

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.

Table of Contents

Foreword Paul Polman, CEO, Unilever xiii

Preface xv

1 Frugal innovation: a disruptive growth strategy 1

The rise of the frugal economy 5

Doing better with less 12

Unusual frugal competitors 16

Conclusion 18

2 Principle one: engage and iterate 19

A costly and rigid R&D model 21

A market-focused, agile R&D model 26

Back-end innovation: improving execution agility 33

Recommendations for managers 34

Conclusion 43

3 Principle two: flex your assets 44

The rise of frugal manufacturing 46

Creating a frugal supply chain 54

A frugal services revolution 60

Frugal organisations 63

Recommendations for managers 65

Conclusion 72

4 Principle three: create sustainable solutions 73

Essential - not optional - sustainability 77

The rise of the circular economy 80

Widening the sharing economy 84

From the circular to the spiral economy 87

Recommendations for managers 90

Conclusion 97

5 Principle four: shape customer behaviour 98

Three contradictions of contemporary consumption 101

Shaping consumers' energy use 106

DIY health care 109

Socialising education 112

Breaking (bad) financial habits 115

Recommendations for managers 116

Conclusion 125

6 Principle five: co-create value with prosumers 126

The rise and rise of the prosumer 129

The rise of the horizontal economy 133

Empowering and engaging prosumers 139

Multiple customer roles 143

Conclusion 148

7 Principle six: make innovative friends 149

The hyper-collaboration imperative 153

Six ways to hyper-collaborate 155

Getting hyper-collaboration right 168

Conclusion 176

8 Fostering a frugal culture 177

Evolutionary change 177

The "what": bold commitment and dynamic goal setting 179

The "how": adopting disruptive business and mental models 189

The "why": the foundation of change management 203

Conclusion 213

9 Conclusion 215

Acknowledgements 219

Notes and sources 221

Index 229

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