Radjou, whose TED talk on frugal innovation has garnered over 1.6 million views, explained some of the values driving the phenomenon, and answered questions from participants.
“Frugal innovation is a strategy more than a concept,” Radjou says. “It’s a way of creating more economic and also social value using fewer resources. It is the ability to do a lot more with a lot less. This may sound banal, but in emerging markets, this is a necessity… Frugal innovation is the unique ability to create solutions that integrate five key variables: affordability, simplicity, sustainability, quality, and the fifth variable is intangible — it’s purpose.”
In the excerpt below, he explains the three levels of frugal innovation. The complete 30-minute webcast replay is also available to Innovation Leader members.
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Complete webcast (32:10) for IL members: