Technological innovation can take several types: economical development, sustainable innovation and reverse innovation. In this short post with complementary referrals, we concentrate on penny-wise development.
What is economical innovation?
It is a type of innovation that indicates that technological items are developed and tailored within the context of restricted resources to adjust to specific markets with optimum cost and quality.
” Frugal Innovation is a design development process in which the needs and context of people in the establishing world are put first in order to develop suitable, adaptable, cost effective, and accessible product and services for emerging markets” Basu et al. 2013
” an ingenious repair; an improvised service born from resourcefulness and cleverness” Radjou et al. 2012
TED Talk on prudent development
Economical innovation relies on 6 principles:
Follow your heart” Radjou et al. 2013
Prudent innovations in developing and emerging nations
The notion of economical state of mind has arisen in establishing and emerging markets (India, China, Kenya, Philippines, etc) characterized by high resource restraints and growing service chances. Some examples below:
How organizations can produce more value with restricted resourcesJaideep Prabhu, the co-author of Frugal Innovation
Mastering the challenging of the post-Corona World
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Covid-19 crisis interrupted standard processes of screening and trialing new innovations, processes and medicines. In countries with low resources, many penny-wise developments emerged in this context.
Frugal and fast developments in reaction to the COVID-19 pandemicHarris et al., Nature medecine, 2020
In todays context of market uncertainity, technological innovation can help attaining both human and services future along with sustainable goals.
Frugal development: doing more with less for more
Prudent innovation: a review and research study agenda
Economical Innovation: Origins, evolution and future point of views
Organizations and frugal innovation: The case of Jugaad
The value and significance of penny-wise development to developed markets: milestones towards the economics of prudent development
Centre for the prudent innovation in Africa
10 methods UNICEF innovates for children
Prudent innovation as ecological development
#constraint- basedinnovation #inclusiveinnovation
Follow your heart” Radjou et al. 2013