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About High Impact Frugal Innovations In India

 

Why has frugal innovation emerged as a distinctive strength of the Indian innovation system? While frugal innovation is not the preserve of India, and a growing community of analysts are tracking the development of the phenomenon worldwide, a number of factors have aligned to create the conditions for high–impact frugal innovation in India.

 

  1. A culture of ‘jugaad’ means the unusual skill set and mindset required for frugal innovation are abundant

  2. A huge market with a growing, aspirational middle class creates the perfect conditions for frugal innovation

  3. Not only is the Indian consumer base growing, but it is also extremely price sensitive and willing to experiment, sustaining demand for frugal innovation

  4. Extreme conditions and major gaps in service provision stimulates demand for low – cost services in health, education and energy

  5. Strengths in service and business model innovation create an advantage in creative remodelling of product – service ecosystems

  6. New sources of social finance are lowering the cost of investing in frugal innovations

  7. An increasingly ‘inclusive’ innovation policy is developing the institutional conditions that could drive high – impact frugal innovations

Ref: Report On, "Our frugal future: lessons from India’s innovation system” prepared By Kirsten Bound and Ian Thornton and published by Nesta ( http://www.nesta.org.uk ), an independent charity with a mission to help people and organisations bring great ideas to life. The Report explores the policies, institutions and industries that are driving research and innovation in India; to measure how India’s research strengths are developing and to map how the geography of Indian research and innovation is changing with a view to help UK policymakers, businesses and universities better understand the opportunities and challenges of engaging with Indian research and innovation and how to strengthen their efforts to collaborate.

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