Harvard Business Review shares an article on how 4 CEOs have made frugal innovation work. Not just in the design- fueled industries, but in heavy indutries like automobile and pharma.
What is Frugal Innovation?
Frugal innovation is a disruptive growth strategy that aims to create significantly more business and social value while drastically reducing the use of scarce resources such as energy, capital, and time.
Frugal innovation is not just about doing more with less but about doing better with less. It is about creating meaningful products and services that integrate four core attributes highly valued by Western consumers: affordability, simplicity, quality, and sustainability.
Examples of Frugal Innovation
- Renault’s Logan
- GlaxoSmithKline saving lives with agile R&D
- Pearson improving learning with greater efficacy
- Unilever delivering sustainable value to 4 billion consumers
Why Frugal Innovation?
Theses leaders are "inculcating a frugal innovation culture in their organizations in order to generate greater business and social value faster, better, and cost-effectively".
Read the full article here