FRUGAL INNOVATION: NEW MARKETS & NEW WAYS TO MARKET... · 2018-10-29 · FRUGAL INNOVATION: NEW...
Transcript of FRUGAL INNOVATION: NEW MARKETS & NEW WAYS TO MARKET... · 2018-10-29 · FRUGAL INNOVATION: NEW...
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Cambridge Judge Business School
FRUGAL INNOVATION:
NEW MARKETS & NEW WAYS TO MARKET
Jaideep Prabhu
21st Century Marketing
September 7 2018
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@CambridgeJBS
Frugal
Flexible
Inclusive
Unique Features of Indian Innovators
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@CambridgeJBS
Thinking Outside the (Ice) Box
WHAT IF your fridge
can operate without electricity?
Sourc
e: http://w
ww
.mitt
icool.i
n/
Sourc
e: http://g
izm
odo.c
om
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@CambridgeJBS
Thinking Outside the (Hot) Box
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The art of overcoming harsh constraints by improvising an effective solution using limited resources
Gambiarra or jeitinho in Brazil
Kanju in Africa
Jiejian Chuangxin in China
Do-it-yourself (DIY) in the US
Systeme D in France
Jugaad Innovation
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@CambridgeJBS
1. Seek Opportunity in Adversity
2. Do More with Less
3. Think and Act Flexibly
4. Keep it Simple
5. Include the Margin
6. Follow your Heart
How Can You Practice Jugaad?
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Social Entrepreneurs
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Mansukh Bhai’s MittiCool Fridge
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Dr Mohan’s Mobile Diabetes Clinic
Source: http://www.worlddiabetesfoundation.org/composite-2731.htmSource: http://www.drvmohan.com/
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@CambridgeJBS
Devi Shetty: Frugal Surgeon
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Harish Hande and SELCO
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Large Indian Organisations
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Tata and the Nano
Source: http://www.examiner.com/road-driver-in-national/world-s-cheapest-car-the-tata-nano
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@CambridgeJBS
Tata “Swach” Water Filter
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@CambridgeJBS
Multinationals
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ECG machine designed specifically for India’s rural markets
Portable, light, battery operated, reliable, cheap
Launched in China, and now in the US after having got FDA approval
GE and Affordable Innovation
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@CambridgeJBS
Siemens: Foetal Heart Monitor
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@CambridgeJBS
Siemens’ SMART Products
Simple, maintenance free, affordable, reliable, timely to market
Micro-processor cameras for Indian industrial markets
Processing lines in food industry or engine parts
Sees each biscuit in terms of colour and thickness
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@CambridgeJBS
Specifically for emerging markets:
Dustproof keypad and front face
Built-in flashlight
Over 200 million sold since late 2003
World's best selling handset and consumer electronics device
The Nokia 1100
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@CambridgeJBS
Doing More (and Better) with Less
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Photo: M-KOPA
Selling Solar Lighting Solutions
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@CambridgeJBS
Frugal Innovation in the West
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PROSUMERS
MAKINGSHARING
FRUGALECONOMY
The Rise of the Frugal Economy
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@CambridgeJBS
Peer-to-peer Sharing is Taking Off
2013
$340 bn
2025 $335 bn$335 bn
Sharing economy sectors Traditional rental sectors Source: PwC
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« Marriott wants to add30,000 rooms in 2014. We are going to do it in
…2 weeks! »
Brian Chesky, CEO, Airbnb
Source: Fast Co
Photo: LeWEB12
Exit “Fixed Assets”. Enter “Asset Light”
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@CambridgeJBS
Exit “Fixed Assets”. Enter “Asset Light”
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@CambridgeJBS
The Maker Movement
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Design for America and Swipe Sense
Set up to solve problems in healthcare, education, and energy in the US
Hospital acquired infections: 2 million people
100,000 deaths each year
$2-4 billion dollars in costs to the healthcare industry
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Eben Upton and the Raspberry Pi
Source: The Guardian
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@CambridgeJBS
Prabhu Subramanian and CoLearnr
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@CambridgeJBSPhotos: CellScope
Frugal Healthcare: CellScope
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@CambridgeJBS
3D Printing: Increasingly Affordable
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@CambridgeJBS
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@CambridgeJBSPhotos: EMBRACEPhotos: EMBRACE
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@CambridgeJBSPhotos: EMBRACE
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@CambridgeJBS
“Today’s Do-It-Yourself is tomorrow’s
Made in America”
The Maker Movement & Government
Photo: WhiteHouse.gov
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The Maker Movement & DIY
http://fetosoap.com/blog/index.php?s=faire
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@CambridgeJBS
How Can Large Firms do Frugal Innovation?
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@CambridgeJBS
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RESOURCES
VALUE +
—
Frugal Innovation
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@CambridgeJBS
RESOURCES
VALUE- Customers- Shareholders- Society
- Financial resources- Natural resources- Time
Frugal Innovation
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@CambridgeJBS
1. Engage & iterate
2. Flex your assets
3. Create sustainable solutions
4. Shape customer behaviour
5. Co-create value with “prosumers”6. Make innovative friends
The Six Principles of Frugal Innovation
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@CambridgeJBS
Michel Giannuzzi
CEO, Tarkett
3) Create Sustainable Solutions: Tarkett
Photos: Tarkett
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@CambridgeJBS
Paul Polman, CEO, Unilever
“ By 2020 I want to double our company’s
revenues while reducing its
environmental impact by 50% ”
So
urc
e: u
plo
ad
.wik
ime
dia
.org
3) Create Sustainable Solutions: Unilever
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Water<Less Collection (96% less water)
Waste<Less Collection (20% recycled materials)
World-class water recycling in Chinese factories
Share sustainability practices with suppliers and even competitors
3) Create Sustainable Solutions: Levi Strauss
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@CambridgeJBS
4) Shape Customer Behaviour: Levi Strauss
Chip Bergh, CEO, Levi Strauss
Photo: Levi Strauss
“ We don't need to
wash jeans as often
as most people think
…I haven’t washed
mine in a year ”
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@CambridgeJBS
5) Co-create Value with Prosumers
R&D
CUSTOMERSOPERATIONS
MARKETING &
SALES
CO-DISCOVER
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@CambridgeJBS
5) Co-create Value with Prosumers: GE
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@CambridgeJBS
5) Co-create Value with Prosumers: Ford
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@CambridgeJBS
6) Make Innovative Friends: Barclays
Techstars selects 10 promising global fintech startups
Start-ups are housed in an accelerator for 13 weeks
They are mentored by Barclays Bank personnel
They pitch to Barclays’ strategic investment team
The new ventures stand to gain up to $100,000 investment and $200,000 partner perks
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@CambridgeJBS
Conclusions
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@CambridgeJBS
Learn to do more with less
Learn to be agile
Learn to include excluded groups
The Challenge for Large Organisations
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@CambridgeJBS
Give employees time and space to experiment
Engage with agile entrepreneurs
Create a jugaad mindset by engaging with emerging markets
The Challenge for Large Organisations
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@CambridgeJBS
Learn to scale
Learn to partner with large organisations
The Challenge for Small Organisations
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@CambridgeJBS
The world needs frugal, flexible, and inclusive innovation
Developed economy firms can gain by engaging with emerging economies and vice versa
Large and small firms can work together to improve lives everywhere
Conclusion
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@CambridgeJBS
Thank You!
@JaideepPrabhu
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