Understanding the concept of frugal innovation in resource-constrained settings.
In today's world, where resources are often limited and the need for sustainable solutions is paramount, the concept of frugal innovation has gained significant attention. Frugal innovation is a unique approach that focuses on creating high-quality, cost-effective solutions using minimal resources. This article will delve into the concept of frugal innovation, its origins, characteristics, advantages, challenges, and real-life applications in resource-constrained settings. What is Frugal Innovation? Frugal innovation, sometimes known as "jugaad" in India, represents a remarkable approach to problem-solving. It's all about finding clever and resourceful solutions to complex problems while making the most of limited resources. This concept places a strong emphasis on three key pillars: simplicity, affordability, and efficiency. Whether it's developing a new product or improving service delivery, frugal innovation is all about doing more with…