by Nick Ashton, Founder, Tracometry People
To increase
the customer base, with frugal innovative technology, increased selection of
services, additional revenue generating subscription applications/services and
storage space.
All of this
and the wealth of the company and its shareholders by Frugal Innovation.
What is Frugal Innovation?
Frugal
innovation is the ability to “do more - and better - with less.” It is a
breakthrough growth strategy that enables companies to develop high-quality
products and create more business and social value while minimizing the use of
vital resources such as energy, capital and time. Once the preserve of
companies in developing markets, frugal innovation is now being adopted by
global enterprises, large and small. It is not only a game-changing business
strategy but also a new frame of mind – one that perceives resource constraints
as an opportunity, not a liability.
With
an estimated trillion-dollar global market for sustainable products and huge
cost savings to be gained, frugal innovation is revolutionizing business across
industries and reshaping management thinking worldwide. As such, frugal
innovation is the key to success in a business landscape increasingly defined
by mega-trends such as collaborative consumption, the circular economy, and the
maker movement.
Tracometry People are a laboratory
for frugal innovations and the knock-on effect this is having on business and society
and the global community.
Innovation
has raced in many parts of the world and especially the Indian Government’s
agenda in recent years, and the Indian President has declared the next ten
years the ‘Decade of Innovation.’
Input-output
metrics are a useful way of benchmarking research excellence, they don’t
capture all of what is important about innovation, and miss the distinctive
models and approaches to innovation of very different systems. Traditional metrics also miss what this
research uncovers as a distinctive specialism of global system: frugal
innovation. Combined with deepening scientific and technological
capabilities, this could be an important source of competitive advantage for our
clients, and is an overlooked opportunity for strategic collaboration in some
cases.
Frugal innovation is distinctive in its means and its
ends. Frugal innovation responds to limitations in resources, whether
financial, material or institutional, and using a range of methods, turns these
constraints into an advantage. Through minimizing the use of resources in
development, production and delivery, or by leveraging them in new ways, frugal
innovation results in dramatically lower–cost products and services.
Successful
frugal innovations are not only low cost, but outperform the alternative, and
can be made available at large scale. Often, but not always, frugal innovations
have an explicitly social mission.
Just for just a cup of coffee a month...
Tracometry People Amount To More Than A Hill Of Beans...
WE ARE IN THE NOW AND KEEP YOU; IN THE KNOW...
Telephone: +1 (614) 655-1247
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