5 Inspiring Stories – Why Frugal Innovation Necessary To Make Our Life More progressive
Frugal Innovations are Innovative Ideas using limited resources. When I refer to Navi Radjou’s speech at TEDx, I was amazed at what frugal innovation can do our lives. When external resources are scarce.
Innovators go within themselves to tap the most abundant resources, human ingenuity. The Amazing thing about all these entrepreneurs is that streets are their lab. At such low-cost input, they make such brilliant ideas.
All these Frugal Innovations in India are known as “Jugaad”. Yes, we can say Jugaad ideas are not perfect. But they have the ability to transform those ideas into opportunity. The key to learning such frugal innovation is by mastering the art.
The art of doing something more with something less. Which is the true essence of frugal innovation? Jugaad is not about innovation, which the World hasn’t seen before. It’s something about transforming those existing ideas into a low cost and efficient way.
Being an entrepreneur, one may think of having a big successful life. A life to do something bigger than these frugal innovations. But a true entrepreneur is not a one who do business for money.
But the one who serves the people in a more efficient way. You would also be amazed to see that most of Entrepreneur and Companies around the globe. They are adopting these frugal innovations on a larger scale.
The Way We Think: –
We all run chasing the next big technology thing. For example – Apple smartphones 4, 5, 6 then 7 and 8. The companies spend billions of dollars investing in R&D’s. They also use up tons of resources to create more complex products.
To differentiate their product from their competition. But all these things affect the customers, i.e. us. As every time a new feature is introduced price to increase.
If we divide the World into 2 things — Innovators and consumers. The West dominates the East for new innovative technologies. Talking about the West, they believe more in the conventional models.
The more for more concept. For example – Spending more, for newer innovative technologies. Sadly, this more for more concept is running out of resources viz. Water, natural gas. There are 3 main reasons behind it.
3 Reason Why More for More Concept Not the Future-
Even if the West dominates the East, they are not the largest consumer of the World. As because of the diminishing purchasing power, everyone cannot afford these expensive products.
Most of part of the World are running out of resources. In the West, California (Silicon Valley) is facing the problem of Water Scarcity.
This has led to a big disconnect between the rich and the poor. Fast growing market has led to the disconnection. The disconnection between existing products, services and basic needs of the customers.
5 Amazing Frugal Innovation Which Could Inspire Us to Do More: –
Fridge Without Electricity
Mansukh Prajapati, A Potter man from India. He created a fridge made out of clay. The fridge is so unique that it consumes no electricity. The fridge enables us to keep fruits and vegetable fresh for many days.
Produce Water From Thin Air
In the regions of Lima, Peru. This is a region with high humidity, which receives only one inch of rainfall every year. An engineering college in Lima designed a giant advertising billboard.
The Amazing thing about this billboard. The billboard absorbs air humidity and converts into Purified Water. The billboard is so efficient that it generates 90 liters of Water every day.
M-Pesa & M-Kopa
The African Continent, where 80% of African do not have a bank account. They all rely on M-Pesa — a mobile payment solution. Also, a bigger problem the African continent faces a lack of energy to produce electricity. But M-Kopa — home solar box provide a solution.
M-Kopa has a solar rooftop panel, 3 LED lights, a solar radio and cell phone charger. The whole kit though costs 200 dollars, which is too expensive for most of the people. But M-Pesa provides a solution for this too.
Customer first has to make an initial payment of 35 dollars and pay rest by 45 cents by 365 micro-payments. Once all the micro-payments are done. The system is set to unlock and the customer owns the product.
A joint venture between Grameen Bank and Food multinational Danone. This small size factory is 10% size of every Danone factories. But the factory still produces high-quality Yogurt. While this factory is not as automated as factories in the West.
But rely a lot more on the manual resources (human power). Only with a purpose to generate jobs for local communities. This model is so efficient that combine economic efficiency and social sustainability.
This is a start-up business which provides International banking facilities. It allows for thousands of people to walk into mom and pop stores. And in just five minutes activate the service.
The service gives them 2 product viz. An international bank a/c number and International debit card. They charge an annual maintenance fee of just 20 Euros. Customers are set to send and receive money in any part of the World with no extra charges.
Amazingly, 75% of customers using this service belong to the middle-class family. They all cannot afford high banking fees. This is frugal ways to provide low-cost banking without a bank