Keys to Frugal Innovation
Leaders interested in innovation, creativity, and establishing a culture that can achieve great things must watch this Ted talk.
I want to emphasize three important concepts from this talk:
- Use what’s most abundant to solve what’s scarce.
- The West solves problems by applying more to more, while the developing nations solve problems by applying what’s more to less.
- The three principles of frugal innovation are consistent with great strategic thinking:
- Keep it simple.
- Don’t reinvent the wheel.
- Think and act horizontally (scale out not up).
The Results of Frugal Innovation
Agility, creativity, and big problems solved with what’s available and in a simple way.