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The Frugal Way to Grow

The Frugal Way to Grow | Front End Innovation | Scoop.it

Frugal innovation is associated with resource-constrained and low-income emerging economies such as those of Africa, India, and China, but we have recently seen the rise of frugal innovation efforts in developed nations including the U.S. and in Europe. These are not primarily cost-cutting measures, a response to financial constraint or a tepid economy. Rather, across the developed world, companies are beginning to use frugal innovation as a growth strategy. They are introducing a larger lineup of new products and services, often with greater economic and social value, at a much lower cost and using fewer natural and financial resources. Their goal is not to create cheap offerings. They want to create more effective offerings that draw people in with their simplicity, while also cutting down on the use of various resources.

 

It turns out that the four key attributes of frugal innovation — affordability, simplicity, quality, and sustainability — are exactly the qualities that customers in mature markets want most. This makes frugal innovation a viable growth strategy for companies expanding in those markets, not just in emerging economies.


Via The Learning Factor
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The Learning Factor's curator insight, November 5, 2015 4:39 PM

Pioneering companies in mature economies are learning from emerging market companies a new way to expand their businesses. The four key attributes of frugal innovation are exactly what customers in mature markets want most.

TeamHousingSolutions's curator insight, November 5, 2015 5:41 PM

The Frugal Way to Grow

TeamHousingSolutions's curator insight, November 5, 2015 5:46 PM

The Frugal Way to Grow

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Six Ideas Driving The Future Of Innovation

Six Ideas Driving The Future Of Innovation | Front End Innovation | Scoop.it
We know the idea of a core competency is dead, or dying, but what will replace it? Here are six ideas that matter for how we think about innovation in future.
Rowan Norrie's insight:

Interesting article outlining new paradign for future innovative company, one that is more fluid and able to adapt to new challenges.

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Consumer market place business models

Consumer market place business models | Front End Innovation | Scoop.it

The marketplace business model is one of the most dominant business models underlying the consumer internet. Here are a set of slides (also below) that outline the major factors in selecting an industry and designing the service, so as to increase your likelihood of success with this model.

 


Via Peter Verschuere
Rowan Norrie's insight:

Great article to help select right opportunity, design your service and grow market share.

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Getting Out of the Commodity Trap

Getting Out of the Commodity Trap | Front End Innovation | Scoop.it
Has your product lost competitive advantage? If your customers cannot differentiate your product from those of your competitors, most likely you have fallen into the “commodity trap”.
Rowan Norrie's insight:

Good advice for setting yourself apart from the competition and creating a differentiated brand

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Innovation Canvas

Innovation Canvas | Front End Innovation | Scoop.it
Rowan Norrie's insight:

Osterwalder's Business Model Canvas has gained widespread recognition. This model takes the idea a step further to consider more elements that need to be explored. It encourages a team approach when considering the elements of developing a new product or business, and helps reduce the risk of overlooking a key aspect.

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Strategic Planning Doesn’t Have to Kill Creativity

Strategic Planning Doesn’t Have to Kill Creativity | Front End Innovation | Scoop.it

As with other forms of innovative thinking, strategic planning needs structure and format to be effective. This article gives some useful pointeres and questions to ask to stretch thinking.

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The Growth Accelerator – Managing Innovation Based Growth | Innovation Management

The Growth Accelerator – Managing Innovation Based Growth | Innovation Management | Front End Innovation | Scoop.it
Growth is on the top of the management agenda as shareholders simply demand return on invested capital and current business is not delivering it. So what is the best route companies can take to achieve it? How can companies create and accelerate growth? To succeed companies must possess the capabilities and take a systematic approach to go beyond their core business.
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Great systematic approach for growth strategies.

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How LEGO Stopped Thinking Outside the Box and Innovated Inside the Brick

How LEGO Stopped Thinking Outside the Box and Innovated Inside the Brick | Front End Innovation | Scoop.it
How LEGO Stopped Thinking Outside the Box and Innovated Inside the Brick by Knowledge@Wharton, the online business journal of the Wharton School.
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A great example of how companies need to give their people the space to be creative, but the direction and focus to deliver profitable innovation.

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What Visionary Companies Do Differently

What Visionary Companies Do Differently | Front End Innovation | Scoop.it
Visionary companies do not only try to see into the future – they create the future. The history of innovation is scattered with examples of misjudgments regarding the dynamics of new technology.
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How innovative companies unlearn what they have learned in university, ignore 'best practice' and create something truly innovative.

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Using a War Room to Create Pervasive Innovations

Using a War Room to Create Pervasive Innovations | Front End Innovation | Scoop.it
Your teams did their market research. They ran an array of consumer insight sessions. They found the customers’ real Need. They ran professional ideation and storyboard sessions. They created prototypes and performed market tests.
Rowan Norrie's insight:

Solutions with the greatest staying power are produced by organisations who build desirable products that can adapt and stay relevant despite the competitions best efforts to destroy their sales. And competition may come from inside as well as outside the company.

 

We may not all have the resources to set up a War Room full time, but to set some time aside and look at the situation from new perspectives can give you new insight ( as per de Bono's 6 Thinking Hats), can be time well spent.

 

This will let you simulate battles in a controlled way and help you design better products and strategies that equip your teams with the right tools.

 

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Innovation failure starts at the top

Innovation failure starts at the top | Front End Innovation | Scoop.it

In a  survey to identify most likely reasons for innovation failure, the top ten that stand out head and shoulders above all the others are nearly all down to the simple failure of innovation engagement in its leadership. Failure lies at the very top on why innovation fails.

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