Western companies must learn to be frugal

12/12/2012 | InnovationManagement.se (Sweden)

Western companies should learn from the Indian concept of "jugaad," which is essentially the use of frugal innovation practices by Indian entrepreneurs, writes Peter Hesseldahl. Frugal business methods can open up huge markets, although companies must be prepared to make big changes. "Developments of frugal solutions require you to re-think the whole chain of business: from market research, design and development, through to marketing and distribution," Hesseldahl writes.

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