@ovinegrean Yes, in 2 ways: 1) by only buying recycled/upcycled products (everything from furniture to paper) and recycling everything you make/generate. 2) by adopting IT tools inspired by circular economy, like Qarnot Computing, a startup that uses "digital radiators" to provide access to high-performance computing at lower cost to entrepreneurs while also saving the planet. Check them out: http://www.qarnot-computing.com
The risk some companies run with the idea of "frugal innovation" is creating a culture where employees feel pressure to deliver better results with fewer resources (money, talent, time, etc). This is particularly rampant at larger organizations that are actively cutting costs to improve balance sheet optics/meet investor expectations. How can companies "do more with less" without creating a culture of stressed out employees who are driven more by fear than motivation to innovate more efficiently?
@melissajoykong Melissa, excellent question: frugal innovation is neither "low-cost" product strategy nor the "squeeze employees hard to extract most value out of them" HR strategy! Rather, frugal innovation initiatives need to be introduced/presented in a company in the form of an "inspirational challenge" that doesn't force employees to behave a certain way, but rather inspires them to outdo themselves. That's what Paul Polman, CEO of Unilever (who wrote the Foreword for our book) did: in 2010, he set the vision to double the company's revenues while cutting carbon footprint by 50%. He didn't tell his employees exactly how to implement this strategy. Initially overwhelmed, employees across functions and regions started crafting their own strategy to meet this inspiring goal. In the process, employees also found meaning/purpose b/c they feel their frugal efforts are contributing to a larger cause. As a result, Unilever is now ranked as of the most attractive employers in the world (along with Google and Apple).
It is my pleasure to welcome Navi for a Product Hunt Live Chat. Ask questions in advance!
Frugal innovation is the art of doing more, and better, with less. This book is a primer on how firms can use limited resources to get high-quality products to market quickly and address needs of cost-conscious and tech-empowered consumers worlwide.
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