Innovation is a major directive at corporations worldwide. But how do you drive innovation and growth as the global business landscape becomes increasingly unpredictable and diverse? Western corporations can no longer just rely on the old formula that sustained innovation and growth for decades: a mix of top-down strategies, expensive R&D projects, and rigid, highly structured innovation processes. Jugaad Innovation argues that the West must look to places like India, China, and Africa for a new, bottom-up approach to frugal and flexible innovation.
Building on their deep experience of innovation practices with companies in the U.S. and around the world, the authors articulate how jugaad (a Hindi word meaning an improvised solution born from ingenuity and cleverness) is leading to dramatic growth in emerging markets--and how Western companies can adopt jugaad to succeed in our hyper-competitive world. Delving into the mindset of jugaad innovators, the authors discuss the six underlying principles of jugaad innovation:
- Seek opportunity in adversity
- Do more with less
- Think and act flexibly
- Keep it simple
- Include the margin
- Follow your heart
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