Frugal innovation for Indian entrepreneurs
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Frugal innovation can help Indian startups to succeed !
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Frugal innovation for Indian entrepreneurs
- 1. Frugal Innovation – Made in India Made for India Dr Aniruddha Malpani www.malpaniventures.com
- 3. Play to your strengths
- 4. The benefits of being frugal • Too much money tempts you into doing stupid things • On a limited budget, you are forced to be much more creative. • This trial by fire will add to your longevity and profitability, so you can create a sound business which will scale over time.
- 5. KISS – Keep it Simple Stupid ! • Focus – do one thing at a time, and do it well • Own a niche – go deep ! • Pareto rule – 80/20 • Know what to say No to !
- 6. Frugal is Fashionable and Cool • Circular Economy • Shared/ Rental Economy • Open Source • Tinkering /Maker movement • Social impact • Co-creation • Investors and ESG
- 7. Unfair advantage ! • If you can sell in India you can sell anywhere in the world ! • Indian customers demand value for money ! • Build bottom up and then add bells and whistles = Reverse Innovation. • Export solutions • Much less expensive to run a startup in India !
- 10. Bootstrapping • Proves you can implement ! • Shows faith in yourself ! If you don’t invest in yourself, why do you expect investors to ? • Your customers are your best source of funding ! • If you can get paying customers, the investors will follow !
- 11. Frugal vs Miserly • Once you have laid a healthy foundation for your startup by being lean and agile, you need to learn to be able to think big ! • But you have to earn the right to do so !
- 12. The Frugal Digital Manifesto • Cost is the starting point • Social impact is the goal • Technology is the medium. • * Make it economically worthwhile * Source locally – Use what’s readily available * Re-purpose available technology * Upcycle and recycle * Make it serviceable and reusable * Make it open source
- 14. Victim
- 15. Neutraliser
- 16. Transformer
- 18. Frugal vs Jugaad • Jugaad = making do in the face of scarcity • Applied ingenuity • One off, quick-fix, temporary band aid solutions on an ad hoc basis
- 19. Frugal vs Jugaad • Frugal innovation is low cost • High-quality • Affordable, sustainable and scalable. • Frugal innovation can become reverse innovation • Frugal can be disruptive • More for less • ESG impact – investor friendly !