Question

How is frugal innovation a bottom up agile model based on collaboration

Answer 1

Answer:

In the developing world, large and small firms see the bottom of the pyramid as a market opportunity and have begun to design frugal, market-based solutions to meet the unmet needs of billions.

In the developed world, ubiquitous tools and technologies such as smart phones, cloud computing, 3D printers, crowdfunding, and social media, are empowering more and more people to do with limited resources what only large firms could do in the past.

The phenomenon of frugal innovation—the creation of faster, better and cheaper solutions that employ minimal resources—is now a global phenomenon driving inclusive and sustainable growth across nations.

Large firms need to learn how to do more with less, become more agile and inclusive in their approach to innovation.

Small firms need to learn how to scale and partner with large firms to do so.

Explanation: