Need 500-600 words essay on frugal innovation on a specific item.
Answers
Answer:The global population is growing at an exponential rate. Our home planet Earth are indoubt an infinite number of resources. With the rising population thr natural resources are being consumed at an unprecidented level. Thr rate pf repleshment of these resources cannot keep up at human consumption pattern.
Frugal innovation utilizes fewer resources to deliver good value to a customer at a reasonable price.
Low cost + Low complexity = Original product - Non essential features
How does a clay fridge preserve our food similar to one that run on electricity?
Clay keeps the food cool. It is also similar and cheaper than a regular fridge and needs no electricity. It is one of many examples of frugal innovations in India , a country known for its low cost innovation.
Frugal innovation was developed in the context of emerging markets to develop affordable products. However it is also crucial foe sustainable decelopment. The growing demand of the rising population have to be met using our finite resources.
Frugal innovations are not only simple and affordable but also uses minimum resources. Developed nations are also encourating frugal innovations as they can do more with fewer resources. M-PESA , Jaipur Foot, We Care Solar Suitcase , Portablr ECG are examples of high impact low cost innovations. Developed countries can learn from developing nations on frugal innovations. The latter can offer a good market for the formers product.
Besides these innovations are more economically, socially environmentally sustainable.
Conclusions- With the so many incresing economic problems time is to think of some creative frugals known as "Jugads in India" for conserving our planet.
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