Professor Jaideep Prabhu of the Judge Business School, hosted a Winton teatime discussion where he introduced the concept of Jugaad. A new approach to innovation that adopts a flexible approach to finding low cost solutions to meet the needs of people in the developing world.
Abstract: Many Indians, perhaps a majority, live outside the formal economy and face significant unmet needs in core areas such as health, education, energy, food, and financial services. For years this very large part of the population was either the target of aid or was left to the mercy of central and state government plans. More recently, however, private sectors firms, both large and small, have begun to see the bottom of the pyramid as a market opportunity and have begun to design market-based solutions to meet their needs. This talk will discuss the Indian phenomenon of jugaad—the ingenious creation of good-enough solutions that employ minimal resources—to solve the unmet needs of Indians (as well as others around the world). The talk will highlight examples of jugaad by social entrepreneurs, domestic Indian firms and multinationals, and discuss the implications of this activity for global development and growth.
Link to presentation on Jugaad Innovation.
Link to Jugaad Innovation website.