FORE School of Management has set up a new Center of Excellence in the area of Frugal Innovations which will be called “Center for Research and Innovation in Frugal Technology Management” (CRIFT). The Center, which is first of its kind in India on frugal innovations, will work closely with industry and technology institutes in India and abroad to contribute to the body of knowledge in the area of frugal innovations and seek markets and commercial feasibility for frugal innovations. In this context, the Center is signing an initial MOU with Nagpur based organisation called Srijan Sanchar which will help CRIFT in developing the network and achieving the set goals.
Technological innovations can take several forms. Frugal Innovations is one such form that mainly emerged in the context of emerging markets. It involves redesigning products and processes to cut out unnecessary costs. Social enterprises are built around the idea of Frugal Innovation and entrepreneurship to solve sustainability challenges in the Bottom of the Pyramid (BOP) markets. Frugal Innovations are new and emerging technological paradigms. It is not just a matter of exploiting cheap labour but creating more value through resource rationality. Frugal innovations and technologies have a lot of potential to contribute towards achieving the Sustainable Development Goals (SDG’s). By setting up a Frugal Innovation Center at FORE School of Management we aim to contribute to the area through research and development. Frugal innovations and technologies reduce complexity and total lifecycle costs, enhance functionality, provide high user value and affordable solutions for relatively low-income customers. Frugal innovations can be developed by profit driven businesses, by social entrepreneurs or NGOs, and by community members to address local constraints. Corporate world has also, gradually, started developing interest in the Frugal Innovations. In this context, CRIFT has an important role to play in developing the body of knowledge in the area and bridge the gap between market and frugal inventions in order to bring these innovations in the mainstream.
To Acquire Global Thought Leadership in Frugal Innovation
The CRIFT is planning to organise a workshop on Frugal Innovations at FORE School of Management on January 3, 2019. The workshop will host eminent people in the area from industry and academia to discuss the challenges and roadmap for developing frugal innovations in India. The workshop will integrate multiple perspectives, agglomerate approaches and ideas to set a pace for the Center. The CRIFT will also set a board of eminent people who will guide the Center of excellence. The CRIFT is working on setting up of Frugal Incubation Center, first of its kind in India, in near future.
Center Head: Prof. Anil Kumar Singh
FORE School of Management has been designing, developing and conducting innovative Executive Education (EE)/ Management Development Programmes (MDPs) for working executives in India for over three decades.