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Duration: 2 days Timings: 10 AM – 5.30 PM Dates: February 21-22, 2023 Programme Director: Prof. Anil Kumar Singh, Prof. Mukul Joshi & Prof. Aarti Singh Mode: Online/Offline Fees: (Online) : Rs 12000 Plus GST@18%
(Offline) : Rs 16000 Plus GST@18%
(Classroom) : Rs 24000 Plus GST@18%
Programme Introduction:
With this programme on Frugal innovations, we seek to enable managers to create attractive value propositions for their targeted customer groups by focusing on core functionalities and minimizing the use of material and financial resources in the complete value chain. The term “Frugal Innovations” encompasses not only the market affordability constraints addressed by the concept like Bottom of the Pyramid. They also contain Inclusive Innovation and Resource-Constrained Innovation (RCI). In essence, the resource scarcity constraints, coupled with institutional voids or complexity, lie at the heart of these inclusive and value-enhancing innovations.
Participating managers and entrepreneurs would appreciate how frugal innovations can substantially reduce the cost of usage and/or ownership while fulfilling or even exceeding prescribed quality standards. As Such, frugal innovations have a greater chance of commercial success if their value proposition incorporates the twin objectives of reducing the cost-of-ownership while matching customer aspirations for quality and image. Thereof are three constraints that frugal innovation-based businesses tackle: market affordability, resource scarcity, and institutional voids.
The following assertions highlight why the need for frugal innovations and new business models are more relevant today:
An increase in purchasing power of customers from the middle class is causing economic growth as well as resource scarcity.
Rising consumerism is putting immense pressure on natural resources.
people are becoming aware of sustainability issues as they face lack of supplies, excessive product consumption, and increasing waste
Besides the sustainability challenge, people expect companies to use their ability to innovate, do well for society, and address social inclusion.
Consumers are increasingly benefiting from “sharing economy” commodities, where rather than buying a product, it is temporarily rented – thus becoming a service.
Furthermore, governments are framing the market evolution with new policies and regulations that require businesses to be more resource-efficient, reduce social inequality, and promote inclusive growth.
The 2008 global financial crisis and recent pandemic made western consumers look for a simpler offering that delivers the most significant value.
Multinational firms have to be ‘global all-rounders’ to face increasing global competition.
Programme Objective:
Introduction to the Core Concept
Understand what Frugal Innovation truly means
To appreciate the efficacy of Frugal Innovation
Learn about some of the successes of Frugal Innovation
Understand how it can benefit developing as well as developed markets
To learn about the secondary and tertiary benefits of Frugal Innovation
To distill Implementable Knowledge and Framework
Reproduce and interpret knowledge about frugal innovation
Apply this perspective critically to case studies from different parts of the world
To decipher possible future applications of this knowledge
Analyze and interpret the potential of frugal innovation in the pursuit of the UN Sustainable Development Goals from a technology perspective;
Learn from other disciplines, in particular technology studies, and relate this knowledge to and integrate into their disciplinary background, and
From there, make a constructive contribution to the debate on frugal innovation and sustainable global development.
Programme Content:
Introduction to the concept of frugal innovation and demonstrating its efficacy in real-world problem solving through the business cases on ‘Frugal Innovations’
To distill the framework on frugal innovation that can be applied to figure out market opportunities for frugal innovations in India and emerging economies
To understand the approach for creative and low resource input problem solving using ‘frugal innovation’ tenets
Appreciating the way for prototyping, new market development, and human-centered design of frugal innovations
As the future of this concept, we will try to understand the sustainability and social inclusion dimensions of ‘frugality’
Exploring the New Age Business Models built on ‘frugal philosophy’
On the implementation side, we will discuss the management of frugal innovations; and strategic pipeline creation, and financial planning for frugal innovations
Programme Methodology:
The programme will use a mix of lectures, case & situation analysis, exercises, and group work to fulfill its objectives.
Target Organizations:
All variants
Target Participants:
Front and middle-level executives
Program Directors:
Prof. Anil Kumar Singh
Prof. Singh is a Ph.D in Management, with his thesis focusing on Drivers of Competitive Advantage in Indian Pharmaceutical sector. He has to his credit two edited books and 16 Publications in various national and international Journals. He has spent around 7 years in Pharmaceuticals and flexible packaging in marketing, general management and operations domain. He has been into teaching, MDPs and consulting for more than 20 years. His areas of interest are Competitive Intelligence, Dynamic capabilities; strategic change; Business models and competitive advantage; Economics of strategy.
Prof. Mukul Joshi
Prof. Mukul Joshi is an Assistant Professor in the Strategy Area at the FORE School of Management, New Delhi. He has a Ph.D. in Entrepreneurship and Innovation from IIT Kanpur, where he studied the context of innovative new venture creation. His research aims to develop insights into human-centric and creative problem-solving approaches and principles used by startups, innovative new ventures, entrepreneurs, and creative professionals. He has taught Design Thinking, Strategic Entrepreneurship, and Strategy Business Simulation courses. He has been a resource person for training and MDP programs for GAIL and Bayer. He has presented his research at reputed international conferences organized by Strategic Management Society (SMS) and Australian Centre for Entrepreneurship Exchange (ACERE). He has been awarded Junior Research Fellowship (JRF) by the University Grants Commission (UGC). Before his Ph.D., he was an associate consultant with Infosys Limited. His consulting interest areas are Innovative New Venture Creation, Frugal Innovation Management, Qualitative Approach to Research and Insights, and Design Thinking.
Prof. Aarti Singh
Prof. Aarti Singh has a Ph.D. in the area of Strategy where she studies Interpretive and Dynamic Modeling of Waste Management and Sustainability in Organizational Context. Her research is devoted to developing deep insights into Strategic Innovation Management, Sustainable Business, Organisational Waste Management, Innovation and problem-solving in business contexts. She has edited books and Publications in various national and international Journals. She has published her research work in some leading international journals and books like Benchmarking (Emerald); Management of Environmental Quality (Emerald); Sustainability (MDPI); and Global Value Chains, Flexibility and Sustainability (Springer); Transforming Higher Education Through Digitalization Insights, Tools, and Techniques (CRC Press Taylor; Francis Group); Economic Policy; Planning in India Post COVID 19 (Bloomsbury). She has presented her work at reputed international conferences organized by System Dynamics Society; Global Conference on Flexible Systems Management (GLOGIFT); and Academy for global business advancement (AGBA). During her doctoral study, she received Fellowship and financial assistance from the Research Promotional Fund at IIT Delhi for a paper presented at an international conference. She has qualified for the Graduate Aptitude Test in Engineering (GATE) in 2009. She has been awarded scholarships and certificates for securing high positions in her academic background.
Corporate Group Discount:
One complimentary nomination for every group of three nominations from the same organization, i.e., 3+1 participants for the fee of 3 participants
For registration/enquiries, please mail to exed@fsm.ac.in or call at +91-11-46485562/41242447/ +91 9166085159/ +91 9810875278
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