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Vacancy

Value Creation by Leveraging Frugal Philosophy & Innovation

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 Duration: 2 days 

Timings: 10 AM - 5:30 PM 

Dates:  September 12-13, 2023

Programme Director:  Prof. Anil Kumar Singh and Prof. Mukul Joshi

Mode: Hybrid

Fees:  Online: Rs.8000 + GST@18%

           Offline: Rs.16000 + 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 Objectives:

  1. Introduction to the Core Concept
    • Understand what Frugal Innovation truly means
  2. 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
  1. To distil Implementable Knowledge and Framework
    • Reproduce and interpret knowledge about frugal innovation
    • Apply this perspective critically to case studies from different parts of the world
  1. To decipher possible future applications of this knowledge
    • 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:

  • The construct of value in business and rationale for the business's existence.

  • Introduction to the concept of frugal innovation and demonstrating its efficacy in real-world problem solving through the business cases on ‘Frugal Innovations

  • To distil the framework on frugal innovation that can be applied to determine market opportunities for frugal innovations in India and emerging economies.

  • How to leverage users in innovation (UICs)

  • To understand the approach for creative and low resource input problem solving using ‘frugal innovation’ tenets.

  • Design thinking and creative disruptions.

  • 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’. Problems as a source of an eye opener for cost reduction by identifying and isolating cost drivers.

  • Why start-ups get lost in between (the corporate engagement with start-ups)

  • On the implementation side, we will discuss the management of frugal innovations; 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:

Across Industry

Target Participants:

Front and middle-level executives

Programme Director:  

Prof. Anil Kumar Singh is an accomplished academic and strategy expert who presently holds the position of Professor of Strategy at the FORE School of Management in New Delhi. Having spent more than 24 years in this field, he has been imparting his knowledge to future managers and has been actively engaged in conducting research on various aspects of strategy, competitive advantage, value creation, change management, and innovation. He has contributed significantly to the academic field with two edited books and 20+ publications in journals like Technological Forecasting and Social Change, International Journal of Strategic Change Management, International Journal of Management and Business Research, Human Systems Management, and more. He is an accomplished researcher with expertise in the areas of dynamic capabilities, sustainability strategies, organizational adaptation, agility, strategic change, sustainability practices, and developing new business models. His diverse research and consulting interests share a common objective of empowering businesses to adapt and prosper in the ever-changing global economy. By providing the necessary tools, insights, and skills, he equips future leaders with the resources they need to succeed in the dynamic business landscape.

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.

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 9810875278/ +91-11-41242477 

Executive Education/MDPs

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.