Examples of Innovative Product that is Frugal

In summary, the group is conducting a feasibility study on frugal innovation and seeking ideas for a marketable product that can help solve societal problems. However, they are having difficulty deciding on a specific product as they have multiple equally good ideas.
  • #1
Erish
3
0
Poster has been reminded to post all schoolwork-type questions in the HH forums
Hi! we are currently conducting our feasibility study and we're given a theme: FRUGAL INNOVATION (Doing more with less resources). we needed a product that is marketable but also have a relevance to the society (can help solve problems often faced by people e.g. traffic, pollution, crime, etc..). we are having a hard time deciding on what product we will do so please give us some of your ideas.

A lot of thanks!

NOTE: the product must haven't been invented yet.
 
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  • #2
Erish said:
Hi! we are currently conducting our feasibility study and we're given a theme: FRUGAL INNOVATION (Doing more with less resources). we needed a product that is marketable but also have a relevance to the society (can help solve problems often faced by people e.g. traffic, pollution, crime, etc..). we are having a hard time deciding on what product we will do so please give us some of your ideas.

A lot of thanks!

NOTE: the product must haven't been invented yet.
Since this is your schoolwork project, please tell us some of the ideas you have been exploring. What ideas have you and your group brainstormed so far? :smile:
 
  • #3
+1

If you are having problems deciding that suggests you already have a lot of equally good ideas?
 

FAQ: Examples of Innovative Product that is Frugal

What is a frugal innovation?

A frugal innovation is a product or service that is designed to be affordable and accessible to a larger population, often in emerging markets. It focuses on maximizing value for the consumer while minimizing costs, making it a more sustainable and inclusive option.

What are some examples of frugal innovations?

Some examples of frugal innovations include the Tata Nano, a low-cost car designed for the Indian market, and the M-Pesa mobile money service, which allows users to send and receive money using their phones in developing countries. Other examples include solar-powered lanterns, low-cost water filtration systems, and affordable healthcare solutions.

How does frugal innovation benefit society?

Frugal innovation can benefit society in several ways. By making products and services more affordable, it can improve access to basic needs such as healthcare, education, and energy for those in developing countries. It can also drive economic growth by creating new markets and opportunities for entrepreneurs.

What are the challenges of creating frugal innovations?

One challenge of creating frugal innovations is balancing cost with quality. In order to be affordable, these products often have to be produced at a lower cost, which can affect their performance and durability. Additionally, navigating complex regulatory environments and cultural differences in different markets can also be a challenge.

How can frugal innovations be scaled for larger markets?

Frugal innovations can be scaled for larger markets by adapting them to meet the needs and preferences of different consumers. This may involve improving the quality and features of the product while still keeping costs low. Collaborating with local partners and leveraging technology can also help in scaling frugal innovations to reach a wider audience.

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