The economic environment has become increasingly unsettled and even for large corporations the future is uncertain.
In order to survive, businesses need to innovate, but 50% of company leaders worldwide believe that they don’t have effective or creative solutions to the new challenges they are facing. So if the powerhouses can’t come up with innovations then who on earth can?
Basically, it’s now become clear that money can’t buy innovation and as the French philosopher, Bernard Stiegler, so aptly said, we need to begin the battle for intelligence.
Because being intelligent in today’s context means not only designing new solutions but also making them useful.
For instance, the fridge of the future won’t be one that talks but one that runs without energy and there’s more chance of these types of developments coming out of emerging countries than from a major multi-national. India, for example, is the home of “Jugaad”, or frugal innovation.
This method holds the answers to a lot of the problems of our Western models, with frugality instead of costly R&D, agility instead of rigid hierarchy and a collaborative approach instead of elitism. But be careful, as Jugaad innovation doesn’t just mean developing low-cost solutions.
It can also mean “disruptive” innovation by combining durability, simplicity and quality.
With Jugaadians and Design Thinkers, traditional capitalist industry is going to have to watch out!
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