Who: Marc J. Ventresca, innovation and strategy faculty at the Said Business School, Oxford, is an educator, expert on innovation, and co-author of a recent book entitled Frugal Innovation: Models, Means, Methods. He is currently research principal investigator for a collaborative Oxford project with the European Space Agency, investigating business innovation and the ecosystem for space commerce. He is also research principal investigator for a Skoll Centre for Social Entrepreneurship project exploring the meaning and practice of systems change in the global impact sector.
Topic: Frugal Innovation
Quote: “Frugal innovation is not about doing something cheaper and faster and less good. It is a strategy to push ‘ideas to impact’, often in complex contexts. Many existing processes are locked into legacy resource structures that stymie fresh recombinations. Frugal innovation involves rethinking and re-imagining materials and value chains in ways that assemble and recombine available resources.
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