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.
This article is part of The Innovator’s premium content offer and available only to The Innovator’s Radar subscribers.
If you are already a Radar subscriber click here to sign into your account.
For a free trial Radar Subscription click here.