Cambridge Judge Business School is delighted to invite University of Cambridge alumni and guests to a business briefing
Jugaad Innovation: A Frugal and Flexible Approach to
Growth in the 21st Century
Innovation is a major directive at companies worldwide. But in these tough times, we can't rely on the old formula that has sustained innovation efforts for decades - expensive R&D projects and highly-structured innovation processes. For instance, Western firms spent an astounding $550 billion on R&D in 2010. What did they get in return? Not much. The three industries that spent the most on R&D (computing/electronics, healthcare and automotive) struggled to generate a steady stream of groundbreaking innovations, making it clear that money alone cannot buy innovation.
In this briefing, based on his book Jugaad Innovation (with Navi Radjou and Simone Ahuja), Jaideep Prabhu will argue that the West must look to places like India, Brazil, and China for a new approach to innovation that is frugal and flexible. He will show how, in these emerging markets, jugaad (a Hindi word meaning an improvised solution using limited resources) is leading to dramatic growth, and how Western companies can adopt jugaad innovation to succeed in today's hypercompetitive world. Based on numerous cases, the briefing will outline the six principles of jugaad innovation: Seek opportunity in adversity, do more with less, think and act flexibly, keep it simple, include the margin, and follow your heart. It will also discuss how some of the largest corporations from around the world (such as 3M, GE, IBM, Nokia, Procter & Gamble, and PepsiCo) are actively practicing jugaad innovation globally.
Jugaad Innovation has been described by The Economist as "the most comprehensive book yet to appear on the subject” of frugal innovation, and has been featured on the BBC World Service and The Sunday Times.
Biography of Speaker
Jaideep Prabhu is Jawaharlal Nehru Professor of Indian Business and Enterprise and Director of the Centre for India & Global Business at Judge Business School, University of Cambridge.
His research interests are in marketing, innovation, strategy and international business. His current research is mainly on how multinationals are using emerging markets like India as a lab to do affordable and sustainable innovation for global application.
Jaideep has taught and consulted with executives from ABN Amro, Bertelsmann AG, BP, BT, EDS, IBM, ING Bank, Nokia, Philips, Roche, Shell, Vodafone and Xerox among other companies, in Bangladesh, China, Colombia, Finland, Germany, India, Netherlands, Portugal, Switzerland, UK and the US. He has appeared on BBC News24 and Bloomberg BusinessWeek, and his work has been profiled in BusinessWeek, BBC World Service, The Economic Times, The Economist, The Financial Times, Le Monde, MIT Sloan Management Review, The New York Times, The Sunday Times and The Times. More»
18:00 - 18:30 | Registration
18:30 - 19:30 | Business briefing
19:30 - 20:00 | Opportunity to network and close
£20 per person | University of Cambridge alumni and guests
Cambridge alumni are encouraged to bring two professional colleague as guests
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