Creating maximum value with minimum resources – that’s what frugal innovation is all about. To understand this concept better and discover its applications within the constraints set forth by COVID-19, SP Jain School of Global Management’s Bachelor of Business Administration (BBA) students participated in a guest session by Onome Uwhuba. Ms Uwhuba is an MBA student at Stanford University and an alumna of the University of Chicago.
Creating maximum value with minimum resources – that’s what frugal innovation is all about. To understand this concept better and discover its applications within the constraints set forth by COVID-19, SP Jain School of Global Management’s Bachelor of Business Administration (BBA) students participated in a guest session by Onome Uwhuba. Ms Uwhuba is an MBA student at Stanford University and an alumna of the University of Chicago.
The session hosted on December 8, 2020, was facilitated by Professor Shrinivas Shikaripurkar (Adjunct Faculty, SP Jain) as part of the ‘Principles of Management’ subject.
Here are some of the key insights shared by Ms Uwhuba:
- Frugal innovation is innovation in bringing something new in this world to create maximum value with minimum resources
- See constraints as opportunities, rather than liabilities, as these constraints accelerate the innovation process. We learn to create more with less.
- The Ansoff Matrix, an important tool in innovation, showcases four strategies that help companies devise strategies for future growth. It also helps analyse the risk associated with each strategy.
Ms Uwhuba also helped students understand how leaders can create and drive frugal innovation, highlighted the different reasons behind the failure of frugal innovation and shared inspiring examples of frugal innovation she observed in 2020.
Her engaging delivery and subject expertise made the lecture an unforgettable one for the students.
This article is written by our BBA student Ahanaa Vakil.
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