Continuing along the theme on how to do more with less, is a book called The Frugal Innovator by Charles Leadbeater published by Palgrave Macmillan, London UK, 2014. In the ideal world there is lots of money; in the real world we have finite resources. Frugal innovation tries to provide better solutions for more people by using fewer resources by doing things completely differently. If you never dared to dream the impossible dream or were not afraid to ask for something seemingly impossible this book is for you. While resources are very important, it is never about the amount of resources but doing with what you have and adapting.

Make allies, share value – successful innovation is rarely just about creating a standalone product. Remember Edison built the first working lightbulb but he also created a means to generate and distribute electricity (there is a reason why the electrical system was Edison. Make the product but work with others to make it work in people’s lives.

Stay flexible – frugal innovators have to be able to look for different ways forward when they hit an obstacle. In basketball it is called pivoting. You have a wonderful product start, learn from others about the weaknesses and work on them. What systems does it need to go forward? More often than not, pivoting means to looking for a different way to engage consumers and create a business model.

Creative muddling through – you do not know everything. Things happen, life happens.  Everything cannot be planned in advance through analysis and rational planning. You can creative muddle through by ensuring you are focused on using your scarce resources effectively; and going with the flow.

Thrive on constraints, use crisis to be creative – Use constraints to work in your favour. Use the crisis to unlock new solutions by enabling new thinking, making people drop their ingrained habits and forcing a sense of urgency. Try to see the world differently.

Frugal innovation can be done by many and that is what is exciting about it. The process asks what is the impossible? and start working on it. As you work on it, the resources are likely to be scarce, but simplify, share your work, try not to invent the wheel again, and results will happen.

Linking to dividend paying stocks, frugal innovation can be done by all employees, how does your company take advantage of the ideas of its employees? How are ideas unleashed?

There are more questions than answers, till the next time – to raising questions.