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Market opportunities for Frugal Innovation
- 2.1 Introduction and Learning Outcomes
- 2.2 Croatia – Innovation Performance and Frugal Examples
- 2.3 Ireland – Innovation Performance and Frugal Examples
- 2.4 Hugary- Innovation Performance and Frugal Examples
- 2.5 UK- Innovation Performance and Frugal Examples
- 2.6 Poland – Innovation Performance and Frugal Examples
- 2.7 Summary and activity for Market Oppoortunites
- 2.8 Test
2.7 Summary and activity for Market Oppoortunites
Summary
- All presented countries (Croatia, Hungary, Ireland, Poland and the UK) develop or use frugal innovation, regardless their innovation performance.
- Despite the statistical level of wealth of citizens of a given country, there are always marginalized groups, that would need special attention (population living below the poverty threshold or retired people) and frugal solutions (see: personal alarm, FoodCloud).
- Consumers generally have become more cost-conscious. Why pay more if they can have good quality for less (e.g. flexible waste collection by Kollect).
- Consumers pay more attention to environmental protection, and this is one of the crucial impact in their purchasing decision (Mahstone).
- Social inclusion matters not only within countries. Supporting people in developing countries seems to be simple thanks to the new technologies (smartphone eye checks by Peek Vision)
Different countries, different sectoral needs for frugal solutions
According to our research frugal solutions would be useful in the following sectors/areas:
- Croatia: electro industry and healthcare
- Hungary: social problem of obesity, lack of human resources
- Ireland: agri-tech and environmental management
- Poland: healthcare and green technologies
- UK: Environmental and healthcare sector
Activity
How to find a market for frugal innovations in your country?
Please think about the following issues:
- Product/services thank can be defeatured
- Sector that demands improvements
- Social problems to be solved
- Too expensive product/services
- which very little portion of people can afford
- Sector which demands changes in order to meet environmental requirements
Got answers? You are very close to a frugal innovation idea