Issue 94 - 06 | Rebooting America's Innovation Engine: Using Jugaad to Innovate Faster, Better, and Cheaper
By Navi Radjou
Published May 9, 2012 11:00 a.m.
“The motto ‘innovate or die’ held true for American firms in the 20th century. In the 21st century, ‘innovate faster, better, and cheaper—or die’ will be your new mantra. Indeed, in today’s hypercompetitive, über-connected, and globally integrated economy, you need to crank out new products faster than you can spell ‘R&D,’ or else your customers will switch their allegiance to more agile rivals. Plus, your products need to deliver more value to customers—value no longer being defined by the bells and whistles in your product, but by the experience customers get from using your product. Finally, given the rapidly-shrinking purchasing power of the American middle class, your products got to be affordable to meet the frugal needs of thrifty US buyers. In sum, you need to innovate faster, better, and cheaper. Sadly, Corporate America is just not equipped to do that.”
About Navi Radjou |
Navi Radjou is an innovation and leadership strategist based in Silicon Valley, a Fellow at Judge Business School, University of Cambridge, and a World Economic Forum faculty member. Most recently, Navi served as the Executive Director of the Centre for India & Global Business at Cambridge Judge Business School. Previously, Navi was a longtime VP/analyst at Forrester Research in Boston and San Francisco who worked with senior executives worldwide on breakthrough growth strategies. Navi has consulted with leading organizations—including Ernst & Young, GM, Hitachi, IBM, Marks & Spencer, Microsoft, Procter & Gamble, SAP, Sprint, and TCS.